| Chris Germain Piping |
| Chris Germain Piping Rock Partners Swindlers, Liars, Shysters Fraudulent Real Estate Deals, Predatory Sales Practices, Dishonest San Francisco, Califo |
| 24th of Jun, 2011 by User869620 |
If you are looking to invest in real estate or need to do a 1031 exchange stay far away from Piping Rock Partners and especially Christopher Germain the president of the company. They will promise you the rosiest of scenarios with the lowest cost but unfortunately after the documents are signed and the check is cashed you find out it was anything but true. These guys leverage real estate using over 90% debt, through first and second mortgages. They show you how good the revenue stream is and the dividends youll earn so that the debt seems inconsequential. Well Im here to tell you its nothing like Chris Germain says it is. The property I bought a share of was a complete bust, but his presentation was that this was the deal of a life time. All the generous revenue I was going to make never materialized. When I questioned him he gave me every song in the book until he wouldnt even take my calls. I cant begin to tell you how many thousands of dollars I had to come up with so I dont lose my investment. The other partners in this property are also disillusioned and angry. I did a 1031 exchange. I had done very well on my own in real estate and this is my retirement nest egg. My wife and I are losing sleep wondering if well have anything left. I cant even sell my share although Chris made it sound like it wouldnt be a problem with his contacts and sources if I wanted to sell down the road. He babbled something about the bad market whenever I brought it up. They say a fish stinks from the head well this must be true for Piping Rock Partners. They tout their decades of experience which is laughable. They have a few guys and they added up each persons years in real estate investments. Heck if there was an office of 50 one year rookies they could say they had 50 years of real estate experience! If this report spares one person from the financial problems and the anxiety about losing your retirement nest egg to a shyster then it is worth it. Chris has a Wall St. background, maybe Bernie Madoff was his mentor. Im sure Bernie would be proud
of him.
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"User869620" doesn't exist, and of course, neither does this story.
In reality, this fiction is the direct result of recently announced regulatory action against certain non-traded REITs, and a transparent personal attack on the investor advocates who precipitated it. The facts regarding these allegations are now being reported publicly by the New York Times, the Wall Street Journal, Bloomberg, Kiplingers, Investment News and the Philadelphia Enquirer, among others.
The facts regarding FINRA's investigation into the sale and promotion of non-traded REITs can be read here:
http://www.finra.org/Industry/Regulation/Guidance/TargetedExaminationLetters/P118545
The facts regarding FINRA's specific allegations of fraudulent sales of "Apple REITs" can be read here:
http://www.finra.org/Newsroom/NewsReleases/2011/P123738 |
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