• Report: #244410

Complaint Review: Resort Holdings International, Majesty Travel, World Phantasy Tours, Galaxy Propteries Management

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  • Submitted: Tue, April 17, 2007
  • Updated: Tue, December 01, 2009

  • Reported By:Harlingen Texas
Resort Holdings International, Majesty Travel, World Phantasy Tours, Galaxy Propteries Management
1172 S. Dixie Hwy, #480 Coral Gables-Cancun, Mexico, Florida U.S.A.

Resort Holdings International, Majesty Travel, World Phantasy Tours, Galaxy Propteries Management A major scam that takes older americans life savings Coral Gables-Cancun, Mexico Florida

*Consumer Suggestion: number 6 has nothing to do with the IP fund 1

*Consumer Comment: Broker goes by the name of Frank Kapat

*Consumer Suggestion: IP FUND 1 Resort Holding and the Special Master

*Consumer Suggestion: IP FUND 1 Resort Holdings and the Special Master

*Consumer Suggestion: SEC Charges 26 Defendants in $428 Million Securities Fraud

*Consumer Suggestion: There still no indictment for Kelly

*Consumer Comment: Leaseholders coming together

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My parents were talked into this investment by a local broker. He said he had a lot of his personal money interested and thought it woulds be real good for them. My dad and mother cashed in all their CD's and life insurance policies and invested over $262,000.00. They never received any checks from Resort Holdings.

When they would complain to their broker he would send them a $500.00 personal check. This seem to satisfy them for a while. When I found out about it, it was too late.

They have tried to contact the company with no results. They talked to their broker and he would tell them that they could cash in their investment taking a 10% penaty, but they had to wait. That other investors were ahead of them. This was my parents life saving. Any comments or suggestions as how to recover please advise

Charles
Harlingen, Texas
U.S.A.

This report was posted on Ripoff Report on 04/17/2007 09:33 AM and is a permanent record located here: http://www.ripoffreport.com/r/Resort-Holdings-International-Majesty-Travel-World-Phantasy-Tours-Galaxy-Propteries-Management/Coral-Gables-Cancun-Mexico-Florida-33146-2918/Resort-Holdings-International-Majesty-Travel-World-Phantasy-Tours-Galaxy-Propteries-Man-244410. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

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#1 Consumer Suggestion

number 6 has nothing to do with the IP fund 1

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

Do not know why this was posted on this Report, unless it was only to confuse!  
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#2 Consumer Comment

Broker goes by the name of Frank Kapat

AUTHOR: Diesel - (United States of America)

Frank scammed my family and myself out of almost $800.00. He cut off all contact after the last check was sent, and refuses to return our phone calls. We have contacted the corporate headquaters with no success. This is ridiculous, someone needs to stand up and fight!!

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#3 Consumer Suggestion

IP FUND 1 Resort Holding and the Special Master

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

With all the news in the media over Madoff and others, it is clear the victims need leadership and a unified voice to make sure this abusive process does not abuse their rights. Recently in one case, the Fifth Court of Appeals told the SEC-Receiver he could not claw back money taken by some of the Stanford victims before the scam was closed down because it was the victims own money. The victims of Stanfords scam could not have done this if they had not come together to challenge the receivers actions. After almost four years Kelly is still being held and more than 50% of the money recovered so far has been used to pay the Special Master and his team. The IP Fund 1 members as an untied voice have caused the court to pressure the Special Master and his team to reduce their fees by over $1.4 million in their first six billings. From the beginning the Fund has been steadfast that the court did not have jurisdiction over Kelly's assets in other countries. The Special Master has now confirmed our claim that the US court does not have jurisdiction over foreign assets. What does this mean for you! The US statute used in Kellys case does not protect the Leaseholders, it only give the court the legal right to hold Kelly. The Special Master also admits there is no judgment entered against Kelly and no argument can be made that the real property assets are being sold in satisfaction of a judgment. What does this mean to you? You have a right to pursue Kelly in the US and Mexico using civil actions. T he Special Master informed the court that Mexican Law is controlling over the Trust, which holds the assets. This means that, under Mexican law, you have more rights as a leaseholder, unless you give up your leaseholder position! The Special Master also revealed Kelly may enter into an agreement for restitution; however, this is the same type of deal he made with other states. Paying only the money you paid less any money you received. What does this mean to you? If you received a monthly payment the plan may deduct that amount from any recovery and no rental income or interest would be paid . This would be about 30 cents on the dollar. The Special Master states, in court documents, that everything is being done for the benefit of the victims, the leaseholders, and the process has to be open and transparent.   However, at every turn, the Special Master covers up information about the assets and his plan ! It is also clear that the Special Master's appointment to the Mexican trust gave him lots of power and the court approved his proposed plan, which has been sealed.   What does this mean for you! As a unified voice, the leaseholders need to push for complete transparency. We believe that in the Special Masters plan, all money paid by Kelly to the leaseholders may be subject to a reduction of the recovery.   The Funds suit claims that Kelly owes the leaseholders the money they paid, the rental income and interest on the rental income not paid. The Funds claim is civil and the Special Masters is a criminal action and as long as the leaseholders hold on to their rights they have a legal voice in Mexico. The Court authorized the Special Master to utilize the sales procedures described in document #236 to conduct sales of real property from the inventory in the ordinary course of business and sales of discreet parcels of real property. First discreet parcels are lots or land that is not sold on a daily basis. The Special Master told the Court it would not be called upon to approve the sale or the buyer. The proposed sales process will leave it to the Special Master and his consultants. The sale of real property from inventory in the ordinary course of business is the Port of Cancun. The Special Master asked, and the court agreed, to allow Groupo Kelly to continue to sell the project. We believe, and have support for our belief, that all the money will be used to complete the projects and to pay the Special Master and his professionals. Only after the projects are complete will distributions be made to Kellys victims . In short, the longer this goes on the more cash will be taken from the cash cow . The Special Master also asked the Court to allow payment from the trust to pay Kellys managers. Clearly, Kelly is still in control! Without the Fund, the leaseholders would be clueless as to the impact of the Special Master's pending assault which is the most dangerous to date. Court documents show the Special Master will attempt to convince the leaseholders to give up their rights that are protected under Mexican laws claiming that without leases the hotels can be sold for more to the benefit of the victims . However, without their leases, the leaseholders will be at the mercy of the Special Master. This is what the Special Master told the court. Each victim will then have to either approve or ask for a recalculation of the Total restitution Amount. In addition, the Victim Claim Form will ask the victims to terminate their leases and release their claims on the properties themselves to allow the properties to be sold vacated, free and clear of all liens and/or abilities, to receive the maximum value possible. Any claims a victim might have against Michael E. Kelly in his personal capacity, however, will not be affected by this release.   However, Kelly has no assets and the Special Masters offer is a slap in the face, he is offering nothing in return for your rights! How about making the leaseholders shareholders of the Mexican Trust in exchange for their leases with complete transparency and making Kellys family pay the Special Masters fees from their share of the Trust! For more information on how you can be a part of this united voice go to www.ipfund1.com
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#4 Consumer Suggestion

IP FUND 1 Resort Holdings and the Special Master

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

With all the news in the media over Madoff and others, it is clear the victims need leadership and a unified voice to make sure this abusive process does not abuse their rights. Recently in one case, the Fifth Court of Appeals told the SEC-Receiver he could not claw back money taken by some of the Stanford victims before the scam was closed down because it was the victims own money. The victims of Stanfords scam could not have done this if they had not come together to challenge the receivers actions. After almost four years Kelly is still being held and move than 50% of the money recovered so far has been used to pay the Special Master and his team. The IP Fund 1 members as an untied voice have caused the court to pressure the Special Master and his team to reduce their fees by over $1.4 million in their first six billings. From the beginning the Fund has been steadfast that the court did not have jurisdiction over Kelly's assets in other countries. The Special Master has now confirmed our claim that the US court does not have jurisdiction over foreign assets. What does this mean for you! The US statute used in Kellys case does not protect the Leaseholders, it only give the court the legal right to hold Kelly. The Special Master also admits there is no judgment entered against Kelly and no argument can be made that the real property assets are being sold in satisfaction of a judgment. What does this mean to you? You have a right to pursue Kelly in the US and Mexico using civil actions. T he Special Master informed the court that Mexican Law is controlling over the Trust, which holds the assets. This means that, under Mexican law, you have more rights as a leaseholder, unless you give up your leaseholder position! The Special Master also revealed Kelly may enter into an agreement for restitution; however, this is the same type of deal he made with other states. Paying only the money you paid less any money you received. What does this mean to you? If you received a monthly payment the plan may deduct that amount from any recovery and no rental income or interest would be paid . This would be about 30 cents on the dollar. The Special Master states, in court documents, that everything is being done for the benefit of the victims, the leaseholders, and the process has to be open and transparent.   However, at every turn, the Special Master covers up information about the assets and his plan ! It is also clear that the Special Master's appointment to the Mexican trust gave him lots of power and the court approved his proposed plan, which has been sealed.   What does this mean for you! As a unified voice, the leaseholders need to push for complete transparency. We believe that in the Special Masters plan, all money paid by Kelly to the leaseholders may be subject to a reduction of the recovery.   The Funds suit claims that Kelly owes the leaseholders the money they paid, the rental income and interest on the rental income not paid. The Funds claim is civil and the Special Masters is a criminal action and as long as the leaseholders hold on to their rights they have a legal voice in Mexico. The Court authorized the Special Master to utilize the sales procedures described in document #236 to conduct sales of real property from the inventory in the ordinary course of business and sales of discreet parcels of real property. First discreet parcels are lots or land that is not sold on a daily basis. The Special Master told the Court it would not be called upon to approve the sale or the buyer. The proposed sales process will leave it to the Special Master and his consultants. The sale of real property from inventory in the ordinary course of business is the Port of Cancun. The Special Master asked, and the court agreed, to allow Groupo Kelly to continue to sell the project. We believe, and have support for our belief, that all the money will be used to complete the projects and to pay the Special Master and his professionals. Only after the projects are complete will distributions be made to Kellys victims . In short, the longer this goes on the more cash will be taken from the cash cow . The Special Master also asked the Court to allow payment from the trust to pay Kellys managers. Clearly, Kelly is still in control! Without the Fund, the leaseholders would be clueless as to the impact of the Special Master's pending assault which is the most dangerous to date. Court documents show the Special Master will attempt to convince the leaseholders to give up their rights that are protected under Mexican laws claiming that without leases the hotels can be sold for more to the benefit of the victims . However, without their leases, the leaseholders will be at the mercy of the Special Master. This is what the Special Master told the court. Each victim will then have to either approve or ask for a recalculation of the Total restitution Amount. In addition, the Victim Claim Form will ask the victims to terminate their leases and release their claims on the properties themselves to allow the properties to be sold vacated, free and clear of all liens and/or abilities, to receive the maximum value possible. Any claims a victim might have against Michael E. Kelly in his personal capacity, however, will not be affected by this release.   However, Kelly has no assets and the Special Masters offer is a slap in the face, he is offering nothing in return for your rights! How about making the leaseholders shareholders of the Mexican Trust in exchange for their leases with complete transparency and making Kellys family pay the Special Masters fees from their share of the Trust! For more information on how you can be a part of this united voice go to www.ipfund1.com
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#5 Consumer Suggestion

SEC Charges 26 Defendants in $428 Million Securities Fraud

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

The IP Fund 1 complaint takes a big bite out of the wrongdoers and the SEC only paints a picture of greed, it has a lot of bark and no bite. I have seen this before and it is very important for everyone to come together under one voice! We expected this to happen and are ready to meet them head on. I believe we will be on the winning side of the argument.

Joel Held one of RHI attorneys wrote in a case filed in Texas claiming securities fraud and RICO: "It is as if the Fifth Circuit of Appeals was referring to the complaint in this action when it observed:" "A Complaint can be long-winded, even prolix, without pleading particularity. Indeed, Such a garrulous style is not an uncommon mask for an absence of detail" Southland Securities Corp. v. Inspire Insurance Solutions, Inc., F. 365 3rd 353,362 (5th Cir. 2004)

The SEC complaint is a classic example of an ill-conceived, shotgun pleading in search of defendants and cause of action to justify a SEC-Receivership. They already state the leaseholders have lost their money. "The fraudulent Universal Lease scheme eventually collapsed, leaving investors with losses that exceed $300 million."

What losses! RHI and other asstes are there and can be claimed to pay the leaseholders.

We all know at this point that Kelly and his family owned and controlled RHI and the other companies. It appears that the SEC is more concerned about the brokers than real justice!

In any case, we will challenge any SEC-Receiver appointment of their own receiver "the fox garding the chickens" and request that the court appointed receiver be the RMG group made of leaseholders. We are in for a fight and what we want has been done before by another group.

SEC Charges 26 Defendants in $428 Million Securities Fraud That Targeted Senior Citizens and Retirement Savings Commission's Crackdown on Financial Fraud Against Seniors Continues

FOR IMMEDIATE RELEASE
2007-172

Washington, D.C., Sept. 5, 2007 - The Securities and Exchange Commission today filed charges stemming from a $428 million securities fraud that victimized thousands of seniors and other investors throughout the United States.

The SEC's action, filed in federal district court in Chicago, Ill., charges 26 defendants and alleges that they participated in a massive fraud that involved the sale of securities in the form of "Universal Leases." The investments were structured as timeshares in several hotels in Cancun, Mexico, coupled with a pre-arranged rental agreement that promised investors a high, fixed rate of return. The fraudulent Universal Lease scheme eventually collapsed, leaving investors with losses that exceed $300 million.

The case is part of the Commission's crackdown on financial fraud against senior citizens, which has already resulted in more than 40 enforcement actions over the past two years.

In the latest action, the SEC alleges that Michael E. Kelly and those working with him duped thousands of U.S. investors into using their retirement savings to buy Universal Leases on the false promise of safe and guaranteed returns. The SEC alleges that from 1999 until 2005, Kelly and others raised at least $428 million through the Universal Lease scheme from investors throughout the United States, with more than $136 million of the funds invested coming from IRA accounts. The SEC further alleges that a nationwide network of unregistered salespeople who sold the Universal Leases collected undisclosed commissions totaling more than $72 million. For most of the scheme, the complaint alleges, Kelly and his organization used new investor funds raised in the scheme to make illusory "rental income" payments to Universal Lease investors. The SEC also alleges that Kelly and others ran the scheme from Cancun through a number of foreign entities in Mexico and Panama.

"This case illustrates the Commission's continuing commitment to hold accountable those who prey upon the retirement funds of older Americans," said Linda Chatman Thomsen, Director of the SEC's Division of Enforcement. "Kelly and his cohorts told investors they were purchasing a safe, high-income investment suitable for a retirement account. In reality, investor funds were at grave risk as investor funds were used in a way that guaranteed the collapse of the scheme."

Merri Jo Gillette, Regional Director of the SEC's Chicago Regional Office, added, "Kelly and those involved in his operation may have hoped to evade U.S. law enforcement by operating the Universal Lease scheme from abroad. The action we filed today shows that the SEC will vigilantly pursue those who target older Americans, no matter what the obstacles. The SEC plans to aggressively seek recovery from the defendants to offset the huge losses they inflicted on investors."

According to the SEC's complaint, Kelly and others told investors that Universal Leases would generate guaranteed income through the leasing of investor timeshares by a large, independent leasing agent. In fact, the complaint alleges, the leasing agent was a small Panamanian travel agency controlled by Kelly, and for most of the scheme its payments to investors came from accounts funded by money raised from new investors. Further, the complaint alleges that Kelly and the other defendants failed to disclose several key facts about the Universal Lease investment, including the risks of the investment and that more than $72 million in investor funds were used to pay commissions as high as 27 percent to the selling brokers.

The SEC's complaint names the following individuals and entities as defendants: Kelly, Michael P. Kelly, Donald L. Kelly, John Corwin, Corporativo Nola, S.A. de C.V. Resort Holding International (RHI) S.A., Panorama Communities, S.A., World Phantasy Tours, Inc. (Viajest Fantasia Por El Mundo, S.A.), also doing business as Majesty Travel, Galaxy Properties Management, S.A., Yucatan Resorts, S.A. de C.V., Resort Holdings International, S.A. de C.V. The complaint also names as defendants a number of the unregistered brokers who sold the Universal Leases to the investing public. They are: Mark Ruttenberg, Ruttenberg and Associates Financial Marketing, Inc., Mark G. Meyer, Mark Meyer and Associates, Inc., Richard E. Riner, Southwest Income Marketing, Inc., George Phelps, also doing business as Safe Estate Plans, John E. Tencza, also doing business under the name of American Investment Management Group, Inc., American Elder Group, L.L.C., Carl Q. Lee, Carl Lee and Associates, Inc., Roy D. Higgs, Warren T. Chambers, William K. Boston, Jr. and Century Estate Planning, Inc. Finally, the complaint names Avanti Motor Corp. and DMK Properties, L.L.C., two entities affiliated with Kelly, as relief defendants, alleging that they received ill-gotten gains from the scheme.

The SEC's complaint charges the defendants with violating the antifraud and registration provisions of the federal securities laws, and seeks permanent injunctions, disgorgement of ill-gotten gains, and civil penalties. The SEC acknowledges the assistance of the German government (Bundesanstalt fr Finanzdienstleistungsaufsicht), the Mexican government (Comisin Nacional Bancaria y de Valores) and a significant number of state securities agencies.

Combating financial fraud against older investors will be a focus of the Commission's second annual Seniors Summit in Washington, D.C., on Sept. 10. The Summit also will include the release of findings from regulatory examinations of 110 firms offering "free lunch" investment seminars aimed at seniors.

The SEC's Seniors Summit will begin at 10 a.m. ET on Sept. 10 and will be webcast live on the SEC Web site at www.sec.gov. The event will further examine how regulators, community organizations, and others can increasingly coordinate efforts to educate older Americans and protect them from abusive sales practices and investment fraud. Registration information and other materials about the Seniors Summit are available at: http://www.sec.gov/spotlight/seniors/seniors_summit.htm.

# # #

For more information, contact:

Merri Jo Gillette
Regional Director
312-353-9338

Timothy L. Warren
Associate Director
312-353-7394

John J. Sikora, Jr.
Assistant Director
312-353-7418

SEC's Chicago Regional Office

Additional materials: Complaint


http://www.sec.gov/news/press/2007/2007-172.htm


-----------------------------------

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#6 Consumer Suggestion

There still no indictment for Kelly

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

There still no indictment for Kelly and the FBI states it will take a little longer than the end of September, as originally reported, it might be October or November.

The FBI is waiting for an offer from Mike Kelly! OFFER! The leaseholders don't need no stinking offer from Kelly! This only shows the FBI wants to close the case and leave Kelly with his ill-gotten gains.

The FBI admits they are fighting with Mike Kelly's attorneys, the leaseholders, and the Mexican Government. Shock! Why would they fight with the ones they are supposed to protect from cons like Kelly? Kelly is not getting out of jail anytime in the near future even if he pays back 100% of the money to the leaseholders. DUH! We want him to have company!

Reports show that all of the resorts are in operation and bringing in money but they are just breaking even. Well, this is because of how Kelly set them up; we want to look at the books before we accept that claim. How about the second largest night club in Mexico at a cost of $23 million, marinas, yachts, car rental company, car company, 183-foot yacht, Ferraris, personal jet, family corporations and all other corporations started after the Universal Lease program, etc.... It is our understanding that there may be as many as 150 businesses.

The FBI wants Kelly to sell Port of Cancun to the Mexican Government to pay back the leaseholders. The Puerto Cancun has the potential of bringing in over a Billion Dollars to the leaseholders, which is more than enough to repay the leaseholders. The Mexican government holds 12% of this project now, the leaseholders own the rest! Why would the leaseholders sell it at a loss? RICO laws allow the leaseholders to claim 3 times the amount of their damages, however, that is not the law the FBI is pushing.

There are close to 2 billion dollars in assets and we will find them and these costs will be paid from the assets. Its better than allowing someone else selling everything for pennies and telling you here is what you paid or a part of what was paid and allowing what is legally owed to you to be taken by someone else. This would make you a victim twice

Please hold on to your "normal reaction" that all you want is your money back and nothing else; this is what Kelly wants you to do. Fear of the unknown and the fear you will not see your money is a normal reaction. I can tell you that worst case at this point is you get your money back which would be only 50% because you lost the use and the return on your money!

This fear comes from an old saying "I'm not as concerned on the return on my money as I am the return of my money" For more information on how you can help please send us an email to erb1assoc2@aol.com

Thank you for your support,
Ernest Bustos, Admin for IP Fund 1
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#7 Consumer Comment

Leaseholders coming together

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

IP FUND 1
January 10, 2007

Dear Lease Holder,

This is our first update to all our members by mail and I want to wish you all a happy new year. I do want to encourage you to register for our emails so that you can receive our ongoing information. I also want to let you know we have moved and the new address is on the bottom of the second page. Our phones have been down for a few weeks because AT&T would not allow us to continue with the phone number we have had for 16 years, so we changed phone companies and are taking our phone number with us.

The Fund placed the IRA Custodians and the State of Wisconsin Division of Securities on notice of Kelly's fraud and also placed notices on the Internet. Here is a small excerpt from one letter to a Custodian 3/06: RHI and its principles are involved in a $450 million scheme. There are ongoing FBI investigations surrounding RHI's and Kelly's fraudulent enterprise. Mike Kelly (Kelly), RHI and their co-conspirators are attempting to use IRA Custodians to further their fraudulent enterprise by asking the Custodians to forward an offer to buy back the leases for 75% of their purchase price without reimbursing the owners for the past due rental income. IP Fund 1 Inc. (the Fund) and its members are placing the IRA Custodians on notice that there is an ongoing effort by the Fund to file a formal Racketeer Influenced and Corrupt Organizations.

The Fund has been very active, we have held our cards close to our chest and it has paid off. The FBI arrested Kelly on December 22, 2006 in Florida. This is a good thing and will help the Fund's RICO complaint. Here is what the FBI is claiming:

Associated Press
December 28, 2006, 7:04 AM CST
CHICAGO -- FBI agents have arrested a man on charges that he used time-share leases in Mexico to bilk real estate investors, including several in Illinois, out of $400 million. Michael E. Kelly, 57, allegedly sold "universal leases" on time-share properties and promised buyers an 11 percent returns on their investments, according to a criminal complaint released Wednesday. Kelly, of Cancun, was arrested Friday in Jacksonville, Fla. He is in custody in Florida and will be brought to Chicago to face federal mail fraud charges, officials said. It is not immediately clear who Kelly's lawyer is. Authorities allege that he told investors that a third-party company would rent their time-shares. He also allegedly guaranteed high returns even if the properties weren't rented. But Kelly owned the third-party company and paid out the returns to investors himself, authorities allege. Eventually he stopped making payments and instead spent investors' money on a lavish lifestyle that included a private plane and a large yacht, officials said. He allegedly netted $400 million from the late '90s to 2004. Jennifer French, a financial institutions fraud special agent for the FBI, said investors didn't see the red flags in the deal until it was too late. "Many of these folks eventually said it was just too good to be true, but the victims were diverse," French said. "Some of these people were sophisticated investors."

I am sure more arrests are to come.

The Fund's investigation uncovered 24 conspirators who may be named in our complaint or turned over to FBI and we will work with the FBI to get a handle on Kelly's and his conspirators ill-gotten gains and assets. We can now serve Kelly with our RICO complaint in jail; this should force a Receivership showdown. We will ask the court to allow the leaseholders to take over all the companies that received leaseholder money from Kelly or were started with leaseholder money, however, the government will not go away quietly. "The most terrifying words in the English language are: I'm from the government and I'm here to help." - Ronald Reagan. The agency in charge will want the court to allow them their own receivership claiming it is to protect the investors, however, the Receivership process can be a wolf in sheep's clothing.

It will be a dogfight to keep the government out as a receiver now that Kelly has been charged with fraud. The law is on the side of the investors, however, no one is ever on the ready to derail the appointment. This is why the government always appoints its own receiver who will charge millions in fees to "investigate wrongdoing" and the victim's recovery is always secondary.

There will also be attorneys surfacing, wanting to represent you for a fee of 30% - 50% of your recovery. Do not surrender your money. As members of the Fund, your claim will be pursued and the Fund will pay for the attorneys from the membership fees, no attorney's fee will be taken from the recovery.

It is more important than ever to have the leaseholders come together to take a stand. We propose to form a new company made up of leaseholders. The board of directors to head up this new company will also be leaseholders who will not take a paycheck and will act in the best interest of the leaseholders. This will cut out millions of dollars of expenses for a FTC or SEC Receivership. If you would like to be considered as a board member please fax us your resume to: 210.828.0096 or 7088.

For those leaseholders and brokers sitting on the fence, there is no time to take a wait and see attitude! It is time for the leaseholders to come together, When spider webs unite, they can tie up a lion!

Why join the IP Fund 1? Your membership is the best way to take action to recover your money without the expense of an FTC or SEC Receivership In most cases the Receiver and his attorneys receive most, if not all, of the money in fees. Receiverships are well known for taking all the assets and leaving the investors high and dry. I am guardedly optimistic the Lease Holders can recover their money without this type of receivership and since when does a victim have to pay for their own investigation?



Very truly yours,
Ernest Bustos
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