ED Magedson – Founder
Portfolio Development Corp.2554 Lincoln Blvd. #1004 Marina del Rey, California USA
Portfolio Development Corp. Gemstone ripoff and scam to fleece you of your money. Marina del Rey California
I have invested over $ 56,000.00 in semi-precious gemstones with Portfolio Development Corp., since 2000. Always being assured that I could sell the purchased gemstones back to them at any time and realize a great profit with 'discrete' income tax reporting. Portfoiio Development has always shipped these gemstones from their inventory and stock. When the time came to sell the gemstones back to Portfolio Development a few years later, they inform me that they only function as a 'broker' or middle man to interested clients of theirs. "Currently there are no buyers for your gemstones and we will not take them back" is their stance. Independent appraisal of the gemstones indicate the value at a fraction of the purchase price. Portfolio Development purports to be a large organization, dealing internationally, buying and reselling gemstones and valuable collectibles. Upon further investigation, Portfolio Development Corp., is a single individual, Mr. Marshall Fields, who operates close to anonymity and secrecy. Mr. Fields continues this scam operation to unsuspecting investors without consequence. Hopefully, this ripoff report will alert investors to perform due diligence before dealing with this fraudulent individual and company. My investment may never be recovered but if this report can terminate this scam, others may learn from my mistakes.
This report was posted on Ripoff Report on 05/10/2013 08:08 AM and is a permanent record located here: http://www.ripoffreport.com/reports/portfolio-development-corp/marina-del-rey-california-90291/rportfolio-development-corpmarina-del-rey-california-90291portfolio-development-corp-gemstone-rip-1049840. 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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