Lee Loomis admits fruad to FBI

According to the quote in this story.

From the story:

FBI special agent Kathleen Nicolls said Loomis admitted the NARAS statements were false during an interview on August 15, eleven days before federal agents searched his Roseville offices and Granite Bay home. Agents hauled away hundreds of boxes of documents and dozens of computers.

During the August 15 interview with the FBI, Loomis admitted knowing Warren engaged in fraud while he worked for Loomis Wealth Solutions. But Loomis told investigators he never reported the fraud because he believed they were isolated incidents.

Poor Dad

 

Gold stash found

Acting U.S. Attorney Larry Brown said Friday federal agents seized gold coins estimated to be worth $413,000 from a Phoenix safe deposit box belonging to former fugitive Christopher J. Warren of Sacramento, who fled the country in the face of a major fraud investigation.

fully story here.

Poor Dad

 

Two of the three fugitves now arrested

Kind of hard to keep up — but it appears that two of the three fugitives have been arrested,

Story here.

Poor Dad

 

One of the fugitives arrested at the border

Story here.

It’s turned into a real life horrific soap opera.

Poor Dad

 

Third Loomis employee flees the country

According to this story.

This third person, the story alleges, was helping authorities build a case against Lee Loomis until he fled the country.

The Loomis attorney claims Loomis will be vindicated,

Of course — none of this comes to me via Lee Loomis.   I’m watching the news — just like anyone else.    Lee Loomis doesn’t even seem fit enough to send out emails to his “members”.

Poor Dad

 

Another Loomis Employee Flees the Country

Story Here.

I wonder why Lee Loomis himself hasn’t been arrested.   I notice that the www.loomiswealth.com is no longer online.   I have no idea what the final disposition of the company is.

Poor Dad

 

Ponzi Scheme and Fugitives

The internet is an amazing resource.   When I first got involved with Loomis Wealth I did search the web.   There simplay wasn’t any information but one complaint on a website.   That was it — and it did not weigh more in my mind than my personal respect of the person who introduced me to Loomis.

The latest in the story has a Loomis VP fleeing the country and writing a tell all article.

News Story

Another Story

Confession

(looks like the confession is no longer online.   anybody save it?)

Very Poor Dad

 

The End Is Near

Before I signed on with Loomis, I had to consider the worst case scenario, and whether or not I was willing to face such a consequence.   I knew that the most vulnerable time would be if the business fell apart within the first two years.   And so — it has.

After my April Update I had both concerns and hopes.   Through May and June things actually looked up just a bit.  The mortgages did get paid (late as always), and I received the assurance payments.   Even started seeing some of my NARA money returned — well beyond the contracted 90 days in which all of it was supposed to be returned.

Thought that the July mortgages were paid — but, it appears, either they weren’t or were paid with bad checks.  August and September mortgage payments were also not paid but we were having weekly status calls with assurances that all would be made good before the end of September.

Yesterday we had the latest status call and not even a mention about the alleged new income stream that was going to make our payments.   Worse yet, Loomis is now refusing to pay mortgages at all.   We have to pay them and wait for reimbursements from them.   From a company that’s not even paying it’s employees nor returning any of the NARAS funds.

I won’t even try to get into the reasons given.   I don’t understand them all, and I don’t want to put out anything I don’t know to be true.   What is true is that Loomis is supposed to be paying my mortgages and isn’t.   My emails to the few folks I know that are remaining as Loomis employees, including Lee Loomis himself — stating that I don’t have the ability to pay this mortgages and wait for reimbursement have gone unanswered.

What will I do?  At this moment, I have no clue.

Even Poorer Dad

 

Preparation Meets Opportunity

Here’s a photo of our second property that we just closed on. It’s in Bakersfield, CA. It’s both exciting and nerve wracking to see the plans we talked about last spring starting to come to fruition.

The whole notion of “together we are better” is showing itself to be true. It is said that “luck is just when preparation meets opportunity” and we’ve been preparing for this opportunity all year. We had to get our finances in order….free up the equity in our home…etc.

Just about the time we get our act together, Loomis too is benefiting from preparation meeting opportunity. With the sub-prime meltdown and slowing of the housing market there are builders out there with finished but unsold properties. Loomis has created a buying force of 300 members with excellent financials — and we are now buying new properties instead of rehabs.

This same sub-prime melt down is resulting in banks tightening their mortgage requirements…providing us a market of people looking into alternative financing.

What luck!

Poor Dad

 

Our first property

We just closed on our first property — a new construction condo in Phoenix. It’s part of the Red Rox condos and you can check out their website.

Lots of papers to sign, I think I have a hand cramp

Not much will change for us at this point. We’re still getting more in “assuance plan” payments than our rents cover…but at least now _some_ of it will be from our own rental property income.

Poor Dad

Ps…..welcome No Debt Forum readers — you might be interested in this article.