I entered into an arrangement with Charles Petty in Feb where I invested $25K to be used to finance residential propery repairs of investor houses. The interest rate was attractive, but not in the to good to be true category. It was at a time when the financial markets were locked up due to the AIG debacle.
This was basically a standard real estate investor transaction known in the trade as ' private investor funding ' that a lot of reputable people help investors grow their self directed IRA'S. Within 60 day of my investement I was to be advised by Charles Petty of the property that a second mortgage was to be attached as my investment security. This never happened.
The first interest payment was not made & they told me the check was in the mail. Their phones lines went dead & their e-mails were returned as undeliverable. I have had an attorney send Charles Petty two demand letters that have been ignored.
His mailing address is a fraud. Suite 101 is a UPS store with mailbox rentals. 102,102 - 106 are other businesses.
I am also persuing other legal actions.
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