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Report: #1486591

Complaint Review: Philip Puleo - Lake Worth Florida

  • Submitted:
  • Updated:
  • Reported By: Luz — chula vista California United States

Philip Puleo Scammer - took substantial upfront money for 3 Loans and never funded Lake Worth Florida

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STAY AWAY - THEY ARE SCAMMERS Philip & Joseph Puelo (Olympic Capital) & Brent Woodson (Watersmark) . Received Upfront Fees with the representations they had Investors that would fund 3 Construction Loans. They received the money via wire transfer between July 8, 2019 through July 22, 2019.

After which Philip Puelo & Brent Woodson traveled to meet the Borrowers and see the properties. Philip & Brent said, they wanted to make sure everything was as represented. Everything was better than what was represented (according to Philip & Brent) eliminating any of their concerns. During the meetings, in the Borrowers offices, Brent & Philip directly told me, the Borrowers, and other people that are involved in the 3 Developments that they were very impressed and had the Investors to fund the 3 Construction Loans.

They said they could get it funded in approximately 30 days. After the site visit everything started to take a turn for the worst. After 2 weeks neither Philip nor Brent had discussed the 3 Construction Loans with any of their Investors. The fact was that even though the Borrowers and I had sent Philip & Brent all of the back up information for their underwriting, before & after the site visit, they had not spent the time (even with all the upfront money) to compile a presentation package for the their Investors to review.

I had to step in and create the 3 to 4 page executive summaries. Bottom Line they Scammed the Borrowers to entice them to pay upfront fees stating they had investors to fund their Construction Loans. As of 10/19/19 there is no funding in site. We sent them a deand and then they stopped returning calls, texts & emails and will not return the upfront fees. STAY AWAY - THEY ARE SCAMMERS

This report was posted on Ripoff Report on 10/19/2019 04:42 PM and is a permanent record located here: https://www.ripoffreport.com/report/philip-puleo/lake-worth-florida-scammer-1486591. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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