• Report: #443774

Complaint Review: Sash Program

  • Submitted: Wed, April 15, 2009
  • Updated: Wed, April 13, 2011

  • Reported By:Kent Washington
Sash Program
PO Box 98922 Seattle, Washington U.S.A.

Sash Program Sued by WA State AG for Equity Skimming Seattle Washington

*Consumer Comment: News release is bogus - Reaction from the AGO

*Consumer Suggestion: Bogus!!! This report is plagarized from an actual News Release.

*Consumer Comment: I don't believe you.

*REBUTTAL Owner of company: This report is a slanderous lie - please do your own research and you will find this is untrue!

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I was hopeful when I was referred to the Sash Program it initially sounded like a great opportunity to sell my home. After visiting with Rebecca and Mark I quickly became very dubious and did some internet research. I found that my intuition was correct, below is what I found with just a little searching. Avoid this company at all costs.

Washington AG Sues Couple For Equity Skimming

Andrew Bomann and Rebecca Bomann, Des Moines, Washington, owners of the Sash Program are being sued by the Washington Attorney General's Office on claims that Andrew and his wife ran a real estate investment business that misled senior homeowners and property investors.
Attorney General Rob McKenna and Assistant Attorney General Jack Zurlini filed new documents in King County Superior Court that accuse Andrew and Rebecca Bomann of skimming equity from senior homeowners in western Washington and misleading investors. It's alleged their dirty deals left a trail of victims families who lost their homes, renters who never recouped security deposits and investors who never saw profits.

We will continue to use our enforcement powers to stop equity skimmers and illegal investment promoters from preying on Washington residents, McKenna said. Rebecca Bomann may not have learned her lesson the first time, but she and her husband better figure it out now.
The state's civil complaint lays out a pattern of deceptive practices involving the Bomann's who operate as the Sash Program, starting around 1995, when Rebecca Bomann was involved in a criminal equity-skimming scheme. She was convicted of equity skimming, first-degree theft and third-degree theft in September 1995 in king County Superior Court. She was released from jail after serving part of a 12-month sentence.

The Attorney General's Office filed a civil lawsuit in early 1997 connected with the same equity skimming plot that led to Rebecca Bomann's criminal conviction. The office alleged that Rebecca and her company Trevorrow Investments, Inc., had violated the state's Consumer Protection Act.

During litigation, the Bomanns filed for bankruptcy. The state eventually obtained a judgment against Rebecca Bomann and her company in July 2002. The judgment prohibited Bomann, her company and anyone working with her from engaging in equity skimming and any other unfair or deceptive act or practice in connection with real estate transactions.

We're now alleging that only a short time after she was criminally convicted of equity skimming and had a civil judgment entered against her, Rebecca Bomann formed a new company, Sash Program, LLC, Zurlini said, and along with her husband started a new business venture in which they once again engaged in illegal activities that are also in violation of the judgment.

In court documents, the Attorney General's Office alleges the defendants did the following:

-Engaged in equity-skimming schemes in which defendants purchased residences from elderly homeowners by promising to cover payments on their existing mortgages for a period of time and then later pay them off completely. Defendants benefited by receiving cash payments of tens of thousands of dollars at the time the deal closed or by collecting rents on the properties, and then later letting the homes go into foreclosure when they stopped covering the homeowners' mortgage payments. In one example, former homeowners were initially told they wouldn't have to pay rent until they became qualified under a housing program and then they would pay only $50 per month. The defendants later evicted the victims for nonpayment of rent.

-Misrepresented their business as an organization to help distressed homeowners.

-Defendants told the Community Action Center in Seattle, WA, that they wanted to help senior homeowners and had experience in helping people stay in their homes. On the contrary, the defendants contacted the organization to locate distressed properties they could strip equity from.

-Misrepresented to certain investors how their funds would be used and the return they should expect. Defendants did not use all of the investment funds to purchase properties and didn't properly secure the funds as they had represented to trusting investors. And an information packet designed to attract investors falsely stated that the Sash Program had been successfully investing in real estate ventures for several years, that the company had a large marketing campaign and that investors would receive 13-15 percent annual returns.

-Illegally marketed and sold securities through the promotion of a Fractional Investor Owner Program, by which individual investors agreed to form a limited liability company and invest $2,500 up front, plus additional contributions of at least $100 per month over the next three years.

-Used company funds for personal expenses, substantially reducing the assets of the Sash Program and its ability to repay its obligations to investors and creditors. For example, Andrew Bomann bought his wife a dozen roses each month.

-Placed deceptive classified ads in newspapers sold in Washington, Oregon and Idaho. Ads targeting investors included false claims such as a 30% PLUS RETURN. Defendants also advertised rentals they didn't actually own.

-Failed to disclose to renters that foreclosures were pending on the rental property or claimed foreclosures had been stopped or delayed. In fact, the foreclosures continued and tenants lost both rent and security deposits, which defendants failed to place in trust accounts.

-Transferred company-owned properties to Rebecca Bomann. Defendants failed to inform investors and creditors about the joint agreement between the Sash Program and Rebecca Bomann. As a result of transferring company assets to Rebecca Bomann, defendants substantially reduced the assets of the Sash Program and its ability to repay its obligations to investors and creditors.
The Attorney General's Office is asking for new injunctions to stop the deceptive business practices, civil penalties of up to $25,000 for each individual defendant who violated the 2002 judgment plus additional civil penalties for the recent violations, restitution for victims and reimbursement of legal costs.
Jan Quintrall, president/CEO of the Better Business Bureau Serving Washington, North Idaho and Montana, praised the state for its work to protect homeowners. Washington residents are fortunate to have such a pro-active and even-handed Attorney General to work with, Quintrall said. BBB values its partnership with the Washington Attorney General's Office on addressing issues concerning the breach of ethics that are giving legitimate real estate agents and investors a bad name.

Kathryn
Kent, Washington
U.S.A.

This report was posted on Ripoff Report on 04/15/2009 11:19 AM and is a permanent record located here: http://www.ripoffreport.com/r/Sash-Program/Seattle-Washington-98198/Sash-Program-Sued-by-WA-State-AG-for-Equity-Skimming-Seattle-Washington-443774. 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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#1 Consumer Comment

News release is bogus - Reaction from the AGO

AUTHOR: Washington Attorney General''s Office - (USA)

The news release titled Washington AG Sues Couple For Equity Skimming is completely fabricated our office never sued SASH or the individuals mentioned in the bogus release.
 
The text is mostly identical to an actual news release our office Jan. 15, 2009 but the names have been changed. The actual news release concerns Anthony and Alicia Napier. The text of that news release, titled Attorney General sues Colfax couple for equity skimming can be found on our Web site here:
 
http://www.atg.wa.gov/pressrelease.aspx?id=21788
 
 
Please remove the fabricated news release from your site.

Sincerely,

Kristin Alexander
Media Relations Manager and Consumer Protection Spokeswoman
Washington Attorney General's Office
www.atg.wa.gov
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#2 Consumer Suggestion

Bogus!!! This report is plagarized from an actual News Release.

AUTHOR: Robert - (U.S.A.)

This is a "rewrite" of an article about a couple by the name of Napier that appears on the Washington State Attorney General website.

The ACTUAL news release can be read at http://www.atg.wa.gov/pressrelease.aspx?id=21788

The Bomaans should contact the AG and request the author of this report be prosecuted for defamation and copyright infringment.

Here is the ACTUAL article:

FOR IMMEDIATE RELEASE
January 15, 2009

Attorney General sues Colfax couple for equity skimming
Eastern Washington families lost their homes to felon and his wife

SPOKANE The Washington Attorney General's Office is suing a convicted equity skimmer a second time, claiming the Colfax man and his wife ran a real estate investment business that misled distressed homeowners and property investors.

Attorney General Rob McKenna and Assistant Attorney General Jack Zurlini filed new documents today in Spokane County Superior Court that accuse Anthony and Alicia Napier of skimming equity from distressed homeowners in Eastern Washington and misleading investors. It's alleged their dirty deals left a trail of victims families who lost their homes, renters who never recouped security deposits and investors who never saw profits.

We will continue to use our enforcement powers to stop equity skimmers and illegal investment promoters from preying on Washington residents, McKenna said. Anthony Napier may not have learned his lesson the first time, but he and his wife better figure it out now.

The state's civil complaint lays out a pattern of deceptive practices involving the Napiers starting around 1995, when Anthony Napier was involved in a criminal equity-skimming scheme. He was convicted of equity skimming, first-degree theft and third-degree theft in September 1998 in Spokane County Superior Court. He was released from jail after serving part of a 12-month sentence.

The Attorney General's Office filed a civil lawsuit in early 1997 connected with the same equity-skimming plot that led to Anthony Napier's criminal conviction. The office alleged that Anthony Napier and his company No Money Down Homes, Inc., had violated the state's Consumer Protection Act.

During litigation, the Napiers filed for bankruptcy. The state eventually obtained a judgment against Anthony Napier and his company in July 2002. The judgment prohibited Napier, his company and anyone working with him from engaging in equity skimming and any other unfair or deceptive act or practice in connection with real estate transactions.

We're now alleging that only a short time after he was criminally convicted of equity skimming and had a civil judgment entered against him, Anthony Napier formed a new company, Principle Direct Investments, LLC, Zurlini said, and along with his wife started a new business venture in which they once again engaged in illegal activities that are also in violation of the judgment.

In court documents, the Attorney General's Office alleges the defendants did the following:

Engaged in equity-skimming schemes in which defendants purchased residences from distressed homeowners by promising to cover payments on their existing mortgages for a period of time and then later pay them off completely. Defendants benefitted by receiving cash payments of tens of thousands of dollars at the time the deal closed or by collecting rents on the properties, and then later letting the homes go into foreclosure when they stopped covering the homeowners' mortgage payments. In one example, former homeowners were initially told they wouldn't have to pay rent until they became qualified under a housing program and then they would pay only $50 per month. The defendants later evicted the victims for nonpayment of rent.

Misrepresented their business as an organization to help distressed homeowners. Defendants told the Community Action Center in Pullman, WA, that they wanted to help first-time homeowners and had experience in helping people stay in their homes. On the contrary, the defendants contacted the organization to locate distressed properties they could strip equity from.

Misrepresented to certain investors how their funds would be used and the return they should expect. Defendants did not use all of the investment funds to purchase properties and didn't properly secure the funds as they had represented to trusting investors. And an information packet designed to attract investors falsely stated that PDI had been successfully investing in real estate ventures for several years, that the company had a large marketing campaign and that investors would receive 13-15 percent annual returns.

Illegally marketed and sold securities through the promotion of a Fractional Investor Owner Program, by which individual investors agreed to form a limited liability company and invest $2,500 up front, plus additional contributions of at least $100 per month over the next three years.

Used company funds for personal expenses, substantially reducing the assets of PDI and its ability to repay its obligations to investors and creditors. For example, Anthony Napier bought his wife a dozen roses each month.

Placed deceptive classified ads in newspapers sold in Washington, Oregon and Idaho. Ads targeting investors included false claims such as a 30% PLUS RETURN. Defendants also advertised rentals they didn't actually own.

Failed to disclose to renters that foreclosures were pending on the rental property or claimed foreclosures had been stopped or delayed. In fact, the foreclosures continued and tenants lost both rent and security deposits, which defendants failed to place in trust accounts.

Transferred company-owned properties to Alicia Napier. Defendants failed to inform investors and creditors about the joint agreement between PDI and Alicia Napier. As a result of transferring company assets to Alicia Napier, defendants substantially reduced the assets of PDI and its ability to repay its obligations to investors and creditors.

The Attorney General's Office is asking for new injunctions to stop the deceptive business practices, civil penalties of up to $25,000 for each individual defendant who violated the 2002 judgment plus additional civil penalties for the recent violations, restitution for victims and reimbursement of legal costs.

Jan Quintrall, president/CEO of the Better Business Bureau Serving Eastern Washington, North Idaho and Montana, praised the state for its work to protect homeowners.

Washington residents are fortunate to have such a pro-active and even-handed Attorney General to work with, Quintrall said. BBB values its partnership with the Washington Attorney General's Office on addressing issues concerning the breach of ethics that are giving legitimate real estate agents and investors a bad name.


- 30

Media Contact: Kristin Alexander, Media Relations Manager - Seattle, (206) 464-6432

As can be seen, this ROR is BOGUS!!! I can only hope that the Bomaans and the Washington AG office will pursue prosecution of the author of this report.
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#3 Consumer Comment

I don't believe you.

AUTHOR: Andromeda - (U.S.A.)

Kathryn,

I don't believe you. show us where all of this research is, I can't find it.

Oh, don't give any RipOffreport references, just everything else!
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#4 REBUTTAL Owner of company

This report is a slanderous lie - please do your own research and you will find this is untrue!

AUTHOR: Rebecca - (U.S.A.)

To consumers, readers, and all those concerned:

I urge you to read our rebuttal to see that an anonymous slanderer has posted vicious lies about our company.

My name is Rebecca Bomann, owner of SASH. For years I have been building our business to care for the needs of seniors, based on my own experience with my grandfather. This report is a shocking lie and I strongly urge you to investigate for yourself the validity of the statements made in this report.

SASH is an Accredited member of the Better Business Bureau and has been since our company started years ago. We endeavor to provide the highest quality service to our senior clients and have been successful in doing so, with 100% client satisfaction record.

Please go to our website at www.sashprogram.com and click on our Testimonials page. You will find many comments from happy clients who were so grateful that we were there to assist them through the home sale process.

Furthermore, I have no criminal record and our amazing company has never been sued by the AG. We have never been sued by anyone, nor has the AG ever called us to investigate. If they do, we are happy to show them that we go the extra mile to conduct an honest, ethical, amazing business. Each client that we serve deserves the highest respect and care, and we treat each one as if they were our own grandparent.

Whoever is filing this report is doing so with a fake name and city, to hide their identity. I am more than willing to sit down with them and speak about their concerns, with a mediator or arbitrator. Instead, they choose to slander our company anonymously with false information and we have no opportunity to "make it right" by discussing their concerns in direct conversation and mediation.

In addition, all of the information they gave about SASH's service to them is fabricated, as we have never had a client with that situation / house value / outcome. Their story does not accurately represent any business we have ever done.

Anyone who reads this false "Ripoff Report" is welcome to contact me directly. I can provide pages of professional and personal references, testimonies, and a transparent service model to prove our outstanding record of client care. You will see that the person who posted this slander does not provide contact information about them as they are hiding behind the lies they have posted.

Thank you for your time,

Sincerely,
Rebecca Bomann
SASH, Inc.
www.sashprogram.com
rebecca@sashprogram.com
206-412-7432
888-400-7274
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