• Report: #815966

Complaint Review: Ritch & Associates

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  • Submitted: Fri, December 30, 2011
  • Updated: Thu, January 03, 2013

  • Reported By: Tim Murray — Houston Texas United States of America
Ritch & Associates
9111 Cross Park Drive Knoxville, Tennessee United States of America

Ritch & Associates Robert Ritch scam Knoxville, Tennessee

*Consumer Comment: Robert has been an absolute blessing to deal with!

*REBUTTAL Owner of company: Did your deal get funded?

*Author of original report: Robert Ritch Swindler

*Consumer Comment: Rob has funded many deals!

*REBUTTAL Owner of company: Get the Facts Right if You are going to publish them,

*Consumer Comment: Robert is a truly exceptional individual

*Consumer Comment: Robert Ritch is a great guy

*Consumer Comment: Robert Ritch SCAM FRAUD

*Consumer Comment: Rob Ritch SCAM CENTRAL

*REBUTTAL Owner of company: There are no free rides

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I will start by admitting I am a fool. I read Ripoff Report and still gave Robert Ritch $3,000 for an audience to confirm funding of my venture. Initially, I had responded to a posting on the LinkedIn Deal Flow Network seeking ventures. Jeff Neuman made the posting and called me to say that he had a Hedge Fund looking for viable ventures. A few days later, Jeff called and said my venture had been selected because the hedge fund owner, Robert Ritch, son had an interest in the venture area (entertainment). Jeff then informed me I had to send $3,000 to Ritch for my appointment, but, not to worry. It was a formality. My deal would be funded. Because front money is a scam trademark, I went on Ripoff Report and found the earlier reports on Ritch. I wanted to believe I had been funded and paid the $3,000 audience fee.

Ritch came to Houston for our meeting. He wanted to meet in the dining room and was thirty minutes late, but, nevertheless, we had a pleasant meeting. I like dealing with pleasant people and Ritch was pleasant. He laid out two funding options. The first involved my putting in money which I do not have and told Ritch. He went to a second option - a prerevenue stock offering which I liked because it fits the venture well. I offered to drive Ritch around while he was in Houston, but he declined saying he would visit an investor. I notified our management team that Ritch would call, for due diligence, and had a list of phone numbers. Ritch declined to make the calls. Ritch promised to send a written offer next week. We parted. I thought I was funded.

No written report came next week. I waited a month and contacted Ritch by email. No response. By telephone. No response. Finally, Jeff called and gave me the "offer" verbally. I had to put in $25,000  as partial payment for a suitable corporate shell. I became angry as I had told Jeff and Ritch that I had no more money to put into the funding. In fact, I had to borrow $3,000 to get the audience. Jeff said he would get back to me. Never did.

I wrote an email to Jeff with copy to Ritch stating the above and I was disappointed with both of them. Ritch did respond to this email. He told me that Jeff had told me, in advance, that I had to put in $25,000 to get funded. He ended by accusing me of wasting his time. (This is, of course, after I paid him $3,000 for the audience.)

To any reading this report, do no make mistake. In fact, with regard to funding, I have never had a positive outcome from paying any front fee.

This report was posted on Ripoff Report on 12/30/2011 02:35 PM and is a permanent record located here: http://www.ripoffreport.com/r/Ritch-Associates/Knoxville-Tennessee-37952/Ritch-Associates-Robert-Ritch-scam-Knoxville-Tennessee-815966. 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:
1Author 6Consumer 3Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Robert has been an absolute blessing to deal with!

AUTHOR: John - ()

By far, he's one of the most helpful business people we've ever dealt with. Not only did he help us get a higher return on our money, but he also demonstrated a lot of skill in completing deals. He definitely is well informed and truly wants us to succeed. Without question, he's who we trust. Thanks again!

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#2 REBUTTAL Owner of company

Did your deal get funded?

AUTHOR: Robert ritch - ()

Tim,

I have been in business for since 1994 and will still be in business for many years to come!  Instaed of blaming me maybe you should consider that your your deal was not fundable.

I traveled to meet with you and gave your business an honest look! I am not a charity and never promised you funding; I only promised to give your ventre an honest look and I did that. You act like I somehow could make a living by flying around and meeting with people. By the time I paid for a background check on you, my travel expenses and paid for researchers to investigate the market; there was little to nothing left. Other firms charge between $10,000 and $100,000 for meeting and preforming due diligence and the make a profit on their fees. I charged you $3,000.

You seem to want to air this in a public forum and I could list all the negitive items my due diligence discovered about you but I am a bigger person than that. It is alo interesting to me that you never reached back out to me to discuss this you just run to a site like this and try to hurt me because I told you no. How childish is that?

I offered you alternatives and suggestions that would make your venture fundable but you were set it had to be done your way! The bottom line is that your deal never got funded by anyone; so I ask was it me or could it possible be that your deal was not a solid investment?

 

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#3 Author of original report

Robert Ritch Swindler

AUTHOR: Tim Murray - ()

So many lies and distortions in Robert Ritch's account. The truth is what I wrote in Ripoff Report.

Apparently, three years after the fact, Ritch is trying to whitewash his conduct. Do no believe anything he says. Robrt Ritch is a thief and liar. Do not give him money for any purpose.

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#4 Consumer Comment

Rob has funded many deals!

AUTHOR: Tonie - ()

Robert was a hired consultant on a significant global finance and operational transformation initiative. He is a strategic thinker with the unique ability to not just create a strategic vision, but to mobilize and operationalize it as well. He has a deep expertise in the Capital Funding space including finance and operational processes. He was a pleasure to deal with as a consultant - demanding but fair, incredibly hard working and always informative

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#5 REBUTTAL Owner of company

Get the Facts Right if You are going to publish them,

AUTHOR: Robert ritch - ()

Why did you not publish your name? You sure seem to be comfortable attacking my good name! The internet has an interesting loophole in the law that allows people to publish on anonymous websites and be allowed to hide from legal action for publishing false information. The website can not be sued because the law also says that you can not sue them for false information because they are only providing the platform and not the provider of the information. Therefore things get published without being verified. This has become a a real problem for business owners. 

If a newspaper publishes information that is false and not verified it can be sued. It is time for us the make internet publishers accountable for what they publish!

In relation to the accusations listed here:

  1. There have been numerous complaints listed on this site but no one will publish their name and I have published a rebuttal to each one. You decide if you would have invested in that company after reading my rebuttal.
  2. The press releases stated that we had reached an agreement and were published to create a Public Relations campaign for the company. The companies are not listed so I can not say if the deal closed or not.
  3. I do not know who he is speaking of? Paladin was a client and source of mine.
  4. I know Dan Rudat and what they did not mention is that the charges were dropped the next day because Dan was a victim of identity theft. Dan invested with Paladin but was never part of Paladin.
  5. Mike Archambo is a director and Actor and has done well at it even if he has not hit the big time. Mike invested with Paladin but was never on the Board of Directors.
  6. I handle the sale of Lightwood Capital but never controlled it. Lightwood sold for a nice price and never defaulted on any obligation.
  7. I do represent Rosewood and they do offer an 8% return.
  8. I sold Biz Capital Solutions in 2004 and have no idea what the current owner has done with it. The firm brokered business services such as merchant accounts, check readers and other products and services. As far as the comments; I have no idea how it was a sham! The services were very straight forward.
  9. Sagetree Acqusitions is a publicly registered Blank Check Shell company. I did handle the merger of this with a company wishing to go public but I never owned it and it was never a venture capital or lending company. It is a medical device company! 
  10. I attended continuing education classes at Barkley School of Law but that is not where my Degree was issued from.

If really want to know who I am visit my LInkedin page and contact any of the people that have recommended or endorsed me. Linkedin in lists real people who are not hiding behind anonymity! Who are you going to believe!

www.linkedin.com/in/robertritch/

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#6 Consumer Comment

Robert is a truly exceptional individual

AUTHOR: Melody - ()

Robert is a truly exceptional individual. Working for Robert opened up a series of business opportunities that I had not imagined and would not have had were it not for the leadership, mentoring, and financial capital that Robert provided. He was always first to lead by example in indentifying and nurturing strong business partnerships. In addition, Robert is a staunch champion for finding small businesses capital funding. Combining both the personality of a champion with the technical expertise of a seasoned professional distinguishes Robert as on of the best leaders for which I have had the priviledge of working with.

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#7 Consumer Comment

Robert Ritch is a great guy

AUTHOR: Nadine - ()

I have worked with Robert on a number of occasions in the past 3 years, both negotiating with companies in which he had an interest and having him work with me and my colleagues to raise funds for other companies. 

Robert is commercially, financially and technically savvy and very quick to spot opportunities and identify and solve problems. 

Personally he is straight forward; he does what he says he is going to and provides straight answers. I would have no hesitation in working with him again

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#8 Consumer Comment

Robert Ritch SCAM FRAUD

AUTHOR: GS - (United States of America)

Robert Ritch was not hard to look up but his cabal of shady operations took about an hour to untangle and sort out:
1. Has numerous complaints levied against him, his associates and his companies, you can also check out the accusations on the Better Business Bureau- http://www.ripoffreport.com/directory/Rob-Ritch.aspx
2. He runs Paladin Global, which claims to have funded a variety of companies and ventures. The two groups I spoke with said they were ultimately not funded despite the press releases.
3. Paladin's VP of Business Development is a mortgage broker and his company Barclay Funding is listed as defunct.
4. Paladin Board Director Dan Rudat- http://mortgagefraudblog.com/perp-walk/item/11623-2_arrested_in_so_cal_real_estate_fraud_conspiracy
5. Paladin Board Director Mike Archambo is an insurance broker and wannabe actor
6. Ritch controls Lightwood Capital, which promises investors ROI of 100% (LOL)
7. Ritch controls Rosewood Acquisitiion, which guarantees investors an 8% return (LOL).
8. Biz Capital Solutions is one of the shams he uses to locate victims
9. Sagetree Acquisition Corporation, one of his funding vehicles, has $2000 in assets.
10. Claims to have a JD from Barkley School of Law 1999-2001, even though the school only operated from 2004-2008 and never was accredited!
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#9 Consumer Comment

Rob Ritch SCAM CENTRAL

AUTHOR: SFR - (United States of America)

Rob Ritch's MO is apparently to fly in to meet with people to make them feel comfortable and collect as much as he can before they put on the brakes.

 Even with the purchase of a plane ticket, he comes out on top.  This consumer gave him $3k, we gave him $3500 and he spent about 20 minutes with us.  I don't see how this is legal to completely defraud someone by promising things, accepting funds for that purpose and never providing ANYTHING.

 There is now a place on the FBI's website where you can report Internet Fraud.  Since he advertises and is listed on the web, I think it qualifies.  We are filing a complaint and would urge anyone else who has been taken by this man to do the same.  He should be stopped from stealing from people who just want to get their ventures funded.
NEVER pay any upfront fees.  

Our story is very similar to this consumers. 

I feel stupid too, because I know better, but he was referred by someone, who was referred by someone, who supposedly had done a deal and we wanted it so badly.  I know now it was all BS.  Help stop this thief.
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#10 REBUTTAL Owner of company

There are no free rides

AUTHOR: Robert ritch - (USA)

Tim Murray did submit a proposal and I did agree to meet with him if he covered my time and travel. When we meet Tim could not show or explain his revenue model. He stated that it was a work in progress and because it was an internet based business the revenue model would have to be developed after the site was up and running. Would you invest $2 million in a business that could not even tell you how it was going to make money?

I liked Tim and did not want to hurt his feelings so I was polite and told him if we were interested we would respond within a week. We did not respond so he started calling the broker that brought me the deal several times a day. As Tim states we advised him if he came up with $25,000 we would invest time and create a real business plan and revenue model for his business and then fund it.

Let me be very plain; if you do not have some capital to invest in a business you are not going to get funded. At best someone may buy your idea by giving you a small percentage of ownership. 

Also, do not approach an investor and request a salary of $100,000 a year for a start up! The investor has no guarantee so why would they give you one. A reasonable salary with a bonus structure is fine because you are being compensated as you earn it.

Bottom Line is that Tim broke both of these rules; I would not have wasted my time to even go see him if I had known this up front. Tim told my broker that he had funds to invest. I admit I did take $3,000 to cover my time and travel expenses and did not refund it. All I promised for the $3,000 was a meeting which we had.
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