Sam Smargissi asked me to invest money with him to help purchase and improve on a waterfront property I found that was up for foreclosure. I gave him $20,000 in April.in August of this year, I went by the property and noticed that improvements had not been made. Upon calling him, I was told that the property was tied up with variences which stalled the rehab. I then asked for my money back to invest in other properties. At this point he made various excuses on why my money was tied up.
He made 3 $5000.00 payments to me and stated that the last $5,000 was tied up in legal fees. I asked for documentation and he never returned my calls. I located the property owner listed with the state. The property owner had never heard of Mr. Smargissi and the owners brought the property out of foreclosures themselves. I left voice and fax messages about this fraud and demanded my money back. To this date I have not recieved any contact from him. His business associates say they are aware of the situation but he is telling them the same lies regarding the legal fees as well.
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