ED Magedson – Founder
Cardinal Capital & Consulting5878 DeGiverville Avenue also 7753 Forsyth (former St. Louis, Missouri USA
Cardinal Capital & Consulting - Derrick Bridgett Real Estate Investment - Pattern of Ripoffs/Failure to deliver as promised St. Louis Missouri
Derrick Bridgett and Cardinal Capital & Consulting appear to be up to old tricks honed during his time with Nest Egg Investments et al. He engaged us in real estate transactions promising that we could Sit back, relax, and collect money. This process has been anything but the aforementioned. Mr. Bridgett sold us two of his holdings, secured financing through a Hard Money Lender (HML) and promised the work would be completed in 90 - 120 days. These properties were acquired in April/May 2013. As he bidded the cost of repairs, he commited to covering any overages out of his pocket. We requested the following: 1. All systems work be performed by licensed and bonded contractors/sub-contractors; 2. Appropriate permits be pulled to ensure work was done right and meets jusridiction compliance; 3. That we recieve a detailed worksheet with timelines and pricing for all work to be performed. None of which was done. Mr. Bridgett skillfully positioned himself between us the the HML so we were not seeing the draws being made from the escrowed repair monies.
In a matter of a few weeks, he drained nearly all the funds from each account having grossly overcharged for many of the services performed. We thought safeguards were in place to protect us from these occurrences as the HML employed an inspector who was to approve the work and ensure it was properly performed. We learned later that the inspector and Mr. Bridgett are friends and though he thought the charges were above industtry standard we were never made aware of these concerns. Neither project has been worked on for months. Mr. Bridgett suggested we take over our own projects and that he would invoice us for monies he felt he was due. As part of the business model Mr. Bridgett also was suppose to rimburse us the monies we paid to the HML. These funds arrived slowly and eventually stopped coming at all. He even asked us to enter into a Promissory Note if we managed the payments ourselves for four months. We agreed thinking this might ensure our receiving the monies as promised. He has yet to make good on the Promissory Note. Mr. Bridgett issued a check to repay the Promissory Note and then did a stop payment. Between the two properties, out of pocket payments, joint venture agreement, we are in for in excess of $100,000. Mr. Bridgett makes a lot of promises all the time setting up clients for a big fall. Buyer beware of doing business with him in any capacity. He is just out for himself and leaves us high and dry.
This report was posted on Ripoff Report on 03/19/2014 09:53 AM and is a permanent record located here: http://www.ripoffreport.com/reports/cardinal-capital-consulting/st-louis-missouri-63112-1617/cardinal-capital-consulting-derrick-bridgett-real-estate-investment-pattern-of-ripo-1131826. 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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