• Report: #884836

Complaint Review: Eastern Capital., LLC

  • Submitted: Fri, May 18, 2012
  • Updated: Tue, May 13, 2014

  • Reported By: Neon1388 — Jacksonville Florida United States of America
Eastern Capital., LLC
1230 PEACHTREE STREET NE. SUITE # 1900 ATLANTA, Georgia United States of America

Eastern Capital., LLC JOSEPH " JJ" TOMMASSO Eastern Capital, LLC are a 100% scam operation ATLANTA, Georgia

*Consumer Suggestion: Appraisel

*REBUTTAL Owner of company: 100% Scam Company Atlanta GA

*REBUTTAL Owner of company: Appraisal Company

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I had been Victim from Eastern-Capital LLC and Principal Joseph "JT" Tommasso. I get to know them thru My Commercial broker name: Commercial Capital Limited in Martinez California. he hook me up with Eastern Capital and promise this Private lender will get me the commercial loan with  25% down and 75% LTV.

after I wire the $7500 loan fee, and submit all the document requires, it take forever to get the commitment letter, then they not respond you until the time is up. I have to pay extra fee $9000 for expedite appraisal. I also feel the appraisal Co also is crook too. I request for the copy and they said the investor own it. I never get the copy from them until today. I did feel they never done any of the appraisal, all they want is my $9000 fee. The name of the Appraisal Co: Originator Group, LLC the owner is Dimitri M Teddone. 265 Madison Ave. NY. NY 10016.

My loan dead line is May 15, 2012. [continued below]....

..... Eastern Capital LLC did promise to fund my loan before the closing date and it will never happen, they don't answer your phone call and email, my broker Dennis Dowing try to contact them from May 1 to May 14 2012 and still not luck at all and end up I lost my deal.  

I report this issue to any one who want to get the Commercial loan and avoid to trap in this scram that I have it now. Eastern Capital LLC is a scram same as the Appraisal Co Originator Group, LLC 

This report was posted on Ripoff Report on 05/18/2012 04:56 PM and is a permanent record located here: http://www.ripoffreport.com/r/Eastern-Capital-LLC/ATLANTA-Georgia-30309/Eastern-Capital-LLC-JOSEPH-JJ-TOMMASSO-Eastern-Capital-LLC-are-a-100-scam-operation-884836. 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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Updates & Rebuttals

#1 Consumer Suggestion


AUTHOR: Boris - ()

In regard to the issue here is what I would sug... A Lender has to get an Appraisel..we all can agree on this. BUT if you ask the Borrower to pay for it the BORROWER has the right to receive a full copy the same day the Lender received their copy......thats a given, if not,  don't ever pay for an appraisel... # 2, but if the amount the report comes in is a big gap diff.. in the appraised value the Borroer should have the option to tell the Lender it is obvious that somebody is is not doing the right think here, so You pay for yours, and i the borrower will pay for my appraisel, will SEE 2 different companies are not working under the table together... than have the Borowers attorney take an indp. third appraisel and see who is the crook here.. this all works if you don't tell the appraisel nothing about a loan... NADA no loan, no mortgage, you tell him I want to buy this i need to know what it is really worth.....I don't trust the Realtor....and i want a report, not a FLY-BY-BPO, i want a report for my own investments, and for insurance purposes. You will see how fast the Lender's appraisels all of a sudden will loose their LIC... 1-by1 will take the crooks out, together with the RE crroks that almost coleppsed our economy... with the sub-prime loans...

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#2 REBUTTAL Owner of company

100% Scam Company Atlanta GA

AUTHOR: Joe Tomasso - ()

 I think anyone reading this complaint could see what actually happened. Mr. Dieu was purchasing a multifamily unit in Jacksonville, FL. An appraisal was ordered by a very national reputable firm. The value of the property came in way under the purchase price.

I will be happy to show anyone who makes an inquiry a copy of the appraisal.

Now Mr. Dieu is running around making a false assumption that Eastern Capital and myself are in collusion with this nationally known company to defraud him of his money. Now just think about that.  A well respected national appriaisal company is going to come up with an idea to work with Eastern Capital to take peoples money. Believe that and I have a bridge that I would like to sell you.

I offered to make a refund to Mr. Dieu, which he turned down and chose to come up with this fictious story that has no merits.

My attorney Lorri Lomnitzer is in the process of filing a civil lawsuit complaint.

As you can see I Joe Tomasso do not hide behind an anonymous, because I want people to know the facts. People who hide behind anoymous no names or use a ridiculous name and do not disclose their name I can only say that they cannot back up their statements.

Since Mr. Dieu has identified the broker in this deal Dennis Downing who happens to be one of the most honest and truthful broker, I have ever had the pleasure of working with over my 30+ years in this business also knows I wanted to make a refund to Mr. Dieu.




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#3 REBUTTAL Owner of company

Appraisal Company



I am Dimitri Teddone, MAI, the owner of Originators Group, LLC.  I take great issue with your characterization of me and my appraisal company, mind you, through the prizm of your own ignorance.  Let me explain this to you (again) as I did on the phone the day you called me.  

There are regulations and laws that govern what appraisers can and cannot do in the course of performing an appraisal assignment. First and foremost is my fiduciary responsibility to my client, and only my client.  In this specific case, my client was Eastern Capital LLC and its principal, Joseph "JT" Tommasso. They are who officially engaged me to perform the appraisal: my contract was with them. In the course of performing my fiduciary responsibilities, I am to report all value estimates to the client, and only the client.  I am to provide the draft and final report(s) to the client, and only the client.  Let me restate: my fiduciary responsibility to my client, and only my client.

You, Neon1388, were never my client; therefore, reporting value estimates and providing draft and final report(s) constitute actions that I and my company could not provide you, by law.  So, while you (indirectly) paid for the appraisal, Eastern Capital LLC and its principal, Joseph "JT" Tommasso, my client, engaged me to perform the appraisal services. They, in turn, own the report and if you want a copy of the report, you have to ask them directly. You may not like these facts, or even understand them (that's my guess), but these are the laws that we all have to abide by.  If you have a problem with Eastern Capital LLC and its principal, Joseph "JT" Tommasso, call him, but leave me out of your ignorant tirade.

By the way, I've had a 27-year appraisal career and have worked both nationally and internationally for clients ranging from small community banks to government agencies to Wall Street firms to hedge funds to REITs. We can handle both basic and sophisticated assignments and clients.  I think on a going-forward basis, you need to educate yourself in what goes on and who is responsible for what in a lending transaction before you get involved in said transaction.  I hope this was of some help to you.  Good luck, Dimitri


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