ED Magedson – Founder
Gregory Brown420 Exchange, 270 Irvine, California USA
Gregory Brown BEWARE! I GOT BURNED FOR $22K! Irvine California
I contacted Mr. Brown's firm regarding a breach of contract case involving my business partner and 2 Nevada LLCS I primarily established. I informed Mr. Brown in the initial costly consultation through our conversation and documents the LLCS were undoubtedly based in Nevada. He was very confident and stated he could file suit in Federal Court. Based on his reviews and reputation I gleaned from other publications, I retained his firm. He enlisted the assitance of Alison Flowers, atty., and assured me of his competence and confidence in my recovery based on my contracts and pay history. He merely sent out a demand letter for a buyout, all the while claiming "he couldn't practice law in Nevada!" WHY DIDN'T YOU TELL ME THIS ON DAY ONE AND SAVE ME $22K TO STALL MY CASE??? He never mentioned a pro hoc viche which gives him a temporary license to co counsel with an attorney there. My case languised on for 8 months, while he drained my retainer with meetings, throwing his hands in the air, claiming the foregoing, leaving me in tears. Far from the gung h*o individual I had given my $30K to! His own secretary apologzed to me stating "she was sorry they hadn't done anything yet." Had I not been proactive, he'd still be squandering my retainer, discussing how he can't do anything. I also asked him to at least shelter my interest in the home we shared ownership of (it was being liened by my partner, as well), and the income from the hard money loans, since they were in Cali and he repeatedly deferred me to the Vegas law firm! WELL, THEN, SEND THEM MY RETAINER, A@#$%&*! HE PERFORMED NO SERVICES, OTHER THAN TALKING ABOUT MY MATTER. He attempted to prepare the complaint, but it wasn't conducive to Nevada law and required extensive modifiaction. HE KNEW ALL THE FACTS FROM DAY ONE AND ROBBED ME ANYWAY! THEY EVEN ASKED ME FOR LEGAL ADVICE; AS TO WHICH FEDERAL COURT I WANTED TO FILE SUIT! My new attorney laughed about that one and said "Why are they asking YOU for kegal advice? His last letter, advising me they were sending the Nevada firm a paltry $8K out of the $30K they received, stated "If I need anything, don't hesitate to contact them!" ARE YOU EFFING KIDDING ME?YOU'VE DONE NOTHING QUITE ENOUGH, WASTING MY TIME, CAUSING MY COMPANY CATASTROPHIC LOSS OF ASSETS.
THERE IS NO DOUBT OF MY 50% OWNERHSIP STATED IN CONTRACTS AND TOLD TO MANY WITNESSES BY MY PARTNER.
I was promised 50% partnership in all LLCS and half of all reveue and equity I had facilitated, through my due diligence and shrewd negotiations. I procured many REOS in Las Vegas and secured other funds in hard money loans here in California. My partner, then boyfriend, was loaning millions of dollars unsecured at a paltry 5%. I was SOLEY instrumental in obtaining interest returns of 12-15% fully secured by a first deed of trust in homes with no more than a 60% LTV. All the Vegas properties had a 25-100% built in equity. The funds were my partners, yet due to my intellectual property, the proceeds were created solely because of me. It is my sincere belief my partner would be totally bankrupt, if not for my internvention of securing his nearly $10,000,000.00 fortune derived from a business sale. Who wouldn't borrow money on a handshake and then say: Sorry, pal, lost it! His brother lost a huge amount in the market, along with the extortions from the Vegas attorney who was a purported estate planner. This idiotic financial advisor I stupidly brought in merely to track our funds, keep the books, track the taxes, etc. literally took over, booted me out even before our personal relationship disolved, having no knowledge of the hard money business or real estate for that matter. He only plays stocks and claims he gets his clients 8%. WOWEE!! He hired the attorney who literally gave away our OC home and then charged us an exorbitant amount to get it back. I literally couldn't take any more. He was allowing other investors to snatch up our notes if they went into default, rather than letting us resale the properties at fair market value. They were dumping rentals that sat vacant for years, far below market, because the advisor refused to rehab and rent the properties at a huge gain. I was beyond enraged over these premeditiated sabotage tactics. THIS ALL TRANSPIRED DURING THE WASTED TIME MR. BROWN SAT ON HIS HANDS, WHILE ASSETS WERE BEING DISPOSED OF AT HUGE LOSSES. I WENT FROM EARNING NEARLY $30K A MONTH, TO PRACTICALLY NOTHING, SAVE INCOME FROM MY OWN SMALL PORTFOLIO FOR WHICH I DON'T HAVE TO PAY THESE LEECHEs! Additionally, I have a medical condition and no health insurance.
The advisor was handed the checkbook, which he constantly overdrew, liens were placed against the proerties due to non payment of HOAS, taxes, etc. The property manager couldn't deal with him any longer, so she was fired and paid an enormous severance, which was in her contract. She was doing a great job, raising rents, trying to rehab and rent all the properties. When she brought to light his many blunders, he tried to get her in trouble with the DRE. That attack failed. My stupid, elderly partner is still paying enormous commisions ON ALL MY DEALS to this idiot. Another issue that had me livid. HE DID NOTHING TO GENERATE REVENUE, ONLY LOSSES. He is now president of the LLCS, a non existent position. There are only partners and this p@#$% has contributed NOTHING BUT VERIFIABLE LOSSES MAKING ME OUT THE BAD GUY BECAUSE I WANT TO MAXIMIZE RETURNS. CHAUVENISTIC PIGS, ALL OF THEM, INCLUDING YOU MR. BROWN. BET YOU MAY KNOW LAW, "YOU CAN'T PRACTICE", BUT DON'T HAVE MY BUSINESS ACUMEN. WHAT ARE YOUR RETURNS???
Thank you Mr. Brown. Not only have you relieved me of $22,000.00 for DOING NOTHING FOR 8 MONTHS, while assets were being dumped right and left. I literally had to retain an attorney in Las Vegas who IMMEDIATELY filed lis pendens against all remaining properties and is in the process of getting a TRO on the loans. He'll see how it feels to get cut off!
MY VEGAS FIRM DID MORE IN TWO WEEKS THAN BROWN DID IN 8 MONTHS. SHAME ON YOU, GREG, TAKING ADVANTAGE OF A DISABLED, ELDERLY WOMAN WHO TRUSTED YOU WITH MORE MONEY THAN MOST MAKE IN AN YEAR! I'M LITERALLY SELLING MY POSSESSIONS TO SURVIVE AND PAY MY NEW ATTORNEY. HOW DO YOU SLEEP AT NIGHT?
This report was posted on Ripoff Report on 05/21/2013 09:01 AM and is a permanent record located here: http://www.ripoffreport.com/r/Gregory-Brown/Irvine-California-92602/Gregory-Brown-BEWARE-I-GOT-BURNED-FOR-22K-Irvine-California-1052598. 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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