In 2008 I was approached by Kelvin Bailey. He represented the Princemill Enterprise Trust. The officers of the Trust are Tramaco Jones and Lindell Ritzie. Mr. Bailey came to me and stated the Trust was at a standstill in their attempt to purchase a commercial strip mall in Knightsdale, North Carolina. They needed $80,000 to supplement and complete the other investments made by five other investors for the down payment towards the mall. After I performed my due diligence, I made the investment. The return was due and payable by November 1st. Since that date, the group has promised a payout date four times: November 1st, November 15th, December 19th and now January 7th.
The other investors and I are now concerned that we may be the victim of a Ponzi scheme-type scam and we are very concerned that we are not going to get our principal nor our promised interest from these folks. After numerous promises, they always have a reason why our money is not going to get paid to us. These are the reasons they have given us:
1) Nov. 1st: You won't get your money today because the bank wants us to include other deals we are working on in one loan. You will definitely get your money Nov. 15th.
2) Nov. 15th: You won't get your money today because the bank might not let us purchase the mall. The bank has told us we will close Dec. 1st. All accounts will be settled then.
3) Dec. 1st: The bank just told us that we have to wait 45 days before we can close. All accounts will be settled December 19th.
4) Dec 19th: The bank just told us they won't release the funds until January 7th. All accounts will be settled then.
Do you get the picture? In other words, despite our written contracts, these folks have not paid us out. Most of the investors are afraid to make waves in that way deer in headlights don't know what to do when a car is about to trample them, so they keep saying, it will be alright. God will take care of us. These are men of God. They wouldn't scam us.
In my frustration, I am writing this to warn other people away from this group. Don't accept any charity from them in the name of religion or good works and don't give them your money. (Remember, the victims of Bernard Madoff's Ponzi scheme include charities who received funds from his investments.) My attorney is starting the Federal lawsuit process in anticipation of their failure to perform January 7th, and we also have an appointment to see the FBI in person to file a formal report. I truly believe this is a form of Ponzi scheme and I am patiently waiting for my fellow victims to figure this out.
If anyone else out there has been a victim of this group, please contact me so you can join the lawsuit.
Oh, the Jesus thing, these folks approached me with the idea that the blessings from these investments would allow them to "bless" people in need, i. E, churches and homeless children. At the end of the day, it's just another racket to get money from people who have faith in the impossible so the scammers can purchase expensive homes and take trips across the country, which is what they are doing. I'm sick to my stomach but trying desperately to go through every legal means to get my money back.
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