Watch this report close http://www.youtube.com/watch? V=evXtuDjqrAs
I am a former employee of this scam artist, convicted felon, douglas t. "chase" fonteno... He has an investment company called, www.hiltonhead properties.net. That is far from the truth and here is where it connects to the IRS and Linebarger, Goggan, Blair and Sampson in Dallas.
He has a large number of single family properties in Dallas and Houston and to my knowledge has never paid a single dime of taxes on any of them. He acquires them thru a technique called adverse possession and closes them in his in house title department, with no legal counsel present and all title documents are prepared by doug himself with language to protect him and to take advantage of this that do not speak english or has very little education. There is no regulation on paying the taxes or anytyhing. He currently owes hundreds of thousands of dollars, if not millions in taxes in dallas county alone.
The scheme goes like this— he had employees called associates or partners (they all quite because he never pays employees, rips them off too, so now he drives around finding vacant houses) find houses that are vacant and he puts a for sale sign in the yard and waits for a call. He then in turn sells the property to them, in house, without any form of clean title. And they put a small down payment, and start making payments. Most clients are low income moinorities and they really don't understand the issues surrounding the property
San antonio district attorney has issued an opinion that there is possible fraud in the procedure and he no longer does business in san antonio, he is terrified of going back to prison.
Anyhow-taxes are owed and are never paid. His buyer continues to pay monthly and the tax burden rises and the buyer is unaware until a taxs suit is filed. The Hilton head grorup has no way to ever give a clean title to the client... Not ever without paying the taxes as they go.
Many clients have filed suits, class action issues against fonteno, but he continues to escape... The scheme never ends in that the client pays, fonteno doesn't own the property and many times the taxes owed are higher than the note or the value of the property... So his minority client is buying nothing - just paying fonteno to live on ranchero drive and drive his hummer, until it was repoed, now he drives a motorcycle that the finance company has been looking for since 2006... By the way - that ranchero property, there is over 225k in taxes owed on this...
And why is Lineberger so dumb as to let this happen... Well. Fonteno is a clever little con-man... He forms LLC's with each of his associates and the houses are in different names, alll under fonteno's control... Such as, blue roan, silver west, bright horizons, gatsby, camden, hyde, novo,
and saige properties to name a few... This way it frees hilton head from any tax liability and tax suits, or lawsuits... Suits come into tthe office at n st paul but directed to the LLC's and they have few assets or money..
And guess what - he doesn't pay payroll taxes either... Hundred of dollars owed currently, and the doors are still open, that is unless he doesn't pay rent, and that happens, that is why he was evicted from the elm st address, because he doesn't pay that either... The Irs NEEDS TO WAKE UP AND SMELL THE COFFEE OR SMELL THE POOP
Doug will boast to you that he has started over 40 companies, and not tell you that they are all in debt or have already closed because of his mismanagement.
Fonteno is a convicted felon, for mostly the same type stuff&ponzi, I mean a real ponzi scheme... He takes money from investors, gives them all the same collateral (either those run down s. Dallas adverse possession houses he does not have title to or those condemned condos in houston, which are somewhat worthless... They all think they are getting a real prize for their money, but actually fonteno never spends their money where they think it went, but buys cars, pays company payroll, lavish parties and running women like an olympic sprint, he even prints their pornographic pictures in the office leaving the pictures on the color printer for clients to see when they are there...
This guy needs to be stopped before everyone looses everything... I cannot think of a single employee who left that was paid current, and many investors who put money in the deal, and there was only one deal — fonteno...
What does it take to put someone out of his misery — wake up lineberger and IRS... Your inaction is hurting everyone...
Ps: oh yes - he still owes the SEC about 135k — I wonder what investor will pay for that... Don't let it be you...
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