• Report: #703220

Complaint Review: Green Tree Capital

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  • Submitted: Sat, March 05, 2011
  • Updated: Sun, March 06, 2011

  • Reported By: Cyril — Millsboro Delaware United States of America
Green Tree Capital
Internet, California United States of America

Green Tree Capital Ponzi Scheme to steal from unsuspecting clients. Internet, California

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After an initial account deposit of $4,000 with Green Tree Capital the account increased to about $10,000 in 18 months. I withdrew some funds from this automatic investment program, leaving $3,750 in it for further possibilities.

When I withdrew the funds John Davenport called me to ask why I was taking money out. I told him it was my money and I could do whatever I wanted. He curtly said that if I took more out they would close my account. In December of 2010 I called to close the account and Davenport said I would have to file a withdrawal form and that it would take up to 90 days to complete it.

Over the following three months the account grew again to $4,953. I called again but was unable to reach anybody who would talk to me or return my call. The secretary was apologetic but no response from the account representatives for three moths.

On February 25, 2011 Green Tree Capital emailed a final statement that my account was still active with $4,953. Five days later anoter email stated "Due to being defrauded by multiple fraudulent investments, Green Tree Capital has become insolvent. All operations have ceased. We deeply regret informing you of this and we apologize for the loss that this brings."

I doubt that any investments were ever made and believe Green Tree Capital simply used new money from customers to pay off earlier money customers.

This report was posted on Ripoff Report on 03/05/2011 10:51 PM and is a permanent record located here: http://www.ripoffreport.com/r/Green-Tree-Capital/Internet-California-/Green-Tree-Capital-Ponzi-Scheme-to-steal-from-unsuspecting-clients-Internet-California-703220. 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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