• Report: #483508

Complaint Review: Lance Puig

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  • Submitted: Fri, August 21, 2009
  • Updated: Fri, October 09, 2009

  • Reported By: Greg Mathews — Dallas Texas USA
Lance Puig
www.yorkstreetproperties.com Dallas, Texas United States of America

Lance Puig - York Street Properties - York Street Homes - York Street Investments Ponzie Scam or Plain Rip-Off? Dallas, Texas

*UPDATE Employee: York Street Official Response

*Consumer Comment: Facts are Facts - Thank You RipOffReport !

*REBUTTAL Owner of company: Notice of Arizona Lawsuit

* : YSP Response is more empty words

* : YSP Official Response

* : Scammed Investor - YSP, pay instead of rebutting !!!!!

* : A pleased vendor

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Investors, Tenants, Potential Tenants, Contractors - BEWARE - this company and it's ownership should be avoided if you value your investments, good credit and personal or business security. Here are a few reasons, please feel free to do your own research - JUST BE SURE YOU DO - Lance Puig and York Street Properties, York Street Homes, York Street Investments and the numerous LLC's this organization operates under have caused 100's thousands of dollars of loss, 100's of wasted hours and countless heartaches for good people:

1) Debts and returns on investment are not honored in a timely fashion, if at all.
2) If you're tenant don't believe if you rent a home expecting to buy it that you ever will. It's a false promise - ask existing tenants.
3) If you're an investor; don't believe you are getting a safe, reliable, well maintained investment - ask past investors.
4) If you're a contractor; don't give this company or Lance Puig any credit - he does not pay.
5) Don't believe what you read on the website(s), in blogs or on radio shows. Icons are unauthorized, statements are false & exaggerated.
6) Don't believe mortgages (in your name) will be paid or debts for services will be paid - they won't be.

Here's a few examples of fact:
a) There are numerous lien filings, small claims filings and court filings against this company and Lance Puig. The subjects are wide
ranging (non-payment, fraud, etc). He gets contractors to remodel houses, then doesn't pay them - $1 Mil of examples cab be given
b) Investors have lost their investments due to non-payment of mortgages.
c) The BBB has not been paid and the "Online Accredited Business" icon is misleading at best.
d) The numerous bank links on the website are being used without authorization.
e) The claim that Lance Puig comes from 3 generations of real estate investors is pure embellishment.
f) Lance Puig hires people in the Philippines to write comments and compliments in blogs. They are not real.
g) An leading figurehead of the company and personal advisor to Lance Puig is an federal ex-con:
http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&FirstName=MICHAEL+& Middle=&LastName=BACHER&Race=U&Sex=M&Age=&x=79&y=8. This shows in everything they do, Lance Puig just hasn't been
imprisoned - yet.
h) Lance Puig/York Street Properties is not a member of the TAA or local apartment assoc. That makes all leases signed with the TAA
lease agreements invalid. According to law, the tenant has a right not to honor agreement/no legal protection for investor.
i) A majority of properties remain vacant because they're in bad, un-leasable condition. The company is broke.
j) Houses are purchased at REO prices (50%), then sold to investors for 90% with minimum remodeling to justify that price.
k) Resale, should the investor be faced with that, is impossible at 90% - not to mention the probable liens on the property.
l) The 40% profit (j, above) is used to support Lance Puig's unjustified lifestyle and foreign online labor (paid at $5/hour).

There are many cases of fraudulent and/or misleading business practices utilized by Lance Puig and York Street Properties, et al. Do you homework before doing any sort of business with this man or his companies. Better yet, why take the risk? In today's economy it's difficult enough to make your hard earned dollars and credit work for you - why add dealing with a broke, unscrupulous and unethical partner to the mix? Don't believe what you read - Lance Puig is a professional at making things look one way, when his representations don't paint the real picture. Last reports have he and his family hiding in their house to avoid process servers.

Do your homework - there's too much to list here - don't leave any stone unturned if you need to prove to yourself that investing with Lance Puig/York Street Properties is a bad move. Don't leave any stone unturned before deciding to do business of any sort with this man and his companies - and if you do; get your money in advance - get your own attorney to verify all contracts - be sure you are protected to minimize loss when the "good faith agreements" are inevitably broken.

This report was posted on Ripoff Report on 08/21/2009 01:41 PM and is a permanent record located here: http://www.ripoffreport.com/r/Lance-Puig/Dallas-Texas-75201/Lance-Puig-York-Street-Properties-York-Street-Homes-York-Street-Investments-Ponzi-483508. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

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REBUTTALS & REPLIES:
0Author 6Consumer 1Employee/Owner
Updates & Rebuttals

#1 UPDATE Employee

York Street Official Response

AUTHOR: York Street Official Response - (USA)





York Street Properties is committed to providing cash flow for investors and a unique buying opportunity for the credit-challenged. Our goal is to turn families into homeowners while providing the highest quality of service possible.
 
We always welcome anyone with an outstanding issue to call us, and have a 24-hour live answering service dedicated to that purpose. Over the past three weeks, a number of York Street clients have made contact with us regarding issues that we worked diligently (and successfully) to resolve as quickly as possible.   We encourage anyone with any concerns or issues to contact us directly.
 
Given York Streets commitment to collaborative and cooperative issue resolution, we believe the recent series of negative comments posted online at various sites is untruthful, intended to damage the reputation of York Street Properties, and is therefore libelous. After conducting extensive research into the claims made in the online posts, we believe the claims to be illegitimate, as evidenced by the following:
 

Tenants mentioned could not be identified or had no outstanding issues with York Street Properties.
Appraisers had no part in writing the self-incriminating posts alleged to be written by real appraisers.
Investors were surprised when made aware of the claims, dismissing the allegations as bizarre and suspect.  
Vendors associated with our company said they were contacted by anonymous troublemakers asking for information that could be used to harm York Street.
The condition of each property is being scrutinized more than ever in this tight lending environment.   Claims that remodel work was somehow sub-par would be impossible to get accepted through a banks strict underwriting.   No bank will lend thousands of dollars to investors unless the collateral is in good shape.  
 
We would like to publicly thank our many customers, investors, tenants, and vendors who have stood by York Street Properties while someone has stolen our proprietary customer data and is using it to attempt character assassination.
 
York Street Properties has retained legal counsel to represent its interests in these matters. We have begun the process of determining the identities of the authors of the libelous posts and those actors attempting to unlawfully disparage our company.   If necessary, York Street is committed to spending time and resources to utilize the full extent of the legal system to protect itself by, if necessary, bringing suit against the perpetrators.  
 
As always, we welcome potential clients to research York Street Properties before doing business with us.   In doing so, please be informed of the following:
 
<!--[if !supportLists]--> 1.       <!--[endif]-->Beware of unofficial, unaudited, unreliable websites that claim they are dedicated to providing an outlet for disgruntled customers. This news report will explain why such sites are misleading at best, untrustworthy at worst:
http://www.youtube.com/watch?v=MHAcf1fYknE
<!--[if !supportLists]--> 2.       <!--[endif]-->Understand that the Better Business Bureau is not a government regulatory organization, but rather a privately held company with little oversight and no due process to correct false or libelous reports.   More information can be found here:
http://articles.latimes.com/2009/jan/21/business/fi-lazarus21
http://www.bbbroundup.com/SideBySide.html
 
York Street Properties has posted testimonials from tenants, investors, tradesmen, and vendors that are available at http://www.yorkstreetproperties.com/ and that we encourage you to read in order to obtain a balanced view of our service.
 
During this process York Street Properties will strive to continue to bring value to its clients and customers by remaining committed to the highest standard of transparency and integrity.
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#2 Consumer Comment

Facts are Facts - Thank You RipOffReport !

AUTHOR: Dallas Investor - (USA)

A GREAT many people have been hurt by Lance Puig & Companies. 100's of thousands of dollars in unpaid debts to Service Providers; Millions of dollars of exposure and/or losses to investors; False representations to Tenants that York Street Properties owns houses and will sell them to tenants after paying rent timely for 6 months; 10's of thousands of dollars in unreimbursed expenses to Tenants for repairs and Breach of contract in numbers of ways, to mention a few.

Lance Puig and companies operate in an unconscionable manner that violates the principals of law and decency.

This is what websites like "Ripoffreport.com" are all about - helping people when people and companies such as Lance Puig & York Street Properties refuse to honor agreements.
THANK YOU RIPOFFREPORT !!!!!!! your forum to voice, discuss and seek resolutions to corporate ripoff artists is appreciated by thousands, if not millions of users and readers worldwide !!!!!!!

WAKE-UP LANCE PUIG: There are over 900 readers on [just 1 webpage] of complaints already. These complaints will not stop so long as you continue to have unpaid obligations, deal with people dishonorably and seek out more people and companies to do the same to. Take care of your obligations and treat people with fairness according to the law & principals of fairness and these complaints will go away. This is not the work of a single person - you have many skeletons in your closet that have remained silent until now.

York Street Properties has 1 official employee, its "CEO", Lance Puig. It's obvious he would rather continue his practices of deceit, cover-up and harm rather than taking the path of honesty and good faith.

Everything in the report filed on RipOffReport is true and the advice given is sound and honest - do your homework before doing business with Lance Puig and Companies. The facts are; Federal charges have already been filed by one Investor and more are on the way. State and County prosecuting attorneys are investigating and receiving information. BBB has revoked York Street Properties accreditation to prevent others from being duped. Local media is gathering information for an investigative report. Tenant organizations are advised that renting from York Street Properties is dangerous and rent-to-own promises are historically fraudulent.

AGAIN, Thank You RipoffReport !!!!!!!!!!!

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#3 REBUTTAL Owner of company

Notice of Arizona Lawsuit

AUTHOR: Counsel for York Street Properties and Mr. Puig - (USA)

Our law firm represents York Street Properties, Inc. and Lance Puig (the Puig Parties).  The Puig Parties have recently filed a lawsuit against you and others for false and defamatory statements posted on this website.  The lawsuit was filed in the Superior Court of Arizona, in the County of Maricopa.  The case number is CV2009-030692. 


 


The Puig Parties have served a subpoena on Xcentric Ventures, LLC (Xcentric), the company that owns and operates this website, to reveal your identity.  The Puig Parties have also served a motion to request the Court compel Xcentric comply with the subpoena.  Arizona law requires that you be provided notice of the discovery request via the same medium that the false and defamatory statements were originally published.  By this post, I hereby give you notice of the Puig Parties pending discovery request.


 


You have a right to file and serve an anonymous response to the discovery request anonymously. If you intend to file and serve a response, please do so, or notify us of your intent to do so, on or before October 31, 2009.


 


Regards,


 


Joseph M. Nathan, Esq.


Lynn Tillotson Pinker & Cox, LLP


jnathan@lynnllp.com

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#4

YSP Response is more empty words

AUTHOR: Dallas Investor - (USA)

Since there's only one official employee of York Street Properties, Lance Puig, I'll assume the little blog by "York Street Official Response" cam from him. Here's my thoughts on the subject and the facts:

1) When I and my fellow contractors are paid the approximately $600, 000.00 owed to us (spanning as much as 2 years or more), then you can make the such claims. As for communications and names; you've been communicated with so many times without response it's frightening. As for names, look at the hundreds of invoices and statements we've sent you over time instead of putting the in the garbage. Have a look at your accounts payable records, if you bother to records your debts propertly.

2) Why did so many of the Investors loose their house to repossession? Why did you not pay the mortgages even after the Tenants paid you the rent? You want to communicate with the Investors? Why don't you return their calls, tell them the truth and get their
money and credit ratings back?

3) Why have tenants lived in sub-standard, un-repaired conditions? Worse yet, why have tenants been evicted from their homes
because you haven't paid the mortgages? Why haven't you been truthful with the tenants from the very beginning of their
contract, when you said they could buy the house on a rent-to-own basis - that's purely untrue and fraudulent, in fact.

You've always hoped that all the parties you have been cheating and lying to would never get together. Well guess what - WE HAVE !

Sir, these acts have been going on since 2006 and earlier. This is not something you can blame on the economy - you only have yourself, your dishonesty and your lack of respect for other people to blame.

The BBB has at least 8 serious complaints against your firm and your status with them has been revoked.

The Attorney General is now getting named complaints.

Banking Regulators and Lenders are also investigating with named complaints.

Local and national media is being briefed on the investigation by named sources.

Thank Heavens to the person who started this blog and the person who started the YSP VICTIMS GROUP - we applaud you for your efforts and persistence. However, this group is now about ALL the injured members, not a single "provocateur" as you suggest. You and your companies names are permanently defamed and besmirched - YOU HAVE NOBODY TO BLAME BUT YOURSELF.

We either want financial restitution or you in jail where you can't hurt more hard working Americans!
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#5

YSP Official Response

AUTHOR: YSP Official Response - (USA)

York Street Properties vehemently disagrees with the assertions in these malicious, anonymous comments concerning our business conduct. While we do not wish to speculate as to someone elses motives, maybe the postings are motivated by the current multi-trillion dollar crisis in the domestic financial/real estate market. If thats true, their focus might be more appropriately directed elsewhere. York Street Properties, like nearly every person and business, suffered in 2008 and the early part of 2009. However, since late spring of this year the real estate market has started to improve and, to that end, our dedicated staff is redoubling its efforts to maximize opportunities for our customers during this improving real estate market. YSP has delivered for many satisfied customers over the past years and much of our business has come (and continues to come) from customer referrals.

YSP does not recognize the comments posted on this unaudited website (or on other non-accredited consumer advocacy) as legitimate and truthful, backed by fact. Only the Better Business Bureau refuses anonymous complaints; therefore, only the BBB is a reliable source of consumer information. Posting anonymously is not an effective, nor fair, way to deal with complaints. Moreover, it is not a normal means to address problems. Contrary to the outrageous claims made by these anonymous snipers, YSP values each of its customers and, when necessary, always welcomes the opportunity to work towards a mutually acceptable outcome. Although rare, when solutions have not been readily achievable, YSP has often refunded money. For years YSP conducted business without such attacks and now, all of a sudden, these anonymous hecklers post online (instead of seeking legitimate means of redress). Worse still, the defamatory material posted here has been copied and re-posted verbatim to other sites. YSP is currently investigating its options to resolve this issue and defend its unfairly besmirched name and urges any potential, existing or former customer (including those who have posted this material) to contact us directly.

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#6

Scammed Investor - YSP, pay instead of rebutting !!!!!

AUTHOR: Dallas Investor - (USA)

I find the comment on this blog endorsing YSP rather amusing. It's oddly coincidental how all of them repeatedly claim that YSP "puts food on my table", rather mysterious if you ask me how they are all using the same language...

I also find it odd that these purported "contractors" that have actually been paid would be so quick to respond to these blog comments (within hours). If you were completely satisfied with your relationship with YSP, why would you be searching a complaints board online for them? Or googling "york street properties fraud" to bring you to to such a page as this. Wouldn't you be out actually looking for business?

I am yet another investor that has been scammed on a handful of properties by YSP. I still haven't seen a dime in rents from my tenants, and can't get Mr. Puig or any of his cronies on the phone, or get any issues whatsoever resolved.

I have a few questions for some of the other investors out there that have the misfortune of being involved with this place.

1. Have you been able to sell your properties at all to get out of the deal?
2. Have you found that your appraisal values are accurate? As such, if you were to sell your properties based on the appraised value, would they reasonably fetch that price? Or, are the appraisals inflated, and perhaps the appraiser was in on the scam too?
3. Have you signed the "second mortgages" aka liens associated with all of these deals? How binding are those agreements?
4. Have you been able to wrangle your tenants away from YSP at all? And if so, how have you done that? I don't want any more of my rent money going to YSP, and all rents owed (if indeed tenants actually exist). How have you handled this with tenants?

Thank you all, and for those who really see this place for what it is, please keep posting. It's nice to know there are growing number of people out there exposing YSP for what it really is.
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#7

A pleased vendor

AUTHOR: Paul Collins - (USA)

I have been a vendor with York Street Properties for the last four
years. I have always been paid on time for all services that I've
performed. I feel that the personnel working within the company have
always been upfront and honest with me. When I went to the owner of the
company urgently needing a pay advance on an upcoming job he needed me
for due to a medical issue in the family, he did it. I'm self-employed;
therefore, I have numerous clients. More often then not with this
economy, I've seen a delay in pay with nearly all of my clients. York
Street Properties has been diligent on making sure I am paid in a
timely manner.
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