• Report: #1072209

Complaint Review: John fitzgerald Custodian land syndicate

  • Submitted: Thu, August 01, 2013
  • Updated: Thu, August 01, 2013

  • Reported By: aussisix — coolum beach Alabama
John fitzgerald Custodian land syndicate
nerang queensland Gold coast, Select State/Province Australia

John fitzgerald Custodian land syndicate dont invest with this lot!! you will lose your money. Gold coast Queensland Australia

*Author of original report: custodian land sydicate

*General Comment: Totally agree

*General Comment: News that things not going well

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 I invested my retirement nest egg $250K with custodian land syndicate.John Fitzgerald rang me yesterday 1st August 2013 to tell me the bad news. At present I will not recieve any of my investment back!!! Maybe in 3 years I may recieve half of it back!! Yes believe it or not thats the facts . He sounded so sincere when he told me. He really felt for me. Sure John !! When I told him how shocked I was he used his silver tongue to  assure me everything   is   OK !!! Be warned. Stay away from this lot ..


This report was posted on Ripoff Report on 08/01/2013 03:02 PM and is a permanent record located here: http://www.ripoffreport.com/r/John-fitzgerald-Custodian-land-syndicate/Gold-coast-Select-StateProvince/John-fitzgerald-Custodian-land-syndicate-dont-invest-with-this-lot-you-will-lose-your-mo-1072209. 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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#1 Author of original report

custodian land sydicate

AUTHOR: aussisix - ()

Hello Walky talky, Great input . Hope you dont lose too much investment like mine.Next AGM meeting is on 28th November in Sydney for Cunningham and Pimpama syndicates. Probably becuase most investors in Cunningham rise live in Queensland. Im wondering what returns the investors got on the Sunbury deal . I was told 14 % when all the phone sprooking was going on.Probably a fake to make it look good. I always knew there was a connection with JLF and custodian land sydicate but didnt quite know what. It would be great to hear from someone who was sold a house land deal in Cunningham rise through one of those great wealth creation seminars that JLF run.  Cheers Aussisix

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#2 General Comment

Totally agree

AUTHOR: Walky Talky - ()

From what I can see as a fellow investor, these syndicates were setup to buy sites from John that he couldn't otherwise sell - then he charged a big fee for identifying the site on behalf of these investors!

Not only that, if you then look at the records - its only John that is buying land from most of these syndicates and then he is inflating the prices and selling it to his flock of foolish investors (which I shamefully admit to being one of..)

He was reporting to many of us only 5 months ago that everything was on track, and then we hear from the ACTUAL managers of the these projects that our money is years away and we may not even get it all back!  As far as I can see he has divorced himself from these syndicates completely and washed his hands of it.

The managers used to be full of JLF staff that didn't seem to have any idea what they were doing, now they are at least reporting truthful figures - as distasteful as those figures are to most of us.  I am a skerrick of confidence in the people running the show now, based on what we heard about them, but is it too little too late?  I'm afraid it probably is.

I also wonder...if these new people running the show have these amazing backgrounds with big developers and great results - why would they join a sinking ship like this? something just isn't right, do they really have former top development and marketing executives from Stockland and Devine?  Why would people like this join this steaming pile of yu know what?!

I eagerly await the next investor update, and I can't wait to talk to the directors of each syndicate, who don't appear to have any background in the industry at all! 

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#3 General Comment

News that things not going well

AUTHOR: Shiney13 - ()

 Whilst we have not been told we will not get our investment back in our syndicate we have been informed that the risks of our funds being tied up for years with a loss at the end of that time is very disturbing.

The JLF Company still gets their fees and the individual investor is the loser, I believe that Investors need to know that their are greater risks than was indicated in the prospectus not illegal but very risky, whereas the sales message from JLF (John Fitzgerald) is always that the property boom is just around the corner, the corner it seems has just moved down the street a long way....

I do hope that in the years ahead I can report that the Managers have turned this around and that JLF came good on his Sales messages, but at the moment the Millions invested seem to be propping up JLF and not reaping any returns for the individual investor.

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