• Report: #933139

Complaint Review: Lloyd Segal

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  • Submitted: Mon, August 27, 2012
  • Updated: Mon, August 27, 2012

  • Reported By: Concerned — California United States of America
Lloyd Segal
2450 Colorado Avenue, Internet United States of America

Lloyd Segal California Foreclosure Institute Breach of written contract (joint venture agreement; refusal to refund capital contribution). Internet

*Author of original report: Lloyd threatened me and offered to pay me if I removed this report

*Author of original report: Update to original report on Lloyd Segal

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After attending Lloyd's foreclosure workshop, I entered into a joint venture agreement with him to find, rehab and sell a property.  I was to provide the capital, and he was to provide the mentoring in the acquisition, renovation and sale of the property.  We began in July 2011, and according to our agreement, I gave him a $3,000 deposit which was to be part of the capital contribution, which was to be refunded to me after 30 days if we didn't find an acceptable property, or after the sale of any property we did buy. 

The remaining profit would be split equity between us.  Unfortunately, we didn't find a property, but agreed verbally to keep looking beyond the 30 days.  After a few months, I took a full time job, and told Lloyd I wouldn't have time to continue, but he said that wasn't a problem - he would be able to continue looking.  I also found an alternative source for properties - Posted Properties, to help us buy properties at auction.  Lloyd & I attended the training together, registered, and I got approval for a loan to participate in the process. 

In January of 2012 my deposit check with Posted Properties expired, and I told Lloyd I could no longer continue.  The search had taken much more time than I imagined, and didn't seem to be working.  Lloyd said he would refund me the $3,000 capital contribution.  Six months later I was still asking for the refund.  On June 12 Lloyd said in am email, "Sorry for the delay. Will pay within the next 30 days.  (Just waiting for an escrow to close.)'. 

Then in August he said he didn't owe me the refund after all because the 30 days in our contract had passed, and he had spent a lot of time looking, so wanted compensation for his effort.  The contract said there was to be no payment for services rendered, but Lloyd insisted I didn't understand the contract.  He challenged me to file a claim and let a judge decide.  I am waiting to hear if he will pay me a settlement amount (I'm doubtful that he can pay, so am willing to accept less), and am about to file in small claims court just in case that doesn't work. 

This report was posted on Ripoff Report on 08/27/2012 10:25 AM and is a permanent record located here: http://www.ripoffreport.com/r/Lloyd-Segal/internet/Lloyd-Segal-California-Foreclosure-Institute-Breach-of-written-contract-joint-venture-agr-933139. 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 Author of original report

Lloyd threatened me and offered to pay me if I removed this report

AUTHOR: Concerned - ()

Since I won the judgment, Lloyd has threatened to sue me for telling others about my case.  He offered me a settlement of $1,500 if I take my report of of ripoffreport.com.  I would rather warn others about him than take this money.  I hope my posts will help others to avoid being ripped off by Lloyd Segal!

Here is Lloyd's note after hearing that I told others about my judgment (he also threatened me on the phone when I talked with others to get advice about how to handle the case):

Hi Ann:

Two more!  Just two more contacts by you to others (complaining by about me) and I’ll have sufficient evidence to sue you in Los Angeles County Superior Court for interference with business relations and defamation (pursuant to California Statute).  In that way, not only will I likely obtain a judgment against you for at least $50,000, but even if I don’t, you’ll certainly spend more than $3,000 hiring attorneys to defend you in court. 

Just remember, you had an opportunity to settle and refused.

Lloyd

I offered to settle with Lloyd before filing my small claim against him.  I offered to accept $1,800, but he wouldn't pay that - he wanted to pay only $1,500.  I thought he would at least meet me at the courthouse to discuss it as we had agreed, but he didn't even do that (I had to drive over an hour to get to the courthouse where his business address is, as required for filing a small claim).  So, I continued with filing the claim.  After winning the case, I again offered to settle with him for the same amount.  Again he said he would only pay $1,500, but now he said he would only do this if I removed my report from ripoffreport.com.  I know he has done this to others and will be trying to do this to more people, so I feel it is more important to keep this report up to warn others than to accept his bribe! 

Don't be intimidated by Lloyd Segal, and don't trust him with your money!!!

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#2 Author of original report

Update to original report on Lloyd Segal

AUTHOR: Concerned - ()

Since my original report last year, I filed and won a small claim against Lloyd for $3,115 (including filing and document service costs).  If you want to look up the small claims case, it is number 12A02077 (for case summary go to http://www.lasuperiorcourt.org/civilcasesummarynet/ui/?CT=SM).  If you enter the case number on this website you can pull up the case summary.  Lloyd appealed, but his appeal was denied and the judgement stands as of 11/30/2012.  Lloyd still refuses to pay.

 

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