ED Magedson – Founder
Custodian Wealth BuildersBrisbane, Select State/Province Australia
Custodian Wealth Builders - John Fitzgerald Total lies from Custodian Wealth Builders and John Fitzgerald Brisbane Queensland Australia
After having had a very positive 12-year association with Custodian Wealth Builders, and in particular, being very impressed by John Fitzgerald, I was convinced, after being subjected to intensive sales talks and pressure, to invest in a couple of Custodian Land Syndicates. John Fitzgerald had four Land Syndicates to sell. I didn't invest in Land Syndicates 1 or 2 because I wanted to be cautious and to see how they performed. However, after listening for a year or more about how well Land Syndicates 1 and 2 were doing, and seeing convincing evidence of the success of Land Syndicates 1 and 2 and believing these to be in good management hands and that the ethical company I had believed in for 12 years would not now let me down, I decided to invest in Land Syndicates 3 and 4.
Unfortunately, I invested very heavily. I learned very recently, just around the time I was expecting my capital to be returned from Syndicate 3 (Sunbury), that this would not happen and I should not expect a return until March 2016, and perhaps I won't actually get all my capital back - forget about a return on an investment which has been in place for 6 years! As it turns out, this is not the only bad news story. All four land syndicates have not meet the forecast return, all the land syndicates have blown out by three years and all the investors have been left seriously vulnerable. In fact, Syndicate Number 2 is predicted to return only 50cents in the dollar to investors. What an attractive investment option!!!!!
BEWARE !!!! BEWARE!!!! BEWARE!!!! Fitgerald is now spruiking a Funds Management Scheme. STAY AWAY. You cannot trust this company. They change the goal posts at will. They promise you the world and then they phone you and say, sorry, things have changed and we can't give you your money back.
I have lost my savings and my entire superannuation if this company does not deliver when they now say they will in 2016, but I won't know this until 2016. In relation to their land syndicates and funds management schemem promises, they just tell lie after lie after lie. I have not had a problem with them when investing to buy a land-and-house-package. But, despite the positives I have had from this company, I cannot accept the serious and significant financial loss I am now facing due to their inept handling of the land syndicates.
I truly hope this heartbreaking financial situation doesn't happen to someone else. If you want help to buy a house and land package, sure, Custodians will help you. HOwever, stay away from their "creative investment schemes". John Fitzgerald should have kept to what he was good at, selling house and land packages. His investment schemes have financially killed me.
This report was posted on Ripoff Report on 10/01/2013 01:34 AM and is a permanent record located here: http://www.ripoffreport.com/r/Custodian-Wealth-Builders/Brisbane-Select-StateProvince/Custodian-Wealth-Builders-John-Fitzgerald-Total-lies-from-Custodian-Wealth-Builders-and-1088523. 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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