- Report: #954156
Report - Rebuttal - Arbitrate
Complaint Review: Innovative Holdings Group, LLC
Innovative Holdings Group, LLC1015 E. Chapman Ave., Orange, CA 92866 Orange, CA, California United States of America
Innovative Holdings Group, LLC Nick Vertucci IHG and Nick Vertucci trapped me into "purchasing" two section 8 HUD properties in 2008 but which I never really owned. I paid over $8000 in consulting and other out of pocket expenses for properties Orange, California
*UPDATE EX-employee responds: Corroborating Owner's Story
*REBUTTAL Owner of company: SETTING THE RECORD STRAIGHT
I was out of pocket over $8,000 on these two properties which included consulting fees, title searches, and all the other expenses that needed to be paid at closing. Because of my own investigations I learned that the $100,000,000 IN MY NAME was in fact a loan on the property by a private equity firm. The principal of the firm who I had been forbidden to contact finally told me that the foreclosure would be on the properties (on IHG) and not on me personally. The capital promissory note for renovations was actually on IHG since I was told that this kind of "mortgage" follows the property. I had requested getting of the deal for several months and it turned out that I could have been removed from the contract at any time (as told to me by the private equity company holding the loan.
At his suggestion I signed over the properties (which I did not own as I thought I did) to Nick Vertucci and IHG which relieved me of the obligation of the note. However, I spent or wasted $8,000 on deceptive counsulting (IHG) and closing costs. Since I never really owned the property, I was being used by IHG to pay for their properties and the capital improvements if I had let them foreclose on me or tried to continue making payments (fortunately-I was smart enough not to pay any more money after I found out that I could not refinance the properties). I offered a negotiation with IHG at a $3500 loss to me (app. half) which they refused.
I have not filed a small claims court action but the service is proving difficult however I will pursue the case until I have been made whole again.
This report was posted on Ripoff Report on 10/12/2012 12:24 PM and is a permanent record located here: http://www.ripoffreport.com/r/Innovative-Holdings-Group-LLC/Orange-CA-California-92866/Innovative-Holdings-Group-LLC-Nick-Vertucci-IHG-and-Nick-Vertucci-trapped-me-into-purch-954156. 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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