- Report: #982364
Report - Rebuttal - Arbitrate
Complaint Review: Dave Cargo - Realtor
Dave Cargo - Realtor11280 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
*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!
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.
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