• Report: #933139

Complaint Review: Lloyd Segal

  • Submitted: Mon, August 27, 2012
  • Updated: Thu, February 26, 2015

  • 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: Who is Hamid? Beware of Lloyd Segal!

*REBUTTAL Owner of company: Anotehr False claim by Hamid

*Author of original report: Who is Hamid?

*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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REBUTTALS & REPLIES:
4Author 0Consumer 1Employee/Owner
Updates & Rebuttals

#1 Author of original report

Who is Hamid? Beware of Lloyd Segal!

AUTHOR: Concerned - ()

I have no idea who Hamid Panah is.  My name is Anne Fraund Fulton, and I am still 'Concerned'.  I won the small claim against Lloyd in 2012 for $3,115, and have received nothing from him, other than threatening emails.  Lloyd's rebuttal here is a very good example of how he likes to mislead people.  When I googled 'Lloyd Segal' just now, I noticed that he attached the exact same rebuttal to other complaints posted about him on ripoffreport.com.  I also noticed a recent LA Times article on Lloyd (link below).  I know of many others who he has taken advantage of, so am really glad someone is writing the truth about Lloyd!!  

http://www.latimes.com/business/la-fi-lazarus-20141007-column.html

It was not easy to get my small claim processed since I lived in Palmdale at the time, and had to drive to Santa Monica to file, find someone to serve Lloyd the papers, attend court, etc.  I'm disappointed that Lloyd has tried to discredit my ripoff report now, but not surprised. 

Our Joint Venture Agreement signed in 2011 said that I had to pay a deposit of $3,000 (5% of the 'capital contribution').  Maybe Lloyd doesn't ask for deposits now (don't know how he could, given his reputation), but he definately did in our agreement.  That is why the judge ordered him to pay me back the deposit money, as well as my cost for filing the small claim and serving Lloyd the papers (see link to my small claim judgment at bottom of this post).

During the small claims process, I looked up Lloyd's history of law suits in the LA County database to see what I was dealing with.  He's been a defendant in over 60 cases (I counted 68 on my first run through the database) - more than 25 of these were contract related.  The others were civil, legal malpractise, UD/Residential, and other types of lawsuits.  The contract-related cases included small claims, breach of contract, contractual fraud, and 'contract (limited)' cases.  I only found 4 contract related cases where he was a plaintiff (I didn't count the times he was a plaintiff in other types of cases, but there weren't many).  His contract-related cases as a defendant ranged from the late 80's until 2011 (this was in 2011, so I don't know what has been added since).  I looked for some kind of pattern in the cases (maybe they were related to similar incidents?), but each plaintiff was different (different individuals, businesses, lawyers, utilities, in different cities, etc.), and the cases are spread across the years, making it hard to find any kind of pattern.  You can draw your own conclusions from that.  If I had known all this, I would never have entered into a contract with him.  The moral of that story?  Don't trust Lloyd Segal with money, in a contract, or any other kind of agreement!!

Here is an updated link to my case summary (the court moved their website since my initial post of the link).  Go to the botton of the case summary page, put in case #12A02077, and choose the Santa Monica Courthouse as the filing courthouse. 

http://www.lacourt.org/casesummary/ui/

Note the final judgment at the bottom of this summary:

10/05/2012 JUDGMENT ENTERED AS A FINAL DISPOSITION ON 10/05/12 .
FOR (FRAUND FULTON, ANNE) . AGAINST (SEGAL, LLOYD) .
PRINCIPAL $ 3000.00 . COSTS $ 115.00 . TOTAL $ 3115.00
. EXECUTION STAYED 30 DAYS.

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#2 REBUTTAL Owner of company

Anotehr False claim by Hamid

AUTHOR: Lloyd - ()

First of all, there is no one named "Concerend."  This is just another fictional claim filed by Hamid Panah (see the complaint filed by Steve).  (What does it say about a person who files multiple complaints against a person, but hides behind a false name?)  Besides, you can tell this is a false claim because we don’t take deposits from our investors.  You either invest or you don’t.  No deposits. 

Second, Hamid wrote this series of bogus complaints because, quite simply, he didn’t get his way.  In 2012, Hamid invested $20,000 in our Pomona Project.  But several weeks later he got into financial trouble and needed his money back.  We immediately agreed and refunded all of his money.  But then he demanded interest on his investment for the month.  The problem is that pursuant to the contract, he wasn’t entitled to interest.  Further, it would have been unfair to the other investors in the Pomona Project if we had paid him interest.  So when we refused, he threatened to disparage Sam and me on this website and other websites, which of course, is exactly what he did.  Then, when that didn’t work, he started filing more bogus claims like this one (using other people’s names). 

(((redacted)))Regardless, Sam and I have helped and mentored thousands of students over the years with amazing success.  If you don’t believe me, please read all of the incredible testimonials on our website, www.FlippingBootCamps.com.  Unlike this complaint, our testimonials are real!  Even better, please feel free to call me at 310-409-8310 to discuss these claims.   

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#3 Author of original report

Who is Hamid?

AUTHOR: Concerned - ()

I have no idea who Hamid Panah is.  My name is Anne Fraund Fulton, and I am still 'Concerned'.  I won the small claim against Lloyd in 2012 for $3,115, and have received nothing from him, other than threatening emails.  Lloyd's rebuttal here is a very good example of how he likes to mislead people.  When I googled 'Lloyd Segal' just now, I noticed that he attached the same rebuttal to each of the other complaints posted about him on ripoffreport.com.  I also noticed a recent LA Times article on Lloyd (link below).  I know of many others who he has taken advantage of, so am really glad someone is writing the truth about Lloyd!!  

latimes.com/business/la-fi-lazarus-20141007-column.html

It was not easy to get my small claim processed since I lived in Palmdale at the time, and had to drive to Santa Monica to file, find someone to serve Lloyd the papers, attend court, etc.  I'm disappointed that Lloyd has tried to discredit my ripoff report now, but not surprised. 

Our Joint Venture Agreement signed in 2011 said that I had to pay a deposit of $3,000 (5% of the 'capital contribution').  Maybe Lloyd doesn't ask for deposits any more (don't know how he could, given his reputation), but he definately did in our agreement.  That is why the judge ordered him to pay me back the deposit money, as well as my cost for filing the small claim and serving Lloyd the papers (see link ot my small claim judgment at bottom of this post).

During the small claims process, I looked up Lloyd's history of law suits in the LA County database to see what I was dealing with.  He's been a defendant in over 60 cases (I counted 68 on my first run through the database) - more than 25 of these were contract related.  The others were civil, legal malpractise, UD/Residential, and other types of lawsuits.  I counted 18 small claims cases where he was a defendant, 3 breach of contract cases, 3 contractual fraud cases and 3 other 'contract (limited)' cases.  I counted 4 contract related cases where Lloyd was a plaintiff (I didn't count the times he was a plaintiff in other types of cases, but I only counted a few of these).  His contract-related cases as a defendant ranged from the late 80's until 2011 (this was in 2011, so I don't know what has been added since).   I looked for some kind of pattern in the cases (maybe they were related to similar incidents?), but each plaintiff was different (different individuals, businesses, lawyers, utilities, in different cities, etc.), and the cases are spread across the years.  You can draw your own conclusions from that.  If I had known all this, I would never have entered into a contract with him.  The moral of the story - Don't trust Lloyd Segal with money, in a contract, or any other kind of agreement!!

Here is an updated link to the LA court website where you can see a summary of my small claims case with Lloyd (the court moved their website since my initial post of the link).  Scroll to the bottom of this web page, put in case #12A02077, and select the Santa Monica Courthouse from the drop down menu:

lacourt.org/casesummary/ui/

Here's a copy of the final judgment from the bottom of the case summary:

10/05/2012 JUDGMENT ENTERED AS A FINAL DISPOSITION ON 10/05/12 .
FOR (FRAUND FULTON, ANNE) . AGAINST (SEGAL, LLOYD) .
PRINCIPAL $ 3000.00 . COSTS $ 115.00 . TOTAL $ 3115.00
. EXECUTION STAYED 30 DAYS.

10/05/2012 NOTICE OF ENTRY OF JUDGMENT FILED AND MAILED TO ALL
PARTIES, AND JUDGMENT DEBTOR'S STATEMENT OF ASSETS MAILED
TO (SEGAL, LLOYD) .  

 

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#4 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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#5 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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