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  • Report: #551550

Complaint Review: Cedarbrook Financial

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  • Submitted: Sat, January 09, 2010
  • Updated: Tue, February 02, 2010

  • Reported By: JL123 — Shaker Heights Ohio United States of America
Cedarbrook Financial
5885 Landerbrook Driver Cleveland, Ohio United States of America

Cedarbrook Financial Securities America, Inc., Randy Schneider put investors in ponzi schemes and illiquid real estate investments Cleveland, Ohio

*Author of original report: Update

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Cedarbrook Financial, Securities America, Randy Schneider and other partners at Cedarbrook recommended Shale Properties as a reasonable and safe investment to their clients.  They promised significant returns on their principal.  They claimed that "we have met the owners several times; we have seen the property they intend to drill on; they perform".  Several months after investing based on the representations and expertise of Securities America, Cedarbrook and Randy, the investment was shown to really be a ponzi scheme and investors in Cleveland lost over $9M.  When asked about this, the partners at Cedarbrook said, "it's ok, you are rich, you can absorb the loss".  Very nice way to treat a client.  It was later shown that there was no due diligence done, etc.  Also, Cedarbrook and Securities America put investors in illiquid real estate investments that they represented to be liquid.  "Our clients use this investment to pay quarterly taxes.  Of course, it's liquid."  But, it was a lie by Randy, et al. and IMH who represented that their investment was liquid within 3 months of putting your money in.  This investor has yet to see a dime back.

So, do not touch anything related to Cedarbrook, Randy and Secruties America.  They have denied all responsibility for these massive losses.



This report was posted on Ripoff Report on 01/09/2010 01:16 PM and is a permanent record located here: http://www.ripoffreport.com/r/Cedarbrook-Financial/Cleveland-Ohio-44124/Cedarbrook-Financial-Securities-America-Inc-Randy-Schneider-put-investors-in-ponzi-sche-551550. 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 0Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Update

AUTHOR: JL123 - (United States of America)

To be fair relative to Randy Schneider, SAI and Cedarbrook have repeatedly claimed no responsibility for what has happened to their many clients.  Randy sold the products that were approved by Securities America as suitable investments for their clients.  Randy couldn't have resolved the issues even if he wanted to. 

 

 

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