Nationwide REO Group Prudential REO Group Organized Real Estate REO Ripoff Internet

I have had the same experience with these crooks.

The first property was able to be "flipped" in less than two weeks. I was then presented with an opportunity to purchase several more. Boy was that a HUGE mistake.

After purchasing several more properties from a "Joe Epstein" from the "NYC office", I received quit claim deeds.

After many months of excuses as to why the properties have not sold, I started to do some research.

I have come to find out that the properties are close to being condemned, most had back taxes and they could not be sold for anywhere near the prices that these crooks proclaimed.

After a little more research, I have found out that these crooks have been doing this for years under various company names.

If anyone would like to help and share some information please contact me at shocking_lou@yahoo.com

These fraudsters must be caught!!

I should have written this 9 months ago, but these people will rip you off. They will sell you worthless properties for $10,000 or so, that they buy for $500 or so. They tell (lie) you that they will sell the properties for a profit individually or in bulk sale to foreign buyer. It's a ruse, (except maybe for an initial sale of property to related company to hook you), they will not sell any properties you buy from them. It's fraudulent inducement as to what they tell you.

They have specific intent to defraud you as they do not sell you bank REO properties, which the bank maintains, insures, and keeps property taxes current. They will sell you county forfeiture properties in Detroit, and county foreclosed properties they don't own but Wayne county owns.

They may switch out properties on purchase contracts to different properties on the quitclaim deeds they file with Wayne County Register of Deeds. Their response to the switch is that the properties on the purchase contract were condemned.

I believe these indivuals are also guilty of wire fraud, which is a very serious crime. Each person convicted could face up to 100 years in prison.

All investors need to take action. There is power in numbers. I highly suggest contacting your nearest FBI office and state Attorney General's office and filing criminal complaints for major white collar crime. They should and will likely have their ill gotten assets stripped from them.

Florida State Attorney General Pam Bondi's office won't mediate individual complaints but did provide some good resources:

For criminal complaint:
Broward County Sheriff's Office  - Fort Lauderdale, FL

Others - Florida Department of Business and Professional Regulation (DBPR) - Orlando, FL
           -  Florida Office of Financial Regulation (OFR) - Tallahassee, Florida
           -  Securities and Exchange Commission - Washington DC
           -  Financial Industry Regulatory Authority (FINRA)  - Rockville Maryland

Wayne County has a Deed Fraud Unit, but hard to get a hold of.

Let's take action and put these fraudsters out of business so they don't continue to scam citizens, and to also give them the just punishment they deserve.

This is an update to the post on September 21, 2011. I was able to confirm that the quitclaims i received were recorded by Wayne County Register of Deeds and are in order; and appear to have legitimate ownership trail.

Although property sales may occur more slowly than stated by company representatives, the purchase of properties appears to be proper from my perspective.