ED Magedson – Founder
Custodian Wealth Builders, Select State/Province USA
Custodian Wealth Builders John Fitzgerald Dodgy investments Brisbane Queensland
I've seen a few people reporting Custodian Wealth Builders and John Fitzgerald, and I'd like to add to the dicsussion.
I am also disillusioned by my substantial investments in these land syndicates, which in hindsight were too good to be true - hindsight vision is always 20/20!
What annoys me the most about this situation though, is the conduct of John Fitzgerald and his role in the process.
He was the one out there 'spruiking' these syndicates, he was the one getting me and many others to invest our money and some people even investing their super annuation - yet now HE seems to take no responsibility.
From what I can see, these syndicates were merely established for the purposes of providing John with land to sell at inflated prices to all his Custodian Wealthbuilders disciples, rather than actually generate a return to investors. JLF seem to buy all the land and until recent investor updates giving us the ACTUAL truth, John and his staff were telling us all everything was hunky dorey and our investments were on track. There seemed to be a bunch of JLF staff running the projects, rather than a proper manager with experienced property people - which along with market conditions, is probably why these synidcates are a spectacular failure.
Recent behaviour from their new team seems geneuine, but its too little too late in my book and John seems to have completely washed his hands of the problem - in fact all the JLF people seem to have removed themself from the various boards and cut the business loose!
Luckily from what I gather, they have now employed a series of actual experienced propert professionals - but I don't know how mcuh difference they can make at this late stage.
Stay away from John Fitzgerald and anyhting associated with him, he is a crook!
This report was posted on Ripoff Report on 11/06/2013 09:11 PM and is a permanent record located here: http://www.ripoffreport.com/r/Custodian-Wealth-Builders/Select-StateProvince/Custodian-Wealth-Builders-John-Fitzgerald-Dodgy-investments-Brisbane-Queensland-1097550. 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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