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Report: #443757

Complaint Review: Wealth Architecture Group, WAG, Ryan Namba, Brock Worthen, Michelle Archer - Studio City California

  • Submitted:
  • Updated:
  • Reported By: West Hollywood California
  • Wealth Architecture Group, WAG, Ryan Namba, Brock Worthen, Michelle Archer 12001 Ventura Place, Suite 200 Studio City, California U.S.A.

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Myself and another co-investor bought 2 homes from WAG in 2006 as "investment properties" with promises of marketing, advertising and eventual sales of these properties.

Upon purchasing there was no attempt by WAG and it's employees to rent these properties or help with the placing of advertisements to help. We, as the the investors were left out to dry. After our "cash back" from buying them was gone, they offered to help pay our mortgages for a few months, which they did. We asked and asked about selling these and they never helped as promised in the initial meetings with them. After a few months, they stopped paying and we were left to cover our costs, develop our own advertising and find our own tenants. That is not a problem if that was the program we bought into.

Eventually we were tapped out and had to foreclose. During this process, we found other investors who also had been burned by WAG in Texas, Georgia and NC on "investment properties". In texas alone, the street that we bought our two houses on (all WAG properties), there were 8 foreclosures and even more short sells.

To date we have 32 people and are exploring all legal options against WAG.

They are still out there selling properties and investments, getting themselves rich, while their investors are left out to dry.

I would suggest avoiding this company if you are looking to invest.

Laguy27
West Hollywood, California
U.S.A.

This report was posted on Ripoff Report on 04/15/2009 10:25 AM and is a permanent record located here: https://www.ripoffreport.com/reports/wealth-architecture-group-wag-ryan-namba-brock-worthen-michelle-archer/studio-city-california-91604/wealth-architecture-group-wag-ryan-namba-brock-worthen-michelle-archer-shady-investmen-443757. 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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REBUTTALS & REPLIES:
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#6 Consumer Comment

Consumer Remark - My Two Cents

AUTHOR: TampaPropGuy - (U.S.A.)

POSTED: Wednesday, May 27, 2009
I think things may be different over at Wealth Architecture Group these days. I am not new to investing, but new to investing in the properties they market, so I have nothing but my one experience to base it on. I just closed on their Stimulus Package offering and it was a really good pairing of complimentary properties (for me and my portfolio, at least!). They might have had a sort of changing of the guard over there because I don't recognize all of the names you've posted. It also seems like they may have switched up their business model because they were marketing opportunities that were builder and bank liquidations. It's like I met an entirely different company than the one you are talking about.
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#5 Consumer Comment

I Agree, don't trust Wealth Architecture Group

AUTHOR: Private - (U.S.A.)

POSTED: Monday, May 18, 2009
I also know many investors that are very unhappy with WAG and also lost their investment homes to foreclosure costing them money and destroying their good credit. WAG should not be allowed in business.

However, I don't think that the WAG people meant to do anything that would hurt others, the problem is they don't do the due diligence needed to protect their customers. That being the case, you should avoid them.

Even though they say they have done the due diligence and give you all the answers to your questions, they also tell you that you are responsible for your own due diligence. And they're correct, you are responsible for your own due diligence. The problem is, being as they are the professionals most people trust them to have done the due diligence properly and so their customers don't do their own due diligence. That is why so many are in trouble.

Do I blame WAG, absolutely. If they had done their job correctly then they would have done ALL the due diligence themselves to verify what they are being told.

They are correct Tim McCormick is a crook and many of the builders Tim works with are also dishonest. If WAG would have done the due diligence necessary on each project to protect their investors they would have found that the deals were no good. But instead because Tim paid them so well, in my opinion they only looked at the great paycheck and took Tim's word on everything.

I am a professional fulltime investor and I learned along time ago not to trust anything anyone says so I always do my own due diligence research. After researching the different deals WAG offered me, none of them were worth doing.

And it wasn't just Tim's deals. They also brought me many others; they were all bad. And I blamed it on their lack of due diligence.

To sum up, I don't think they meant to be malicious in their dealings, but they failed their customers miserably by not doing their due diligence on each deal before offering them to their clients. For that I say to them, Shame On You! and I encourage all investors, first to avoid WAG, but then to always do your own due diligence on the companies you work with and every deal they offer you. This is your business, your money, your good name, and your credit, so don't trust it to anyone.
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#4 Author of original report

UPDATE

AUTHOR: Laguy27 - (U.S.A.)

POSTED: Tuesday, April 21, 2009
It has come to my attention that some of my claims might have been misunderstood.

All of the above is my experience with this company and the only thing that was estimated based on my research was the total number of foreclosures of their properties in Texas. I retract that statement as it was an estimate and not exact numbers.

That said, I do know that my two foreclosed and there were others, but the exact number I do not know.

I personally feel that I was not treated fairly and sold properties that were priced above market value and did eventually foreclose on two.

Investments can be tricky and I personally would never work with this company again
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#3 Author of original report

UPDATE - RETRACTION

AUTHOR: Laguy27 - (U.S.A.)

POSTED: Tuesday, April 21, 2009
It has come to my attention that some of my comments against this company could be viewed as slanderous and that is NOT my intent, therefore, I formally retract any statements made previously by me relating to any persons or properties outside of the two that I purchased with a co-investor.

As with any property, consumers should do their research on the people they are working with.
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#2 Author of original report

Avoid

AUTHOR: Laguy27 - (U.S.A.)

POSTED: Saturday, April 18, 2009
Do your research here on this company. There are many unhappy investors who have open a case with the California DRE to review business practices.

There is a reason that so many people are upset. One person here or there, but 32 people are upset with this company, that we know of.

do your research on them. We got in too early and took advice from them, who we thought were friends.
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#1 REBUTTAL Individual responds

Response to Laguy's False Accusation

AUTHOR: Wag, Llc - (U.S.A.)

POSTED: Friday, April 17, 2009
We have addressed Laguy's complaint with the BBB and the case has been dismissed. He continues to harass us with vindictive and threatening emails that have been forwarded to our attorney, who is now issuing a Cease and Desist letter to Laguy. We are fully prepared to move forward legally if his false allegations continue. This company is a real estate investment marketing company which means we market investment opportunities; we do not actually own the property or control pricing, appraisal value, set loan standards, etc. We did try and put renters in the properties and we have emails to prove these efforts. We never promised to sell the properties, as that was never the intent it was always a buy and hold opportunity. While we made very little money on these deals, we threw in everything we made and then some, of our own volition, to pay the mortgages and try to help, something we were not obligated, legally or otherwise, to do. We also hired a private investigator and an attorney, at our expense, to go after the dishonest builder, Tim McCormack of STS, who had lied to and cheated all of us. Additionally, at the time of his purchase Laguy was dating Serene Bynum, his co-investor, who worked for WAG as a processor on these very property offerings. If there were anything amiss with these deals she would have been the first to spot it as she was dealing directly with the builder as well. Amidst all of this, there is a failing economy which started with the crash of the sub-prime market fourth quarter of 2006 exactly when Laguy was purchasing his property. Sadly, none of us could control the crashing economy, which is clearly evidenced by the present economic climate. Regarding Georgia and NC, Laguy is misinformed. The developer filed for Chapter 11 when the economy began to falter. WAG did not make any promises that weren't kept and Laguy's accusations are false. Inquiries are welcome and anyone who would like more information is welcome to call us at 818-742-6300.
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