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  • Report: #982364

Complaint Review: Dave Cargo - Realtor

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  • Submitted: Fri, December 14, 2012
  • Updated: Wed, February 27, 2013

  • Reported By: Greg — Los Angeles California United States of America
Dave Cargo - Realtor
11280 Corbin Ave. Ste. A Porter Ranch, California United States of America

Dave Cargo - Realtor DaveCargo.com Took Investors Money - Sold Company- Has Refused To Pay Investors Back - Hiding Funds Porter Ranch, California

*REBUTTAL Individual responds: I am Dave Cargo and these reports are slander in the purest form

*General Comment: Dave Cargo is rip off 100%

*REBUTTAL Owner of company: Dave Cargo did not rip anyone off!

*Author of original report: Dave Cargo Cannot Be Trusted!

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Dave Cargo - Realtor in Northridge, California - Phone: 818 -486-3283

I worked in the office where Dave Cargo was the Owner/Broker when this all took place.

I watched Dave Cargo completely destroy long term friendships with greed and thievery.

I was there. I know all these facts to be true. His investors were people I looked up to and cared about deeply. When I heard that he had still not paid them back the money that they invested with him I knew that I had to warn others about him.  DO NOT DO BUSINESS WITH DAVE CARGO - REALTOR!

In May of 2003 Dave Cargo was chosen to open a Keller Williams Realty franchise in Northridge, California. He recruited a group of investors to assist him in launching and building the company as Co-owners & Founders. They were called Core Group Members per the Keller Williams franchise model.  Each investor put in $20,000.00 (Twenty Thousand Dollars) in return for a 5% ownership in the brokerage.

All was going well until February of 2006 when Dave Cargo decided to open another franchise of Keller Williams Realty and actively moved nearly 60 agents from the Northridge office into the new Granada Hills office which, because Keller Williams is a profit sharing company is against franchise regulations. Against the advice of many and the wishes of his co-owners and investors he continued to move agents and took nearly $250,000 in closing commissions from the Northridge office.

His investors complained to the corporate office and when they did all but two of the original five were forced out of the company. He and his wife even went so far as to move one investors office furniture into the parking lot in the middle of the night without their knowlege.

Because of his actions Dave Cargo was stripped of his right to own a Keller Williams Realty Franchise and was forced to close the Granada Hills office and sell the Northridge office.  Dave Cargo was to pay the original investors 5% of the sale price of $300,000. Dave Cargo has made only two payments of 1,600.00 to the investors since selling the business in late 2008. Payments are to be made every six months.

He owes each investor at least $15,000.00 from the sale of the company.  Dave Cargo gets paid every six months like clockwork but he has refused to pay his investors the monies that he promised to them in a legally binding contract.  They trusted him. He was their friend. DAVE CARGO IS A THIEF!. Dave Cargo has built a new pool in his back yard and continues to sell Real Estate for Coldwell Banker in Porter Ranch, Ca. but he will not pay his investors and has stolen their money and refuses to pay them back. Dave cargo refuses to communicate with his investors.

Dave Cargo cannot be trusted. Dave Cargo is a liar. Dave Cargo should not be trusted in any way, not by other Real Estate agents and definetly not by anyone thinking of buying or selling a house with him.

He ripped off people who were his friends and business partners. Imagine what he would do to someone like a client who he barely knows.  DO NOT TRUST DAVE CARGO.

This report was posted on Ripoff Report on 12/14/2012 10:19 PM and is a permanent record located here: http://www.ripoffreport.com/r/Dave-Cargo-Realtor/Porter-Ranch-California-91326/Dave-Cargo-Realtor-DaveCargocom-Took-Investors-Money-Sold-Company-Has-Refused-To-Pay-982364. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

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REBUTTALS & REPLIES:
1Author 1Consumer 2Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Individual responds

I am Dave Cargo and these reports are slander in the purest form

AUTHOR: Dave Cargo - ()

As a citizen of the United States I have the constitutional right to face my accuser.  This nameless individual is accusing me of actions that are not true, that are not claimed by any other individual, and that are not registered with any of the available organizations that would prosecute and punish such offenses. 

To begin, I opened a Keller Williams real estate franchise in 2004 and grew the agent base to 200.  In 2008 I made a business decision to sell the company.  I was not forced to sell and there is no record of such a claim.  Keller Williams International will confirm that fact. 

The terms of the sale stipulated payments over a 5 year period and the buyer recently paid in full.  All profit from the sale has been properly dispersed according to the contracts with my investors, and the real investors are not disputing that fact.  This fake investor is probably the individual that wanted to be part of the company but was rejected.  I don't really know.  Unfortunately, this site does not require evidence or proof of a claim in order to post it on the internet.

Secondly, this same individual poses as a buyer that once bought a house from a seller I represented. Not only is the report a complete and total fabrication, but there is no record anywhere of such a transaction.  No record of the sale or a complaint with the local Board of Realtors.  No record of the sale or a complaint with the California Bureau of Real Estate.  And furthermore, there is no record of a lawsuit filed anywhere in California regarding this claim.  This claim is slanderous and one day this person will be brought to justice.

His report says he sued me and won.  WHO SUED ME and WON?  No record, no file, no complaint anywhere that can be accessed by anyone. 

Again, I am Dave Cargo, the subject of this erroneous report and I urge anyone viewing this complaint to contact me personally to discuss the matter of my business track record.  I have sold over a 1,000 homes in my career without a single complaint regarding any of them.  Presumably that speaks to a professional behavior my clients expect and receive on a daily basis.

Thank you for your consideration.

 

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#2 General Comment

Dave Cargo is rip off 100%

AUTHOR: customer - ()

I will keep it short. I bought a house few years back and Cargo Dave was
the selling agent. Dave Cargo disappeared during close of escrow, and
at the time the escrow company was owned by the same real estate company
and Cargo didn't provide us with discloser statement. After the first
day we move in we had a massive problems with the house. I sued him and
mysteriously Dave Cargo came up with a forged discloser
statement....Dave Cargo and company forged my wife's, my agents and my

signatures. I won the case but I am sorry I didn't take it further. He
should have lost his license and gone to jail. Cargo is the biggest
fraud, arrogant, rip off. I tell all neighbors not to deal with him......FRAUD CARGO
Karma will get him soon. Someone saw him in Chatsworth court this past week and he was being sued again.......Hope he looses his license and ends up in jail             
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#3 REBUTTAL Owner of company

Dave Cargo did not rip anyone off!

AUTHOR: Peter - (United States of America)

The Ripoff report filed against Dave Cargo was done so by one of the disgruntled investors that is waiting to receive funds from the sale of the company in question.  I know this because I too am an investor and the only way the details provided could be known is to be part of the group waiting for the distribution of funds from the sale.

Distributions were made as money was received immediately following the sale of the company in 2008. A law suit involving agent behavior was filed in 2010 and, per the corperate attorney's advice, all distributions were stopped pending the settlement of the law suit.  Even if Mr. Cargo wanted to distribute funds he cannot legally do so.

As for the additional disparaging remarks made by "Greg" about Dave Cargo, catagorically they are incorrect.  They amount to a fabrication by an individual that will do anything to make Mr. Cargo's life miserable, including but not limited to, stalking Mr. Cargo to the point that needed police intervention.  This individual has personally insulted Mr. Cargo's wife, his children, and his friends. He has alienated all other investors associated with this sale. Until this report those of us that know him were hoping he was getting professional help.  We now see that has not happened.

Dave Cargo opened the Keller Williams franchise, grew it to nearly 200 agents and sold in 2008 at the beginning of a difficult real estate market.  The sale benefitted all of us investors because if Dave had waited the company may have struggled and closed like so many other real estate companies did, leaving us nothing to distribute.

The pending law suit will take it's course and the remaining funds will be distributed at that time.  We investors are not intitled to any proceeds in the interim.  I trust Dave Cargo because he has done, and is doing everything he said he would do to protect our interests as investors.
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#4 Author of original report

Dave Cargo Cannot Be Trusted!

AUTHOR: Greg - (USA)

Do not do business with him.  Don't have him sell your house for you. He is a smooth talking con artist who only looks out for himself and not his clients.
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