Two years ago we
invested $50,00 with a company named Permapave, LLC. It operates under
the umbrella name of VeriGreen.
Vincent Buonero brought
us into the Permapave investment in February 2008. He was a friend of a friend and at the time that we invested,
friends were also invested and were getting paid back their interest on their
investment. It seemed like a safe
We were shown this
amazing product and were immediately impressed with its environmental
impact. We were offered a Promissory
Note in exchange for our investment money.
Our monies were to be used strictly to purchase product containers from
Australia. If there were no purchase orders, our money was to be returned to
us; otherwise, the interest for the investment was $8,000 every other month for
each $50,000 investment. At the end of
the contract, which was one years time, the investment money would be returned to
us. At that time, we put in
$25,000. When we asked why Permapave
would pay such a generous amount on our money, Vincent stated that the banks
would not lend money to a company with no collateral.
In March of 2008 we were all informed that the Company was going
public and we were verbally told that the interest payments would stop,
however, we would receive five dollars for every dollar invested and that we
would be eligible, as loyal investors who got in on the ground floor, to put in
one last investment.
We were told that the deal would be done no later than
August 2008. We put in an additional
$25,000 at that time.
After a short time, we were informed that not only was
the company not going public, but Vincent and Eric Aronson, whom we had never
heard of, were having a bad breakup and we were to deal with Eric proceeding
As soon as we learned we were to deal with Eric Aronson, we looked him
up and found out he has a conviction of securities fraud for which he spent
time in jail.
In January 2009, Mr. Aronson
told us that although he knew nothing about the Promissory Notes that Vincent
offered us, and had nothing to do with the creation of them, he, out of the
goodness of his heart and trying to do the upstanding thing, offered us no
other option but to sign a document which would convert our Promissory Notes to
a Debenture Agreement (under Permeable Solutions).
In this contract, 1%
interest was paid monthly on the investment each month for two years; after
that time period (January 15, 2011), our investment was supposed to be returned.
At this point, I
would like you to know, a couple with whom we know of had signed a Promissory
Note with Eric Aronoson back in I believe October or November of 2007, even
though he said he cannot work with monies because of his conviction as well as
he had no prior knowledge of the Promissory Notes at all.
In June 2009, the investors were offered a
Conversion Agreement because the Company was supposedly being sold. All
of the investors that we know signed the agreement, with the exception of
us. We took it to a lawyer and he
advised us not to sign it.
It has been over a year now and investors have just been informed that due to a calculation error, they will be receiving a significantly less amount of stocks than previously promised.
We have been requesting financial statements, purchase orders and other documents from the company. To date, we have received none.
We have a
wealth of information, ranging from documents, taped conversations and a
multitude of investors with similar stories to back up our concerns.