This company claims to provide affordable homeownership. I worked for them for almost 10 years and in that time they took millions of dollars from private investors. They raise money then use that money to pay off old debts. Doctors, Lawyers, private business owners, they are indiscriminate on where they get their money.
Verizon (yes, that veriozn) loaned them almost a million dollars to convert condos for their FIOS service and they have not converted any to my knowledge. They used the money to throw a luanch party but afterwards converted no apartments.in fact, they were unable to pay for the party with the money Verizon gave them, shorting the caterer and the videographer. While I worked there they were constantly being sued and chased by creditors and debtors.
There CEO uses the money to pay off old debts and pay for his children's private school, new clothes, and ridiculous random purchases. While I was there he used investor's money to buy a limousine which then broke down. The last I had heard he had stiffed the mechanic who was fixing it for him. Often I would go weeks without getting paid and see the CEO and his partners outside buying drinks for large groups of people.
They are currently converting buildings in Old City. They have been working on the same project for 5 years! It is grossly mismanaged and in danger of going bankrupt. They were able to gain additional funding by forcing some of their former employees to sign agreements of sale with no mortgage contingencies.
They will drop huge names like the governor and mayor when you speak with them. Please follow up with these leads as they are almost certainly erroneous. While I was working there they constantly attempted to chase down politicians who wanted nothing to do with them.
Please do not give these people money. If you don't believe this report, then please get everything in writing from this company.
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