I was victimized by Lee and his companies. He promotes Real Estate financial Education materials and his personal coaching programs for a very high price.
I received a call to attend Lee's live 4 days event. I paid $900 and attended the event. Lee promoted his "3 day personal coaching program for $25,000" at the event. His assistance urged me to sign up for it several times. On the final day, I signed up, but I canceled it a few hours later by notifying by emails and phone messaging, and forgot all about it.
A week or so later I found out that he charged $15,000 to my credit card, by ignoring the 3 day cancellation clause. I disputed the charge with my bank.
About 10 days later, Lee called and urged me to cancel the cancellation. He knew that I lost all my retirement funds in a scam. He told me to hire him to get back all the money I lost. He told me to sell all my rental houses to raise capital. (I have 3 rentals.) I was shocked to hear that. I could not figure out how I could have missed it. He was encouraging me and assuring me that he will show me how. I thought maybe he knows something I don't know, and I gave in. Before coming over to coach me for 3 days, he said he will call me twice.in the mean time he asked me to send all my financial documents. He then charged the balance amount to my credit cards.
On the day he called, I asked him how I could make money by selling my 3 rentals. He told me how. After the call, I sat down and did some math according to his plans. I found out that the plan was nothing but bogus. I could have lost money and all my rental houses under his plan. I immediately sent cancellation email to his company and to my credit card companies.
He called again. He talked for a couple of hours. I told him that I was approved of refinancing cash out loan and I will be fine. He urged me to do 3 days with him to make my Real Estate investing goes much faster. He said that I will be "IN" with his Private Money bank and I will have money. Again I said OK.
On the final day of the coaching, he made 8 offers to purchase high priced Real Estates in my name. That left me with a lot of questions. I wondered how do I supposed to come up with the down payment (s), if they were accepted, etc. I wrote many emails for the next 7 days, but all went unanswered.
Within weeks, I realized that I don't have to worry about that, because none was even considered as legitimate offers by the seller's agents. Lee approved to my realtor to write all my offers as if I am buying them with 6% conventional loans, when they were not. I am not new in Real Estate investing, and did not need him to show me how to go to a Real Estate office and make offers to purchase houses. Only problem I had was that I needed help for the down payment.
To make the matters worse, just prior to my re-financing loan was going to be closed, Lee's big charge showed up on my credit card and the lender terned me down.
My $25,000 investment on Lee Arnold was bad enough, but it caused my cash-out re-financing loan to be turned down.
These double hits wiped me out and the business I was planning for a year went down the drain. Lee was supposed to be a financial whiz. He had all my financial papers. He should have known that the huge spending at the time of refinancing was a bad idea, but he did not care.
I took Lee's persuasive manner as his sincere concern over my situation of losing my retirement funds to a con-man. As it terned out he was another con-man.
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