Metro Dream Homes Scaaaam!!!! (cars, money, company)

[tiredofscamstoo]

From Washington post on 11/4/07:


[SIZE=-1]Md. Firm's Assets Frozen
[/SIZE]
Maryland authorities have frozen the assets of Metropolitan Grapevine and its related companies, along with the personal assets of its chief executive, Andrew H. Williams. On Monday, the Prince George's County Circuit Court appointed Invotex of Baltimore as receiver for the companies. Invotex has been directed to track down the group's assets and, if any are found, will attempt to create a pool of money to refund to investors and other creditors.
The local company had promised to pay off the mortgages of participants in its Dream Homes program with money it said it earned from the sale of automated teller machines and video advertising.
According to a statement from Attorney General Douglas F. Gansler's office, more than 1,000 people invested approximately $50 million in Grapevine and its related companies. The court found that Grapevine's businesses generated "no significant income," and that they are insolvent, with liabilities of $200 million to $300 million and assets of approximately $2 million, the statement said.


The receiver is still trying to locate assets, including bank accounts and more than 50 vehicles.
Invotex, the receiver, has established a Web site that Grapevine investors can use for updates on the case, http://www.pos-receiver.com. Participants, including those outside Maryland, can call Invotex at 410-824-7139.
Gansler also asked anyone who knows the location of Grapevine vehicles, bank accounts or other assets to contact Invotex or call the attorney general's office at 410-576-6360.
Considering the relatively small amount of assets found so far, compared with the huge sums collected from Dream Homes participants, it looks as if many people stand to lose much, if not all, of the money they gave Williams and his partners. Participants had better be making their own mortgage payments now or they will face delinquency or foreclosure. They also need to be on guard that they don't open themselves to further losses by trusting someone who claims to know a way out of this mess.
The only way to recover money invested with the Dream Homes program now would be through the receiver's office, and the people there are still trying to find out where the cash went.

[Re-foundingMother]

hope everyone here is also reading other forums like scam.com and 419legal.org. they are more active again.

[W.A]

I just found out from a friend that most or all Metro Dream staff had paid off their homes durring the time they had cash flow and recruitment was successful. How selfish and how smart for the support staff to make sure that they have secured their Dream homes and it doesn't matter if the company gets busted in the future. I'm almost certain this information is not just a rumor. From the way staff seems calm and hopefull after all that happening, it proofs that they are not worried about their own assets.
I remember how excited some individuals were during the meetings when they talked about their assets and the monthly income.

How Sad to rob the Dreams of so many to secure your Own!

[Grasonville]

Originally Posted by W.A

How Sad to rob the Dreams of so many to secure your Own!

I am so sorry - is it possible that there is a class action suit you could bring with others who were hurt by this? There are certainly enough lawyers in the DC area who should want a piece of this pie

[W.A]

At this time most people are still hopefull to get their money back, since Invotex is working on the final financial status. They promised to return some of the money after the audit is complete. No class action yet but I can see it in the near future. In the meantime, so many lost their homes. Oh my god what a high price.

[sagegriot]

Originally Posted by Grasonville

I am so sorry - is it possible that there is a class action suit you could bring with others who were hurt by this? There are certainly enough lawyers in the DC area who should want a piece of this pie

I don't know how, but it SEEMS like there would be tremendous energy among the 'last-in' investors to remain united and collectively pursue some legal and/or financial remedies such as class action or mortgage restructuring, etc.,etc That IS a reasonable explanation for what we've seen........first in investors did not lose much, management got thier payments and coached everyone else 'HOLD TIGHT...EVRYTHING GONNA BE ALRIGHT'.

[W.A]

It's a bitter reality that the people who benefited from this program represent a few from the one thousand investors. As sagegriot said, the first-in investors are telling us to just wait, we will make it. I heard of this family that owns 4 homes for the last year, they got the mortgage on time for all the homes plus $4000 for every home. What a deal, they got our money and saved up for the bad time until they can refinance.

[sagegriot]

Originally Posted by W.A

At this time most people are still hopefull to get their money back, since Invotex is working on the final financial status. They promised to return some of the money after the audit is complete. No class action yet but I can see it in the near future. In the meantime, so many lost their homes. Oh my god what a high price.

Do they realize the return is likely to be pennies on the dollar? The assets uncovered so far seem to be very minimal and I would be uncomfortable with the level of effort going into the process to uncover all the hiding places. Obviously, I don't know whats going on behind the scenes, but Im just saying........

[Re-foundingMother]

Originally Posted by W.A

It's a bitter reality that the people who benefited from this program represent a few from the one thousand investors. As sagegriot said, the first-in investors are telling us to just wait, we will make it. I heard of this family that owns 4 homes for the last year, they got the mortgage on time for all the homes plus $4000 for every home. What a deal, they got our money and saved up for the bad time until they can refinance.

This the part that that I have also heard and seen to be true over time. Those first people in, investors and employees, who may not be totally paid off yet are organizing short sales and getting rid of "unnecessary" properties in an already challenged market, just trying to dump them. The greed and meanness shown by some of the people is outrageous. And they are probably still crying foul and filing for assistance in the receiver site just to keep their cover as victims intact.

I hope this "case" doesn't just disappear to the path of least resistance because the fix or justice is too slow for most. I hope that as each real victim finds their temporary or most advantageous "fix" that we keep pursuing the case against all the perpetrators not just AHW.

I could not log into scam last night or this morning. Hope it is not down for any length of time again. We lost a lot of ground when down last a few weeks ago.

[Re-foundingMother]

a new order from judge has just been posted on POS.

also, please look at 419legal.org and scam.com

there are several central locations again with different posts.

keeping up with all of them helps us all. maybe something to add with what you know.

thanks.