Mr. Townsend and I entered into a written investment contract as he represented himself as an "investment incubator" on July 29th. Mr Townsend received $70k from me and agreed to pay me 75% return on investment in full (6) months later ($62,833.26 is what I actually have been paid). Mr. Townsend then agreed that I would receive another contract from him for the new agreed amount (which he hasn't produced to date). Mr. Townsend then told me I would have to wait an addition (6) months to receive the ROI of $59,666.74 (total of new investment). The (6) months maturity date was again (July 29th). Mr. Townsend has changed has phone number and email address making it impossible to contact him. However, I was able to get his new email address from someone that also is an investor with him. I've written several emails attempting to collect from him, however he hasn't responded to any of my emails.
I have a written document presented to me from Mr. Townsend outlining what he invest these funds into. These investments are suppose to consist of: Private Banks, Precious Metals (Gold specifically), and Errors & Omissions on unclaimed property held at a government level (unclaimed property).
To my knowledge there are many people involved in this "investment incubator" operation in several states. Mr. Townsend from my knowledge is also withholding ROI from many others that have invested Thousands of dollars into what to me appears to be a "Ponzi" scheme. Mr. Townsend traveled here to Fort Lauderdale to meet with me initially to answer all of my questions and to assure me this was and is legitimate. However, as time drew closer to the time of payout Mr. Townsend became virtually impossible to contact and non existing. This is also happening with many others that are involved in this operation.
I am aware that Mr. Townsend was paying others ROI in cash prior to the "Banks" as he stated monitoring the amount of money he was withdrawing and Red flags begin to raise because of "Tax issues". I'm aware that others have been paid large sums of ROI and haven't reported this to the IRS.
Mr. Townsend seems to be unwilling to answer questions as to why others and myself aren't paid in accordance to the written agreement. So what he has done in paying me in the past is, place very small amounts into my checking account daily or every few days in an attempt to not raise any suspicion. This also works in his favor in that he will never pay us (the investors in full) making such small deposits at his discretion. He is using time and leverage to his advantage to gain as much interest for his own personal accounts using everyone's money that he has placed in his account (s).
I also believe this operation is possibly set up to defraud the IRS from paying taxes on moneys given to Mr. Townsend and others that receive ROI from Mr. Townsend.
Please if at all possible help me expose this scam and stop this person from taking hard earned money from trusting citizens.
Thank you so much...
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