• Report: #1049840

Complaint Review: Portfolio Development Corp.

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  • Submitted: Fri, May 10, 2013
  • Updated: Fri, May 10, 2013

  • Reported By: Mike — Lakeway Texas
Portfolio Development Corp.
2554 Lincoln Blvd. #1004 Marina del Rey, California USA

Portfolio Development Corp. Gemstone ripoff and scam to fleece you of your money. Marina del Rey California

*Author of original report: Portfolio Development Corp. Rip-Off

*UPDATE Employee: Rebuttal from Portfolio Development Corporation

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I have invested over $ 56,000.00 in semi-precious gemstones with Portfolio Development Corp., since 2000. Always being assured that I could sell the purchased gemstones back to them at any time and realize a great profit with 'discrete' income tax reporting. Portfoiio Development has always shipped these gemstones from their inventory and stock. When the time came to sell the gemstones back to Portfolio Development a few years later, they inform me that they only function as a 'broker' or middle man to interested clients of theirs. "Currently there are no buyers for your gemstones and we will not take them back" is their stance. Independent appraisal of the gemstones indicate the value at a fraction of the purchase price. Portfolio Development purports to be a large organization, dealing internationally, buying and reselling gemstones and valuable collectibles. Upon further investigation, Portfolio Development Corp., is a single individual, Mr. Marshall Fields, who operates close to anonymity and secrecy. Mr. Fields continues this scam operation to unsuspecting investors without consequence. Hopefully, this ripoff report will alert investors to perform due diligence before dealing with this fraudulent individual and company. My investment may never be recovered but if this report can terminate this scam, others may learn from my mistakes.

This report was posted on Ripoff Report on 05/10/2013 08:08 AM and is a permanent record located here: http://www.ripoffreport.com/r/Portfolio-Development-Corp/Marina-del-Rey-California-90291/Portfolio-Development-Corp-Gemstone-ripoff-and-scam-to-fleece-you-of-your-money-Marina-1049840. 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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1Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Portfolio Development Corp. Rip-Off

AUTHOR: Mike - ()

The rebuttal by Portfolio Development Corp. i.e., Marshall Fields, is exactly the kind of response I expected. He states that Portfolio Development Corp. offers a 10 day return policy on materials purchased but sells the material based upon long term investment program. Significant annual return percentages are promised when held for long periods of time. Mr. Fields touts that clients are not selling at this time in hopes of larger long term gains from investments in gemstones. Can anyone please explain the value of a 10 day return policy on long term investment strategies?

Mr. Fields also states that Portfolio Development Corp. has no obligation to assist in the resale of materials purchased through them but verbally assures their clients that they will facilitate ‘brokering’ items within their extensive client base. Their 5% fee for this brokerage is ‘How They Make Money’ for the company. A promise of ‘Quick Liquidity’ is a complete farce and totally misleading.

Mr. Fields also sates that I could easily dispose of the gemstones on the open market but only anticipate a fractional amount of the purchase price because the retail market doesn’t know the values of gemstones as does Portfolio Development Corp. WTF?

Mr. Fields also states that they are strictly a brokerage firm with no inventory... Another misleading statement if you simply look at their website that presents a variety products for sale from stock. If they were truly brokering products from their client base, how is it possible to deliver new purchases overnight?

To restate my initial complaint... This company, (an individual) working out of his home, is scamming people of their money with false promises of inflated returns on over priced assets with limited marketability. “Caveat Emptor” is the thought to keep in mind.

Marshall Fields is a scammer and crook from the get go. You must avoid the seductive appeal he paints for investors... It’s all a scam to fleece you of your money.

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#2 UPDATE Employee

Rebuttal from Portfolio Development Corporation

AUTHOR: Portfolio - ()

In response to the May 10, 2013 complaint by a Mike in Lakeway Texas, and as to these allegations, this client was made aware of our policies and was given all the necessary information to make an informed decision prior to his initial and any subsequent purchases.  Our legal staff created our policies in the form of a "Certificate of Registration and Guarantee" which informs our customers of our policies before a purchase is made with our company. 

Upon acceptance and also a verbal understanding by our potential customer, we state that we extend a full refund priviledge for any reason within the (10) day period after they sign the delivery receipt.  After this period "All Sales are final" and we therefore are not "obligated to assist" any customer in the resale of their purchase with us.  This client made his initial purchase nearly 13 years ago and had ample opportunity during the time allowed with and after each purchase to have a change of mind and opted not to return the product within the (10) day refund period we are therefore not obligated to provide a refund. 

Furthermore, although we were not obligated we still offered to try to "assist" in the resale of his product for our customary fee of 5%.  In our literature we do not claim to have "buy back" policy.  We are solely brokers of fine tangible asset investments.  We do not own our product.  We have always maintained our connections with our clients via e-mails and phone conversations in a timely manner. 

We feel that our attempts to satisfy our clients and our constant willingness to help, has been exemplary and has gone beyond our obligation and our policies.  Due to the recession of 2008 the demand for gold has substantially increased and our business is predominantly selling gold and rare gold coins at this time.  We presently have an A+ rating with the Better Business Bureau the highest rating available.  For all potential clinets and interested parties upon request, we will provide our brochure which will include our Certificate of Guarantee and other documentation or visit us at www.coinandgemcorner.com.

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