• Report: #651542

Complaint Review: permapave

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  • Submitted: Fri, October 15, 2010
  • Updated: Fri, April 01, 2011

  • Reported By: donewithitall — New York United States of America
permapave
575 Underhill Blvd. Suite 125 syosset, New York United States of America
  • Phone: 5165842110
  • Web:
  • Category: Loans

permapave eric Aronson, alleged investment and securities fraud, invested $50,00 3 years ago, still no money, many stories, excuses and no useful information syosset, New York

*Author of original report: update

*Consumer Suggestion: Job specified with Permapave

*Consumer Comment: to downwithitall

*Consumer Comment: LIES and TRICKERY

*General Comment: Also giving up

*Consumer Comment: to downwithitall

*Consumer Comment: Same

*Author of original report: Burned yet again

*Consumer Comment: I got ripped off too

*General Comment: Stay away

*Consumer Comment: Verigreen/Permapave

*Author of original report: can you please contact me?

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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 investment. 


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 forward.


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.

This report was posted on Ripoff Report on 10/15/2010 07:53 PM and is a permanent record located here: http://www.ripoffreport.com/r/permapave/syosset-New-York-11791/permapave-eric-Aronson-alleged-investment-and-securities-fraud-invested-5000-3-years-a-651542. 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:
3Author 9Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

update

AUTHOR: donewithitall - (United States of America)


I would like to encourage all who are interested to also check out the
web site scam.com  .  In the search, put Permapave and read about other
investors and their take on this whole mess we are in with Permapave. 
Fred Aaron has stepped down as Eric Aronson's lawyer, and there has been
no one at the office for weeks, like he has dropped off the face of the
earth.  I've tried to contact Eric on his cell phone...no luck.  He's
done the same thing he did with his last company DASH.  Google it,
you'll see that there is an interesting similarity to the situation we
are in now.
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#2 Consumer Suggestion

Job specified with Permapave

AUTHOR: Chanwes - (United States of America)

If you have a job specified using Permapave, you can use an alternate product called Xeripave(R).

The owners of Xeripave purchased a plant from Eric Aronson to make Permapave. The plant did not work very well and the permapave binder that was used to make the pavers failed. The owners of Xeripave, went out on their own, fixed the problems with the plant, and  reformulated the binder to make a stronger more evironmentally friendly product. They can be contacted through their website  www.xeripave.com.
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#3 Consumer Comment

to downwithitall

AUTHOR: mj27 - (USA)

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#4 Consumer Comment

LIES and TRICKERY

AUTHOR: IGotScammedToo - (United States of America)

Do you all recall signing the contract to receive 1% monthly for 2 years until January 2011? Turns out what we signed was to transfer our funds from Permapave to Permeable solutions under Eric's control. And then just pay us back our own money over the next 2 years. With ZERO interest. I even received a 1099 and had to pay taxes on my own money. Eric tricked me into signing that contract when I could have actually cashed out at that point. DISPICABLE!
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#5 General Comment

Also giving up

AUTHOR: chevy123 - (United States of America)

I think it is time to move on...also came thru vinnie...have been hearing for yrs how we are all going to make out like bandits...last I heard some hedge fund was supposedly buying part ownership for millions or 1o's of millions...story always changes...anyway, to date nothing...looks to me like hedge fund is either 1) taking its sweet time or 2) pulling Eric's chain and is not interested.  All I know is that promises have not been kept, stock certifs not issued, etc, etc, etc.  Where will it end?  I think only Eric knows and he is keeping that to himself.....comments????
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#6 Consumer Comment

to downwithitall

AUTHOR: IGotScammedToo - (United States of America)

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#7 Consumer Comment

Same

AUTHOR: mj27 - (United States of America)

I have been going through the same crap. I started with Vinny back when they began and thought it was a good deal. So as we all know the rest and how the story goes. I have booked the loss in my books and moved on with my life Even though it was a substantial amount of money, what am i gonna do im a big boy and the only thing that matters is my family and health. im not going to let this company ruin that. I came across the site and thought i would add my 2 cents and see if there are any updates but doesn't seem there are any. Heres the funny kicker to end my night i just got a job today that requires use of these pavers on the job a quite substantial amount also. Go figure. Good luck to everyone and keep me posted. 
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#8 Author of original report

Burned yet again

AUTHOR: donewithitall - (United States of America)

Hello I got scammed too.  1st off, let me say how sorry I am that you are in a similar situation as myself and many others it seems.  I wanted to quickly update you on my situation...I hold a secured Convertible Debenture with the company that matured on January 15, 2011.  I spoke to Erica Zalbert, the CFO for Verigreen and she did in fact acknowledge that I was owed the payment of this Debenture and that she was looking into the details of how I was to be paid.  Well, that was back in early January and I, after many, many attempts, I have yet to hear back from her.  I have heard every excuse in the book as to why I cannot get her on the phone.  I have also tried to contact Fred Aaron, one of the lawyers for Verigreen with whom I have had much contact with over the 3 long years I have been invested with this company, regarding this matter, to no avail. 

Please contact the people at Rip off to get my contact information, as I am unable to put any of that information on this site.  I would love to compare notes...there is strength in numbers and we, other investors and myself, have made great strides in making ourselves whole again.  I would love to fill you in!
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#9 Consumer Comment

I got ripped off too

AUTHOR: IGotScammedToo - (United States of America)

I invested $200,000 and have the same scenario. Unreal! Contact me too. (((Redacted)))


CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
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#10 General Comment

Stay away

AUTHOR: chevy123 - (United States of America)

Also a long time investor who has seen my money, in excess of 150K pretty much go down the drain. Nothing but promises after all these yrs. I am curious, WHO is asking you to invest?

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#11 Consumer Comment

Verigreen/Permapave

AUTHOR: Eric A - (United States of America)

How can we get information on this company, they want us to invest. Can someone please give us some background information? There seems to be a great deal of online activity and we want to find out what is going on.

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#12 Author of original report

can you please contact me?

AUTHOR: donewithitall - (United States of America)

Hello, you seem to be on the same page as me in your response. Are you an investor? I would love to hear your story, see if you have any updates and fill you in on my updates.

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