- Report: #651542
Report - Rebuttal - Arbitrate
Complaint Review: permapave
permapave575 Underhill Blvd. Suite 125 syosset, New York United States of America
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?
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 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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