• Report: #147615

Complaint Review: PB Enterprises

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  • Submitted: Mon, June 27, 2005
  • Updated: Wed, February 27, 2013

  • Reported By:east greenbush New York
PB Enterprises
1531 Central Ave Albany, New York U.S.A.

PB Enterprises - PB Albany ALBANY NY WARNING!!!! Real Estate Scumbags In Albany NY Severely ripoff their "clients" Albany, Troy, Schenectady New York

*Author of original report: Brooklyn MDC here we come!

*Author of original report: Michael Crowley got 2.5 years and...

*Author of original report: Kevin Jr & Kevin Sr finally sentenced -2 years in federal prison. Michael Crowley sentencing on 2/4/2013

*Author of original report: THE GANG IS FINALLY GOING TO BE SENTENCED!

*Author of original report: The rest of the PB Emterprises gang has now been CONVICTED!

*Author of original report: Sentencing scheduled AGAIN - 5/23/11

*Author of original report: Kevin O'Connell is a RAT! He's cooperating w/authorities to keep himself out of prison

*Author of original report: What's Kevin up to these days?

*Author of original report: The real victims are not getting reimbursed

*Consumer Comment: 7/7/2010 Sentencing

*Author of original report: They're going after Michael Crowley and Kevin O'Connell Sr. next!

*Author of original report: JUSTICE HAS BEEN SERVED!

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In feruary of 2004 I saw an TV commercial for PB Enterprises in albany ny. Their website is pbalbany.com

They advertise that they can help you buy real estate with no money down. I called them and set up an appointment. Somehow they get in the middle of a real estate purchase and take money from both sides. Yet, their names never appear on any of the paperwork. The deeds and settlement statements all have the previous owners names on them.

In late feburary they showed me a property. This was a 2 unit 3 story building. They showed me the building and said it was a great property in good condition and would be a great investment. Foolishly, I trusted them 100%.

PB Enterprises had it appraised for $85k (using their own shady appraier), they told the bank I put down 20% and got me a mortgage for $68k ("vice president" kevin O'connell is a mortgage broker). PB Enterprises paid the owners the asking price of $40,000 (which they kept secret from me throught the deal) and then took their profit of $28,000!!!

I fixed the place up and rented out the 1st floor unit. The 2nd floor was already rented at the time of purchase.

A few weeks later I get a letter from code enforcement notifying the new owner (ME!) of the 31 code violations (one being the crumbling foundation) and the "do not occupy" order on the 1st floor unit. I was flabbergasted.

I contacted PB Enterprises. They said ..."We are very sorry to hear about the situation at Oakwood. We usually buy the houses quickly and sometimes dont notice these things. This is espescially true in properties that have tenants in them. Its hard to believe that a house that is occupied has that many violations but I guess its possible."

I fixed all but 3 of the code violations myself. Now PB enterprises is offering to pay for part of the $20k+ foundation repairs that the building needs. They wanted to split it but I said no way!

I'm currently getting estimates for the work. I've heard from 4 different contractors. They all were in the $10k to $30k range. I tried to get a work permit from the city. They told me I have to get a structural engineer to draw up plans before they will issue a permit. I have scheduled an engineer to come look at it on 5/15/04.

I contacted a lawyer and he said it would be very expensive to go after PB Enterprises.

Kevin Oconnell and his fat bald, cohort Mike dragged out the situation as long as they could. I finally had to hire a lawyer to go after them. After many months my lawyer forced them to purchase the property back from me for what I owed on it plus a portion of the money I spent to fix it up. I lost 100's of hours of my own labor though.

If you are thinking of becoming one of PB Enterprises "clients" I would STRONGLY suggest against it!! Check them out on the BBB and you'll see they currently have 2 complaints. I'm sure more will be coming.

D
east greenbush, New York
U.S.A.

This report was posted on Ripoff Report on 06/27/2005 06:38 AM and is a permanent record located here: http://www.ripoffreport.com/r/PB-Enterprises/Albany-New-York-12205/PB-Enterprises-PB-Albany-ALBANY-NY-WARNING-Real-Estate-Scumbags-In-Albany-NY-Severel-147615. 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

Brooklyn MDC here we come!

AUTHOR: K - ()

Kevin M. O'Connell and Michael Crowley are now BOTH in the Brooklyn MDC (Metropolitan Detention Center) federal detention facility. Maybe Daddy O'Connell will soon join them there soon? He's scheduled to start his 2 year incarceration in April of 2013.

Brooklyn MDC doesn't sound like a very nice place to be. They'll NEVER get to go outside.

http://www.gorillaconvict.com/mdc-brooklyn-2/

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#2 Author of original report

Michael Crowley got 2.5 years and...

AUTHOR: K - (USA)

... 3 years supervised release. Plus, he has to pay $2,847,036.54 in restitution to his victims.

He was found guilty on 2 of the 6 charges.

1. Conspiracy to commit mail fraud and bank fraud
2. Bank fraud

Kevin O'Connell got off with a lighter sentence.



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#3 Author of original report

Kevin Jr & Kevin Sr finally sentenced -2 years in federal prison. Michael Crowley sentencing on 2/4/2013

AUTHOR: K - (USA)

http://www.timesunion.com/local/article/Father-son-team-get-2-years-in-scam-4243959.php

The sentence is a slap on the wrist compared to what other criminals got for the same exact crimes. Example: Aaron Dare got 8-24 years for committing the same real estate and mortgage frauds in and around Albany. http://www.news10.com/story/8843406/dare-sentenced

Michael Crowley will finally be sentenced on 2/4/2013. He is expected to get more time since he was the mastermind behind the crimes.

Enjoy your time in federal prison scumbags. 



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#4 Author of original report

THE GANG IS FINALLY GOING TO BE SENTENCED!

AUTHOR: K - (USA)

The sentencing hearing for defendant(s), Michael J Crowley & Kevin O'Connell Jr, has been set for September 19, 2012, 10:30 AM at Albany, U.S. Courthouse, 445 Broadway, Albany, NY 12207 before Judge Norman Mordue

Everyone who was a victim of these dirtbags shhould come to court and watch them get their sentence.

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#5 Author of original report

The rest of the PB Emterprises gang has now been CONVICTED!

AUTHOR: K - (USA)

Yup, it's true! Kevin O'Connell Sr. was convicted of conspircay to commit bank and mail fraud. He faces up to 5 years in federal prison, 3 years supervised release to follow his incarceration AND a $250,000 fine.
Read it all here  http://www.justice.gov/usao/nyn/news/1442-2837-1911218560.pdf

The other dirtbag, Michael Crowley was convicted of conspiracy to commit mail & bank fraud and one count of bank fraud. He faces 5 years on the conspiracy cconviction and 30 years on the bank fraud conviction! 35 years in prison. Wow, he'll be almost 70 years old when he finally gets out. Karma is a son of a gun. 

Read about it here  http://www.justice.gov/usao/nyn/news/1281-2514-2001887616.pdf and here
http://mortgagefraudblog.com/ee-assets/my-uploads/Crowley.pdf and here http://mortgagefraudblog.com/perp-walk/item/13738-new_york_man_admits_mortgage_fraud_scam

Kevin Jr. STILL HASN'T BEEN SENTENCED after being convicted more than 2 years ago. That's the kind of "kid gloves treatment" a RAT gets when he helps the government convict his co-conspirators.

Read about it here http://albarchive.merlinone.net/mweb/wmsql.wm.request?oneimage&imageid=14633453  And here http://www.timesunion.com/default/article/Mortgage-fraud-conspirator-faces-prison-1370607.php and here http://www.justice.gov/usao/nyn/news/154-153-956490112.pdf

To everyone who was scammed by these dirtbags, revel in the fact that they'll be in a tiny 4 x 8 prison cell eating crappy food while the best years of their lives passes them by.
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#6 Author of original report

Sentencing scheduled AGAIN - 5/23/11

AUTHOR: K - (USA)

The times union newspaper recently did a follow up story on the convicted felon Kevin O'Connell. His sentencing has been adjourned 7+ times!

They're comparing Kevin's crimes to those of Aaron Dare, who is currently serving 63 months in federal prison for mortgauge fraud related crimes.
 
Kevins crimes were commited over a longer time period and involved millions of dollars more than Aaron Dare. Kevin is white and Aaron is black. It'll be interesting to see how the two felons sentences compare.

Heres the link http://www.timesunion.com/default/article/Mortgage-fraud-conspirator-faces-prison-1370607.php
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#7 Author of original report

Kevin O'Connell is a RAT! He's cooperating w/authorities to keep himself out of prison

AUTHOR: D - (U.S.A.)

Yup, it's true, Kevin O'Connell is a RAT.

In an effort to keep himself out of prison, he's been working with law enforcement to help convict others that he had illegal dealings with. 

Honestly, I'd expect nothing else from Kevin. He's got no morals, integrity or decency. 

He was convicted of a felony back in november of 2009. He's been scheduled for sentencing at least 5 times since then. The sentencing always gets postponed. Gee, I wonder why?

HE'S COOPERATING WITH ATHOURITIES!

RAT!

It's now february 2011 and he still hasn't been sentenced. He's out living his life as if he isn't a convicted felon & didn't scam 100's of hard working local people out of 10's of millions of their dollars.
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#8 Author of original report

What's Kevin up to these days?

AUTHOR: D - (U.S.A.)

Ever wonder what a convicted real estate scamming felon does for money these days?

Wonder no longer... http://www.facebook.com/pages/Albany-NY/All-Star-Construction-of-Albany-Inc/299354061631

He's scamming people with his home improvement business now. If a homeowner knew their smooth talking contractor was a convicted felon about to be sentenced for up to 15 years in federal prison... I doubt they'd hire him! LOL!


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#9 Author of original report

The real victims are not getting reimbursed

AUTHOR: D - (U.S.A.)

Kevins lawyer got the sentencing postponed 3 times. He's due in court in November of 2010 for the sentencing. I do not know the actual date but it is November 2010... unless his lawyer can get it postponed again.

According to the NYS crime victims unit, the local people that Kevin scammed will NOT be getting reimbursed. They say the only real victims are the banks who were defrauded.

The NYS crime victim "advocates" (I use that term very loosely) basically told me that it was my fault for getting scammed. It's my fault that I paid $30k more for a property than it really sold for AND because I still own one of the properties, I'm not a victim at all! It doesn't matter that I paid $30k more than the asking price because smooth talking Kevin made me trust him.

NYS crime victims board says the banks are the only real victims. They also said ...in a "round-about" way that if they allowed me to be reimbursed for the $30k Kevin stole from me, 100's of other local people that kevin scammed, would come out of the woodwork and want reimbursement also! They don't want to open that "can of worms". It's simply easier for them to reimburse the banks for the 5.3 million in defaulted loans, slap Kevin on the wrist, pat themselves on the back for a "job (not so) well done" and move on to the next white collar criminal. Call the NYS crime victims board and ask to be reimbursed. They don't want to hear you. You'll see what I'm saying is 100% true. Justice will not be served in this case. 

I can assure you that Kevin O'Connel and PB enterprises (Michael Crowley & Kevin O'Connell Sr.) made a lot more than the 5.3 million dollars they are being prosecuted for. The victims who bought overpriced properties through PB Enterprises but chose to do the right thing AND PAY THEIR MORTGAGE are the people who are being screwed. The banks (who we recently bailed out!) are being reimbursed?! WTF?!!!

I'm a local victim of Kevin O'Connell who got scammed out of at least $30k real dollars but I won't be getting a dime in reimbursement.
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#10 Consumer Comment

7/7/2010 Sentencing

AUTHOR: Mtbecknj@hotmail.com - (United States of America)

I've been dying to find out what happened on the 7/7/2010 court date.  I hope Kevin gets the max sentence and has to pay everyone back for the money he stole.  Has justice been served?????
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#11 Author of original report

They're going after Michael Crowley and Kevin O'Connell Sr. next!

AUTHOR: D - (U.S.A.)

Hooray! I applaud the NYS government for prosecuting these scumbags.

Kevin O'Connell will hopefully spend many years in prison for what he's done. I'll be in the courthouse on July 7th 2010. I ncouage any other victims of PB Enterprises and kevin, mike and kevin Sr. to come to the courthouse and read your victims statement.

I can't wait for Mike Crowley and Kevins father to end up under the microscope!

They're ALL scumbags and deserve what they get.
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#12 Author of original report

JUSTICE HAS BEEN SERVED!

AUTHOR: D - (U.S.A.)

The heavy hand of justice has smacked Kevin O'Connell right in the face! He finally got caught for what he was doing! Hooray for there is justice in this world.

http://albany.fbi.gov/dojpressrel/pressrel09/alfo11190909.htm









November 19, 2009United States Attorney's Office
Northern District of New York
Contact: (315) 448-0672


Former Real Estate Investment Company Owner Pleads Guilty to Laundering Proceeds of Mortgage Fraud



ALBANY, NYAndrew T. Baxter, United States Attorney, Patricia J. Haynes, Special

Agent in Charge, Internal Revenue Service, Criminal Investigation Division (New York Field

Office), John F. Pikus, Special Agent in Charge, Albany Division of the Federal Bureau of

Investigation, and Robert Bethel, Inspector in Charge, United States Postal Inspection Service,

announce that KEVIN M. OCONNELL, age 35, of Albany, pled guilty in United States

District Court in Albany before the Honorable Norman A. Mordue today, to a one-count

information charging him with the felony offense of laundering of monetary instruments in

violation of Title 18, United States Code, Section 1956(a)(1)(A)(i), in connection with his role in

an extensive mortgage fraud scheme that defrauded financial institutions and other mortgage

lenders of over $5.3 million in loans.



In court today, O'CONNELL admitted his participation in a mortgage fraud scheme that

occurred from at least July 2003 through December 2007, in connection with his former

businesses PB Enterprises, Inc., and Greater Atlantic Associates, Inc., located on Central Avenue

in Albany, New York. O'CONNELL admitted that, together with others, he knowingly and

willfully executed a scheme to defraud banks and other mortgage lenders by arranging to secure

excessive mortgages for numerous residential properties in the Capital District through the use of

fraudulent loan applications and settlement statements, and by diverting mortgage funds for his

personal use, and to others. O'CONNELL admitted that the scheme operated in the following

manner:



O'CONNELL and others identified below-market real estate properties for sale by

owner, which were in need of substantial rehabilitation. The properties were located in Albany,

Rensselaer, and Schenectady Counties. O'CONNELL and others located buyers for the

properties with the promises of ownership of income-producing property and money back at or

after closing, for necessary repairs. In order to obtain funding for the purchases, O'CONNELL

and others caused buyers to submit fraudulent loan applications to lenders which concealed the

source of the buyers funds necessary for down payments and other associated closing costs. In

some instances, O'CONNELL and others loaned buyers gift money to make the purchases and

to pay closing costs. The gift loans, in reality, were buyer liabilities that were not disclosed in

loan applications. In other instances, they merely placed money into the bank accounts of buyers

to increase the likelihood that lenders would approve the loan applications, and then withdrew

the funds after the loans were approved. As part of the scheme, sales contracts and other

documents submitted to mortgage lenders contained forged signatures and other false statements.



OCONNELL and others created and used Assignment of Contract of Sale agreements

to disguise the purchase and resale of properties by PB Enterprises and Greater Atlantic. The

agreements permitted PB Enterprises and Greater Atlantic to assign their contracts to buy the

distressed properties to other purchasers. Frequently, the original sellers were unaware that

OCONNELL and others had executed such contractual assignments on their properties.

OCONNELL and others then assigned their contracts to the buyers they had recruited, at new

and significantly higher prices.



OCONNELL and others used double HUD closings, by which they arranged for the

closings for the original sellers and those for the newly-assigned buyers to be held at different

times. At the original sellers closing, the HUD-1 itemized all of the fees associated with the sale

of the property. The sales price reflected the lower sales amount that PB Enterprises or Greater

Atlantic and the seller had agreed upon. The seller was paid the asking price, and all valid fees

that were disclosed on the HUD-1 were paid. At the newly-assigned buyers closing, the HUD-1

reflected the higher sale price. However, the forms used to record the sales of the properties,

which were filed in the various county clerks offices, did not reflect the fact that in each

instance, PB Enterprises or Greater Atlantic purchased the property from a seller at a given price,

and then resold that property to another buyer at a higher amount. The forms that were filed with

the corresponding county clerks offices reflected only the lower sale price, and falsely showed

that the original seller sold the property to the end buyer who was assigned the contract from PB

Enterprises or Greater Atlantic. No records exist at the county clerks offices that PB Enterprises

or Greater Atlantic purchased and resold the properties.



O'CONNELL and others also typically arranged for multiple purchases, by the same

buyer, to take place close in time often on the same day so that subsequent lenders did not

learn of the buyers recent loans and liabilities. These additional mortgage loans held by buyers

were not disclosed to the lenders at the time of the subsequent closings, and the subject loan

applications were not amended to include the buyers additional liabilities. In contrast to what

was reported to lenders on the HUD-1 Settlement Statements and sales contracts associated with

the loans, sellers received only the actual asking prices for properties, minus the amount used to

pay off existing mortgages. After paying sellers actual asking prices and the valid fees disclosed

on HUD-1s, O'CONNELL and others fraudulently directed the settlement agent to disburse the

remaining mortgage proceeds to themselves, to buyers, and to other third parties, in manners and

in amounts not disclosed on the HUD-1 documents, in the sales contracts, or in any other manner

to the lenders.



Through their mortgage fraud scheme, O'CONNELL and others obtained excessive

mortgages totaling at least $5,324,225.00, in at least 73 real estate transactions, and diverted a

total of approximately $4,628,886.48 of mortgage proceeds to themselves and others. All 73 of

these mortgages were subsequently placed in foreclosure, resulting in substantial losses to

various financial institutions and other lenders. OCONNELL admitted he laundered the

fraudulent mortgage proceeds in a variety of ways, with the intent to promote the continuation of

the scheme.



OCONNELL agreed to forfeit criminal proceeds totaling over $4.6 million, and to pay

full restitution. Chief Judge Mordue scheduled OCONNELLs sentencing for March 1, 2010,

at 10:30 a.m. in U.S. District Court in Albany. OCONNELL faces a maximum possible

sentence of twenty years of imprisonment, a fine of up to $500,000, a period of up to five years

of supervised release and the legal disabilities flowing from conviction of a felony.



The case is being investigated by the Internal Revenue Service, Criminal Investigation

Division, the Albany Division of the Federal Bureau of Investigation, and the United States

Postal Inspection Service. It is being prosecuted by Assistant United States Attorney Joshua S.

Vinciguerra.


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