ED Magedson – Founder
North American Companies LLC425 Market Street, 22nd Floor San Francisco, California United States of America
End of 2008 I wired 30,000 USD to Cobalt One LLC, which is one of the many companies under the umbrella of North American Acquisitions LLC or North American Companies LLC. I was going to earn interest on those funds, I was also promised that those funds would be secured by paid off real estate.
I got a run around on completing that process of securing my funds by these paid of homes. I was supposed to get my funds back plus interest every quarter (3months) and it would be up to me to collect the interest only and leave the principal amount invested with them so that I can keep earning interest. They failed to secure my funds by paid off real estate and they failed to pay me any interest or my original funds.
I have gotten a run around for almost 2 years, because legal help is expensive and given the circumstances I could not pursue it legally and all i could do is hope for their promsses. [continued below]....
2 years later I filed a few complaints, Michael Llamas responded and said "they are nothing but fraud, that I told you Armen that we will take care of this for you" and requested that Michelle Sides would "draft up" the paperwork I can sign so that they can pay off their loan. I got a copy of that letter, which simply explained that by me signing it would relief them of ANY LIABILITY from the part, present and future. I said "I will not sign that until the funds have been deposited in an escrow account, and contingent that the funds are cleared I will sign what ever they please" That of course never happened.
Some time later again i got contacted by Llamas which I believe was a result of me complaining so much and said that he will make a deposit into my account. He did not specify the amount. Then he said that every week they will pay me off with installments only if I am patient. The deposit did come in, for 1,000 dollars. And I haven't heard back from him since. Just to clarify I have proof of wiring the funds, I have a "note" that I am holding which I was provided as a legal contract by North American Companies, every time i check the web they have articles that they are growing and expanding.
Adding new departments, do this and that, however I feel that I am a victim and I believe this should be looked into on the state level. If it is left unattended by the authorities then this tells me that I can go out there, lie to people, promise them what ever I want, accept their money and give them a bunch of stories. I have also referred another person that invested funds with them and I have gotten threatened because they are holding me liable for this recommendation.
It was in the amount of 20,000 USD. I have told Michael Llamas that I am willing to accept my 30,000 in USD that was wired to them and will not look for the interest earned on those funds. I just want my original funds back.
This report was posted on Ripoff Report on 01/23/2011 10:40 PM and is a permanent record located here: http://www.ripoffreport.com/r/North-American-Companies-LLC/San-Francisco-California-94105/North-American-Companies-LLC-North-American-Acquisitions-Cobalt-One-LLC-Michael-Llamas-686029. 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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