ED Magedson – Founder
Animation Development Company18075 Ventura Blvd Suite 221 Enceno, California USA
Animation Development Company/ Toon Goggles Investment Scam in a start up business Enceno California
I invested in Animation Development Company LLC in March of 2008 with the promise of sharing in the profits made by ALL of their projects, marketing of toys and related items. etc.. They sent me books and magazines of what the company was doing in shows around the world and even a couple of plush toys they were promoting for a cartoon called Yahoo and Friends. a comic book called Mid Knight that was in the works for a movie deal with the Chinese. I have asked on a number of occasions for financial information as to how the company was doing and when will I and other investors start to receive a return as all seemed to be going in a positive direction. We were to get double our initial investment, plus a portion of the profits (50% going to the company and the remaining 50% to be divided with the share holders including items marketed). This never happened but there was always a phone call asking for more investment money.
About 2 years ago theie Representative (Greg P) started to ask for my certificate (#134) in return for a private holding in Toon Goggles STOCK which started out as one of their projects and has developed into the flagship of the company. This Stock would be issued at $2.00 meaning that I was to get 2500 shares of Toon Goggles with no income from what was promised by ADC. I was told on one phone conversation that I didn't have to give up my unit for the stock as ADC's attorney stated we would still receive income as investors with ADC. Shortly there after, I started to get regular calls from Greg P. who tried his best to get me to give up my 1/4 unit for the stock but less shares, some where around 1600. I even had a conversation with the President of ADC, Ira. The last conversation I had with Greg, I was informed that if I didn't give up my unit, ADC was going to go out of business and everything would be Toon Goggles.... That was about 4 months ago. I have not had another call from ADC or Toon Goggles and when I emailed Greg I received no response. In the past I talked with a Mike Mathews, Billy Starr, a Dana and Greg P, I think Peters (?). I have even had emails from Greg.
They have web sites, are published in Animation Magazine, sold a cartoon, Action Dad in South America, sent me a number of DVD for cartoon called Captain Rock Raygun, Z Force, Action Dad, Yahoo and Friends. Some were trailers for the cartoons and some were actual episodes. I was led to believe that this was an honest company and would do as promised with all of the elaborate books, magazines, plush toys and DVD they sent. Now I am completely ignored as what appears to be other who have invested in this company. I did contact the California attorney, John Diamond, who was the contact I went through for this investment and was told he no longer has dealings with ADC. Where do I go from here?
This report was posted on Ripoff Report on 08/26/2013 11:22 AM and is a permanent record located here: http://www.ripoffreport.com/r/Animation-Development-Company/Enceno-California-91316/Animation-Development-Company-Toon-Goggles-Investment-Scam-in-a-start-up-business-Enceno-1079135. 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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