• Report: #950066

Complaint Review: Wecosign Inc. Frank Jakubaitis

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  • Submitted: Wed, October 03, 2012
  • Updated: Wed, October 03, 2012

  • Reported By: THE CONMAN HAS BEEN EXPOSED! — Houston Texas United States of America
Wecosign Inc. Frank Jakubaitis
Internet United States of America

Wecosign Inc. Frank Jakubaitis JAKUBAITIS CAUGHT IN LIE CLAIMING PUBLICLY THAT HE NEVER PURCHASED YACHTS WITH WECOSIGN INVESTOR MONEY: THE EVIDENCE PROVES HES A LIAR! Internet

*UPDATE Employee: What a Tangled Web You Try to Weave

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Frank Jakubaitis, in his shareholder letters, denied spending hundreds of thousands of dollars on luxury yachts but lets take a look at the facts. Jakubaitis didnt purchase one yacht; he actually purchased 2 different yachts AND  a 500 SL MERCEDES BENZ! The first one was a 52 Hatteras named Fast Bottom (SEE ATTACHED PHOTO) for which he paid $345,000. After breaching the contract and failing to pay the Vianas for Fast Bottom, the Vianas repossessed the yacht from Jakubaitis. He had previously--and may I say, deviously--placed a Mechanics Lien on the yacht for $110,000 which he claimed he spent on repairs so he either spent that much or he lied to the court and didnt but either way, the Vianas sued Jakubaitis stating that he cant put a Mechanics Lien on a vessel that he purchased and they were correct.

SEE FIRST THREE PAGES OF LAWSUIT BELOW WHICH IS PUBLIC RECORD--THE FULL LAWSUIT MAY BE VIEWED BY VISITING: OCCOURTS. [continued below]....
.....ORG

JULIUS
E. VIANA AND DONNA L.
12 VIANA,
15 FRANK J. JAKUBAITIS,

19 "Plaintiffs"), and.allegeas follows:

23 the City of Newport Beach,in Orange County, State of California.

26 the City of Newport Beach, in Orange County, State of California.

C se B:Hi-cv-OQ012-AG-RNB Document 1 Filed 01/05/10
Page 1 0130

DONNA L.VIANA

UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA - SOUTHERN DIVISION

CASE NO_:SACVIO-OOOI2 AG(RNBX)

 Plaintiff, vs, Defendant.

 COMES NOW, Plaintiffs Julius E. Viana and Donna L.Viana (hereinafter

 GENERAL ALLEGATIONS

L
Plaintiff Julius E; Viana.is and was at all relevant times.a resident of

2. Plaintiff Donna L. Viana is and waSat all relevant times a resident of

COMPLUNTFORDECLARATORYRELffiF

5. . Plaintiffs are informed and believe that venue is proper in this District
6. Plaintiffs refer to and incorporate herein by this reference, each and
7. On or about March 29,2008, Defendant Frank Jakubaitis agreed to

FIRSTCAUSE OF ACTION
(Declaratory Relief-Against all Defendants) as. B:l0-cv-00012-AG-RNB. Document 

1 Filed 01/05/10 Page 2 of 30 

3. On information and belief, Defendant Frank J. Jakubaitis

2 (hereinafter ''Defendant'') is and was at all relevant times a resident  of the City of

3 Tustin, in Orange County, State of California.

4 JURISDICTION AND VENUE

6 4. Plaintiffs are informed and believe and thereupon allege that this action arises under the Admiralty laws of the United States, 28 U.S.C. 1333, and thet this Court has jurisdiction over such claims as asserted herein, pursuant to 46

9 U.S.C.  31342. pursuant to 28 U.S.C. 1391(bXI).and (bX2) in that a substantial part of the

13 events leading up to the disputes occurred within this District, Defendant Frank

14 Jakubaitis is and was present within this District, and instruments and property

15 which are, inter alia, subjects of this action, are situated within this District

20 every allegation in paragraphs 1 to 5, inclusive, as though set forth herein.

23 purchase the vessel Fast Bottom, O.N. 928186 (hereinafter "the vessel"), from

24 Plaintiffs for the sum of$345,OOO.00. A true and correct copy of the Purchase

25 Agreement is attached hereto as Exhibit "A and is incorporated herein by

26 reference.

9. On or about AprilS, 2008, Defendant took possession and control of

1O. Pursuant to the promissory note, Defendant was to make interest

II. On or about February 27, 2009, Defendant requested and was
allowed

12. As of August, 2009, Defendant stopped all payments to Plaintiffs, and

13. On or about October 5, 2009, following his default on the promissory

se 8:10cv-00012-AGRNB Document 1 Filed 01/05/10 Page 3 of 30

 8. On or about AprilS, 2008, in furtherance of that purchase, Defendant

2 and Plaintiff Donna L. Viana signed a promissory notein the sum of$31O,500.00,

wherein Defendant agreed to pay for the vessel according to the terms of the

4 promissory note. A true and correct copy of the promissory note is attached hereto as Exhibit "B" and is incorporated herein by reference.

8 the vessel.

II payments of $l,811.25 a month for twelve (12) months, beginning May 5, 2008.

12 The promissory note fully matured on April S, 2009, in the amount of

13 $310,500.00.

16 by Plaintiffs to take one or two additional months to raise the money to pay the

17 balance of the promissory note.

20 failed to pay the balance of the promissory note as required, despite demand from

21 Plaintiffs to do so.

24 note, Defendant was served with a Notice of Seizure of Collateral and Notice of

25 Intention to Accept Collateral in Full Satisfaction of Indebtedness. A true and

26 correct copy of the Notice is attached hereto as Exhibit "c." Subsequent to the

27 notice being served, Plaintiffs retook possession of the vessel from Defendant


Now that Frank was yacht-less, he began his search for yet
another luxury yacht and found a 51 Sea Ray named Liv-n-Lucky which he renamed
Tatonka. He purchased this Sea Ray for $340,000 and put down a 10% deposit.
With monthly payments on Tatonka, yacht slip fees, fuel and maintenance between Fast Bottom and Tatonka, Jakubaitis wasted over 1/4 million dollars of investor money. MAKE NO MISTAKE ABOUT IT...THIS WAS THE INVESTORS MONEY, NOT FRANKS TO SPEND ON TOYS!

 

Around the same time, he and Tara decided they should treat
themselves to a champagne 500 SL Mercedes Benz for which my investigation has
revealed they paid approximately $55,000 SEE ATTACHED PHOTO


 
Is it just me or do any other investors in Wecosign think
its a problem that Frank spent several hundred thousand dollars on luxury yachts?
Did any of you expect your hard earned money that was invested into Wecosign would be used to purchase a $345,000 yacht or a $54,000 Mercedes Benz SL500 for Frank and Tara's enjoyment?

 
These are not just ungrounded assertions; Ive attached
indisputable evidence that what Ive been saying all along is absolutely true.
This time Jakubaitis cant squirm out of it.


 
Finally, every investor knows where most of the money
that was raised for Wecosign went and why Wecosign failed miserably.


 
Oh my, I can hear him already, 40 million dollar lawsuit! Garbage disposal lies! Disgruntled former employees! What a bunch of sour grapes! Absolutely false! Weve traced
the IP address and determined who the culprits are! Federal RICO lawsuit! Sorry
Frank, this time everyone can see you for who you are: A CON MAN WHO LOVES
MONEY SO MUCH THAT HES WILLING TO STEAL FROM INVESTORS TO BUY HIS TOYS AND
THEN PRETEND THAT HE DID NOTHING WRONG. SORRY PARTNER, NOW GOD (AND THE REST OF THE WORLD) KNOWS WHO YOU REALLY ARE AND WHAT YOU AND YOUR WIFE HAVE DONE TO MANY INNOCENT PEOPLE!


 










This report was posted on Ripoff Report on 10/03/2012 02:00 AM and is a permanent record located here: http://www.ripoffreport.com/r/Wecosign-Inc-Frank-Jakubaitis/internet/Wecosign-Inc-Frank-Jakubaitis-JAKUBAITIS-CAUGHT-IN-LIE-CLAIMING-PUBLICLY-THAT-HE-NEVER-P-950066. 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 UPDATE Employee

What a Tangled Web You Try to Weave

AUTHOR: Records - (United States of America)

The writer states he has incontrovertable evidence of some horrific crime committed by the Jakubaitis's and attempts to validate his libel by posting photograph's. Those photo's are royalty free stock photos available to anyone. 

Furthermore, it's pretty easy to post anything on the internet and control the content of what is posted, especially if one is attempting to discredit and defame another. It's like cutting and pasting to create a collage, only in this instance the poster is attempting to create a negative collage by gross distortion and mistatement of events and facts.

At all times the poster states these alleged events were taking place the company Wecosign would undergo quarterly audits by an outside PCAOB accounting firm, and the corporate financials were maintained by a CFO and Controller.

The poster wants to convince the entire world that the Jakubaitis' are cons and crooks based upon tax liens and lawsuits, but the leaps he's making are simply outrageous and mean-spirited. 

 Wecosign is not a failure. Wecosign is still actively cosigning for those who need its service and responding to property managers across the country. The shareholders know the company is moving forward and are quite tired of postings such as these as well as letters that have been sent to them previously in the same attempt to libel and damage the founder and the reputation of Wecosign. If anyone wants the company to fail, it is the author of these posts.     
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