• Report: #241766
Complaint Review:


  • Submitted: Sat, March 31, 2007
  • Updated: Sat, March 31, 2007

  • Reported By:Fremont California
8757 Georgia Avenue, Suite 1330 Silver Spring, Maryland U.S.A.

Bid4Assets illegally transfer client's money to a known fake auction seller, ripoff Silver Spring Maryland

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I was a participant for Alameda County Tax Defaulted Property Auction which was held on Mar. 20 and 21 , 2007, hosted by Bid4assets.com. I won the Auction for a parcel of land in Livermore, CA for over $800,000. As instructed by Bid4assets.com, I immediately wired the full payment for the auction to Bid4assets.com's bank account.

However, immediately after they received the full payment, I received a phone call from a lady from Alameda County Tax Collector. She told me that the sale has to be canceled since there was an error made by the county. The auction supposed to be the final sale, how can it happen? She also told me that the money will be refunded to me by the county and I have to wait.. for at least 2 weeks but no firm date.

I immediately called Bid4assets.com and talked to their Senior VP and the person who was in charging the tax sale for Counties. Believe or not, the person in Bid4assets.com said there was no canceling any auction and he talked with the County everyday. I asked him to contact with the County to verify this canceling of the my winning bid and if it is true, refund my money directly. He refused and told me that the money was still in Bid4Assets but no matter what, my money will be sent to the county. Then he handed up the phone, very unprofessional.

I just cannot believe what he was saying. I told them that I owe the county nothing since they did not sell to me anything, the bid4Assets.com has no right to send any of my funds in their company to the known fake auction seller. I also requested them to send my fund directly to me instead of illegally transfer to the known fake auction seller. Bid4Assets did contact verified with the County for the cancellation, but they still refuse to refund the money to me directly.

Assume if Ebay has known that seller was selling nothing on Ebay, would Ebay/Papal send the payments from the Buyer to the known fake auction seller? OC, no, this is a very common sense. I just cannot believe that the bid4assets.com will do something like this. I understand that by doing such illegal money transfer, they could make a lot of money from the auction commissions. If they refund the money to me directly, they would loose the commissions from this fake auction. However, can they really do this kind of wire fraud to get the commissions?

Never ever put a big bet on Bid4Assets.com, they are just a group of people making money from the bidders by Fraud. Bid4assets.com never care about their customer's money, they only care about their commissions! Until today, they still have not return my email after they have verified with the county that the auction was canceled by the county. I cannot believe such a poor company can gain business from the government. I am going to work on this and make sure more and more people know how bad this bid4assets.com is!

I am also planning to work on the case of breaking the auction promise by Alameda County. I am still waiting for my money.. They are still refusing to refund the money to me and making big interest income on it. What a poor Internet Auction company the bid4assets is!

Fremont, California

This report was posted on Ripoff Report on 03/31/2007 09:53 PM and is a permanent record located here: http://www.ripoffreport.com/reports/bid4assets/silver-spring-maryland-20910/bid4assets-illegally-transfer-clients-money-to-a-known-fake-auction-seller-ripoff-silver-241766. 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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