• Report: #734153
Complaint Review:

Robert Ritch

  • Submitted: Fri, May 27, 2011
  • Updated: Fri, June 24, 2011

  • Reported By: RSCA — Wake Forest North Carolina United States of America
Robert Ritch
9111 Cross Park Drive Knoxville, Tennessee United States of America

Robert Ritch Ritch and Associates, Robert Ritch and Associates investor Knoxville, Tennessee

*Consumer Comment: Robert has been an absolute blessing to deal with!

*Consumer Comment: Rob has funded many deals!

*Consumer Comment: Robert Ritch is a great guy

*Author of original report: Point Proven!

*REBUTTAL Owner of company: The guilty yell the loudest!

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Beware!!! Beware!!! Beware!!! Beware!!! Beware!!! Beware!!! Beware!!! Beware!!!

Do not give Robert Ritch any of your money, he is a scam artist.  Mr. Robert Ritch advertises on robertritch.com that he provides funding to business for their ventures.  The truth is that he will talk a smooth "game" during the free consultation, but when he gets your money, his story changes.  After he received our $1000 he drove to meet to my Board members and myself, but started saying that he didn't have any available funds to help us because his funds were in an offshore account. 

After receiving our $1000, the only thing Mr. Ritch said he could do to help us was to issue a Letter of Credit to us.  I called several banks to see about this "Letter of Credit", and none of the banks would accept it.  They all told me that Letter of Credit are issued by lending institutions and they never heard of someone like Mr. Ritch trying to issue a letter of credit.  Some of the bank associates even warned me to be careful because it sounded like a scam.  Well, too late because he already had our $1000. 

During the initial telephone consultation, I clearly outlined our existing situation and details about the property we are trying to acquire.  I specially told Mr. Ritch that we were a non-profit school, and he still said he could help us.  He stated that he would be willing to grant some of the money to us and use it as a tax write-off.  During our face-to-face meeting, Mr. Ritch said that he was not willing to grant any of the money to us, and that his funds were tied up in offshore accounts.

Beware because most scam artists don't actually make a face-to-face visit, but that's a cover up to try to justify hsi scam.  He was driving from Tennessee to North Carolina and he offered us nothing of value, so we are seeking to have our money refunded by Mr. Robert Ritch.

Also, don't be fooled by his LinkedIn profile at www.linkedin.com.  I initially found Mr. Ritch on LinkedIn and his profile seemed very impressive, but it's all just a scam.

During the face-to-face meeting with Mr. Ritch, he would not stay on the topic of business.  He kept talking about his family and the many businesses that he owns.  He talks a good "game", but don't be fooled.

If you search the RipOffReports on this website, you will see other entries in 2008 and 2009 for Mr. Robert Ritch.  In his replies to consumer complaints, he explained that he was working under another company when those complaints happened, but don't be fooled.  He will more than likely reply to my complaint by trying to say something negative about me or my company, but he just doesn't want to admit that he is a scam artist.  He began to call me demanding when I started questioning him about my money. 

I later found out from authorities that it is illegal to accept money from consumers prior to delivering the service.  He requested and accepted our $1000 and delivered absolutely nothing.

This report was posted on Ripoff Report on 05/27/2011 06:10 PM and is a permanent record located here: http://www.ripoffreport.com/reports/robert-ritch/knoxville-tennessee-37923/robert-ritch-ritch-and-associates-robert-ritch-and-associates-investor-knoxville-tenness-734153. 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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Updates & Rebuttals

#1 Consumer Comment

Robert has been an absolute blessing to deal with!

AUTHOR: John - ()

Robert has been an absolute blessing to deal with! By far, he's one of the most helpful business people we've ever dealt with. Not only did he help us get a higher return on our money, but he also demonstrated a lot of skill in completing deals. He definitely is well informed and truly wants us to succeed. Without question, he's who we trust. Thanks again!

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#2 Consumer Comment

Rob has funded many deals!

AUTHOR: Tonie - ()

Robert was a hired consultant on a significant global finance and operational transformation initiative. He is a strategic thinker with the unique ability to not just create a strategic vision, but to mobilize and operationalize it as well. He has a deep expertise in the Capital Funding space including finance and operational processes. He was a pleasure to deal with as a consultant - demanding but fair, incredibly hard working and always informative

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#3 Consumer Comment

Robert Ritch is a great guy

AUTHOR: Nadine - ()

I have worked with Robert on a number of occasions in the past 3 years, both negotiating with companies in which he had an interest and having him work with me and my colleagues to raise funds for other companies. 

Robert is commercially, financially and technically savvy and very quick to spot opportunities and identify and solve problems. 

Personally he is straight forward; he does what he says he is going to and provides straight answers. I would have no hesitation in working with him again

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#4 Author of original report

Point Proven!

AUTHOR: RSCA - (United States of America)

I warned you all in my initial report that Rob Ritch would come up with bogus stories to try to hide the fact that he is a liar and a cheat.

I actually have proof from several members of my Board that Rob Ritch kept avoiding "business" talk when he arrived to meet with us.  He kept talking about his family and didn't discuss any concrete business ideas. 

Just read other posts over the Internet about Robert Ritch and you will see that he goes around ripping people off.

I have also filed other reports against Rob Ritch with other agencies.  I filed a report against him with the Better Business Bureau, and the mail sent to him came back undeliverable. 

He also was untruthful about my conversation with him concerning the Letter of Credit.  First of all, he didn't mention anything about a letter of credit during our initial over-the-phone conversation.  Over the phone he stated that he had reviewed our financials and everything looked good, and he would be visiting us to close on a deal. 

The next day after meeting with Rob Ritch, I called several banks about accepting his "Letter of Credit" and several banks warned me that it sounded like a scam.  Believe me, IT IS A SCAM!  One bank told me they would look into it to see if his letter could be used, and that's what I told Rob.  The banker came back to me after checking and confirmed that it sounded like something fraudulent and they would not accept it.

Rob Ritch obviously doesn't check the financial statements of those he make promises to because if he did he would see that my husband and I are not profiting from the business.  He would have seen that the money we make goes right back into the school.  We pay for tennis lesson and tournaments for our students out of the school funds ($60/week); we give discounts to families who cannot afford full tuition (you can find proof of this on our school website at www.rscacademy.com; we accept subsidy payments from the government to assist low-income families; and much more.  When Rob Ritch made the comment that my husband and I are making good money off of the business, he OBVIOUSLY didn't review our financials.

If you notice, every time you call Rob Ritch, some lady answers the telephone, and you can hear children and other noises in the background.  Also, if you say you really need to reach him, she says "I'll send him a text".  Just not very business like.

Also, Rob's letter of intent had misspelled words in it and so does most of his writings.  He obviously doesn't have any professional people doing business for him.

All I can say is that you should not give Rob Ritch one cent of your money.  He knows that it was his intent to scam us, and God will see to it that he is punished.  People like him NEVER win!

If you want even more proof and testimonials from others on my Board, please feel free to let me know.
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#5 REBUTTAL Owner of company

The guilty yell the loudest!

AUTHOR: Robert ritch - (USA)

I can provide references of deals I have completed and I have been in business since 1994. I will warn you though, if you are misleading, lie or in any way not totally honest with me when requesting funding I will not fund your deal and I will keep your due diligence fee! I make no apologies for this!

I did charge $1,000 and if you run the mileage from Knoxville TN to Wake Forest NC and returning you will find that I charged the standard government per-Diem rate plus $400 to cover my time to inspect the building that she proposed to buy, meet with her board of directors and perform a background check on the company.

The facts are simple:

  • Her company is registered as a non-profit but is really a for profit that she and her husband draw a good income from

  • Her business did not have the assets to back the loan

  • Her business did not have the income to support the loan; she wanted me to base the loan on projected sales.

  • The building she wanted to buy had very little value because it was set up as a school which would make the resale in case of default hard. This is why Suntrust was selling it at such a discount and it was still on the market. The Raleigh area is growing in spit of the economy and a building like that should have sold quickly.

  • I offered and mentioned using a letter of credit on the phone call and even spoke directly with Ron Lancaster who works for Branch Banking and Trust and sets on her board about using the LOC as collateral. He fully understood what I was talking about

  • She is correct about only financial institutions being able to issue LOC's but fails to remember that I am part owner of an off shore bank/insurance captive. I explained this to her on the phone.

  • Roxanne emailed me that she had a local bank willing to take the LOC as collateral. I would post it here but it will not let me. Contact me at info@robertritch.com and I will be glad to provide you a copy. Normally I would consider this confidential information but since Roaxanne wants to make this public, I no longer feel obligated to keep it confidential.
With the above information would you have completed the transaction?

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