• Report: #668106

Complaint Review: Adam J Hathcock

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  • Submitted: Sat, December 04, 2010
  • Updated: Mon, October 17, 2011

  • Reported By: JR — Las Vegas Nevada United States of America
Adam J Hathcock
7955 W Sahara Ave Ste 101 Las Vegas, Nevada United States of America

Adam J Hathcock Development Funding Group, Inc. Ripped off investors on loan scam Las Vegas, Nevada

*REBUTTAL Owner of company: The Truth About the Poster

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Adam J. Hathcock was a would-be real estate developer operating out of Las Vegas, Nevada.  His modus operandi was to buy land, get a jacked-up appraisal from an appraiser that was in his pocket, and then get a hard money loan through a Las Vegas mortgage company.  His deals went bad and he skipped town, leaving the investors in the loans holding the bag.  Hathcock is believed to have been a CPA at one time. 

He will resurface again at some point in time.  Be careful in dealing with him.


This report was posted on Ripoff Report on 12/04/2010 12:21 AM and is a permanent record located here: http://www.ripoffreport.com/r/Adam-J-Hathcock/Las-Vegas-Nevada-89117/Adam-J-Hathcock-Development-Funding-Group-Inc-Ripped-off-investors-on-loan-scam-Las-Vega-668106. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 0Consumer 1Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Owner of company

The Truth About the Poster

AUTHOR: Adam J. - (United States of America)

My name is Adam J. Hathcock.    I was the founder of Development Funding Group, Inc. (DFG) the company in question. 

My response to the poster of this comment, Mr. Jon Scott Ashxxxn., is to take your losses like the rest of us without resorting to untruthful anonymous lies with the intent of harming honest people's reputations.    Further, out of respect for the rest of your family,  I'm not interested in attempting to damage your last name any further than you already have.   

For those interested in the reputation of the poster -- Mr. Jon Scott Ashxxxn. and what type of
character Scott Ashxxxn has  -- this is from another  poster:

 

"This is Bogus baloney and comes from "Scott Ashxxxn." He has been ripping off people in Las Vegas for years and now that this group is pursuing him for defrauding them out of Millions he is attempting to smear all of them! It is a real shame that people can post bogus stuff about others on this and other sites without any proof that their claim has validity Soon Mr Scott Ashjian will be in a legal battle that will finally put him where he belongs! His bogus campaign to run for Nevada Senator will finally be exposed for what it was and he will be ousted by the many people that he has fraudulently stolen millions from. "

More info on the poster, Scott Ashxxxn:

May 24, 2010 Article in the Las Vegas Review Journal (www.lvrj.com) calls poster Scott Ashxxxn  a "liar and a scumbag"
Oct 4, 2010 Article in Big Journalism calls poster Scott Ashxxxn.,  a "scumbag"
April 29, 2011 article in RipOff Report calls poster Scott Ashxxxn., "a fraud"
Recent Post on www.Ministers-Best-Friend.com said poster Scott Ashxxxn. resorted to "illegal activities"
June 19, 2011 article, www.foreclosurehamlet.com called poster Scott Ashxxxn.  a "deadbeat"
June  5, 2011, article,  www.ballot-access.org called poster  Scott Ashxxxn.  a "scumbag"

It doesn't surprise me that Mr. Jon Scott Ashxxxn attempts to hide behind "anonymous
posts."     Scott Ashxxxn has slandered at least three other individuals and companies in town that I'm aware of.    

As the founder of DFG, I personally lost several million dollars invested alongside DFG's lenders
and investors.     Over the course of DFG's history it borrowed and subsequently repaid several tens of millions  in real estate loans.   DFG, like so many other reputable commercial real estate investment companies, after turning out years of profits, was hit in the 2007-2008 real estate and financial crisis.     Approximately 80% of the equity invested in DFG's real estate investments were from past company-generated profits with approximately 20% from outside capital partners.    Scott Ashxxxn was  one of many outside lenders to DFG.   DFG borrowed and repaid over $550,000 to Scott Ashxxxn and his younger brother.    Scott Ashxxxn's portion of DFG bad debt was $65k when DFG went into insolvency while developing a $60 million, 150,000 sq ft. Asian-themed, grocery-anchored shopping center at Warm Springs and Jones  in Las Vegas, Nevada.     

 http://www.reuters.com/article/2008/02/12/idUS211811+12-Feb-2008+PRN20080212

Like so many other investors and developers, DFG took losses and so did some of the company's independent capital partners and lenders.  Most people in the broader real estate market did as well.  

I'm owed personally over $1.2 million in uncollectable loans and receivables from individuals or companies which must be written off as bed debt as part of the real estate downturn.   I'm not online creating false posts about them.   I also spent millions of my own capital in an attempt to save DFG's corresponding real estate investments and return lender capital.      

If you would like to know what type of person I am,  I've attached pictures of some of my previous developments to this post and you can find my personal and professional background here:  
 
http://www.linkedin.com/pub/adam-j-hathcock/11/670/448
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