I first met Bruce T. Mulhearn in the summer of 2003 while I was serving one year of duty in the US Marine Corps. Bruce offered me a position in the corporate office with a title of "Land Acquisition Specialist" when I was released from active duty. I thought it was an honor for Bruce to make such an offer to me.
I was released from active duty on December 30 and began to work with Prudential California Realty on January 5. During the past three years, Bruce and I also developed a friendship and I looked at him as a "mentor". I felt previlged to have one on one conversations with Bruce while skiing in Mammoth or Tahoe.
In May his close friend and CFO of twenty years passed away and I found myself "filling some of his shoes". Bruce asked me to take over the "Mulhearn Advantage Programs" which soon came to be known as the "Mulhearn Disadvantage Programs". I immediately noticed that all of the foreclosures and bridge loans were in violation of federal and state lending and disclosure laws. I notified Bruce and worked with his new CFO to ensure compliance with Truth in Lending. But, there were several loans made by Mulhearn Realtors, Inc that were predetory and in violation, which is what the other complaints in this website are referring too.
By January Bruce and I had (3) other partnerships together and I was named as "Vice-President of Construction and Development".in March I decided to leave the company.
In June Bruce's CFO handed me a breakdown of the joint venture which indicated there was a loss in one of the projects. I could not believe it and I began to go line by line, check by check, and number by number. I found nine descrepencies in this spreadsheet totaling over $2 million dollars. I approached Bruce with a line by line breakdown of the mistakes. He did not even look at my numbers and he actually reverted to name calling.
We are currently in litigation against Mulhearn Realtors for Fraud and breach of contract.
There are over 12 lawsuits filed against Mulhearn this moment and over 125 filed in the past decade. There are two cases filed in the same court with very similiar circumstances. It is my understanding that Bruce always settles the cases that his attorney's feel they cannot win. Bruce classic line is that "a bad settlement is better than a good lawsuit". But, he will always settle for half of what he owes. Which means that it is always a good settlement for Bruce.
I have also filed a complaint with the labor board for commissions that were withheld or not paid by Mulhearn Realtors, Inc.
The score today is that mine and my wife's credit report is ruined. It is December 18th and we cannot even afford a Christmas tree right now. Our home phone rings 18 times a day from creditors. Our cars are probably going to be repossesed. The bank is most likely going to take our home.
Some would speculate that we live outside our means and I would argue to these people that if someone stole over a million dollars from them and did not pay them over $150k in commissions... How would they be today?
But, even if I loose everything today. We will some day prevail.
I have five children and I am now facing another deployment at the end of 2008 and I only prey that I am paid monies due to me before I deploy to give my family peace of mind.
Eddy
Long Beach, California
U.S.A.
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