• Report: #1022515
Complaint Review:

Private Money Exchange

  • Submitted: Sat, March 02, 2013
  • Updated: Sat, March 02, 2013

  • Reported By: Patrick — Lusby Maryland United States of America
Private Money Exchange
1121 E Mullan Ave Couer d'Alene, Idaho United States of America

Private Money Exchange Private Money Bank fraud lie telemarketing fraud scam rip-off credit card Couer d'Alene, Idaho

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Private Money Exchange(PME) ripped me off for over $25,000!! 

The PME group also uses the following names: Secured Investment Corp; Private Money Bank; I am the Solution.

I was contacted by a David from Private Money Exchange and was invited to the "PME Inner Circle" which I was told included the following:
- leader of all the PME affiliates in my state of Maryland 
- I'd get income from all of the affiliates in Maryland doing deals and using PME loans 
- Wholesale properties from PME's purchases of bulk property packages from banks and investment firms (my main reason for agreeing to join the "PME Inner Circle" for $25K")
- 100% financing for all of my Real Estate projects
- I would be on a personal level with owner Lee Arnold and his inner network

Of course I was assured that I would recoup my investment on the first property PE sent my way. I was literally told I would not have to worry about finding deals or funding in my Real Estate business any more, they were going to be falling in my lap. 

So they took my personal resume and I filled out several applications. I was told that Lee personally reviewed my information and was honored to accept me as the youngest "PME Inner Circle Member". And they charged me $25,000 over two credit cards. 

And I waited and waited then called and was told.. "O, it takes a little while to get things setup you'll hear from us soon". Then I was put on calls with a "coach" who had no clue what was going on either. It took weeks for me to get through to him what I had really signed up for...... In the mean time I was contacted by countless groups trying to sell me things all having some affiliation with PME.

....{insert A very long and painful series of events over months including losing a property after funding falling through by PME after having a commitment letter!} .....

Finally, I actually get in contact with Lee Arnold, who after boasting how he was a millionaire in his twenties, tells me it was a processing mistake and he would correct things and he would have to send his guy out to see my business before I could get 100% funding for my projects...
So I get some audio books in the mail and he sends one of his coaches out to me and I find out none of what I was originally sold on even exists... We go through stuff I was already coached on and already was paying coaches to teach me.  

 ....{insert A very long and painful series of events including almost losing a second deal from PME financing delaying closing twice!}...

I get a hold of Lee again... I demand my money back. He says that the two days with his coach is worth $25K.... WHAT I didn't even know what was going on! I said no way and again demanded my money back. He said well I only charged you half of the 25K and another company (EMS) charged you the other half and I would have to work through them. So he gives me their contact info. He then asked me to send him the name of the guy that sold me originally on the "PME Inner Circle", hinted that they had problems with him in the past and made it sound like he was going to look into it and I had hope of getting my money back.

Since, I've sent Lee the info he requested and tried to get a hold of EMS. I've heard nothing from Lee and I found out that "I Am the Solution" (Lee's coaching business I had no clue about) charged me the full $25K. EMS gust acted clueless and don't answer calls. Huge Run Around!!!

I'm just tired... I've been lied to, manipulated, scammed.... this just isn't right and cant be legal. I just want my money back and if you count interest on that money, what I could have done with it in my business and the lost deals from PME funding falling through your talking $100K in true damages!!  So, I'm taking a different approach and am going to share my experience.

Lee and anyone involved with Private Money Exchange; Secured Investment Corp; Private Money Bank or I am the Solution. You stole $25,000 from me; Please give it back!! I will not stop sharing my experience until I'm refunded.  

This report was posted on Ripoff Report on 03/02/2013 11:13 AM and is a permanent record located here: http://www.ripoffreport.com/reports/private-money-exchange/couer-dalene-idaho-83814/private-money-exchange-private-money-bank-fraud-lie-telemarketing-fraud-scam-rip-off-cred-1022515. 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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