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]....
E. VIANA AND DONNA L.
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
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
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
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
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
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
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!