Metro Dream Homes Scaaaam!!!! (Baltimore, Grasonville: short sales, foreclosure, refinance)

[tiredofscamstoo]

FYI:

Receivership Website
As many readers of this site may know, the Circuit Court for Prince George's County entered an Order yesterday placing Andrew H. Williams Jr., POS DH, LLC and Metropolitan Grapevine, LLC into receivership. The Order also continued, on an indefinate basis, the freeze of assets held by related entities. Invotex Group, a Maryland headquartered forensic accounting firm, was originally appointed as an Examiner in this matter. The Order entered yesterday appointed Invotex Group as Receiver for the three entities.

This posting will make you aware that the Receiver has set up a website through which interested parties may obtain information about this matter. The URL for the website is POS. The website also has an e-mail link through which you can contact Receivership staff. Every effort will be made to keep the information posted on the website current. Although, with several hundred investors involved, the Receivership staff will initially focus on answering general questions with applicabilty to most investors rather than specific questions about individual investments.

Thank you for your cooperation in this investigation.

Raymond J. Peroutka, Jr.
Managing Director
Invotex Group

[W.A]

As of this morning, this is an e-mail from MDH. They finaly decided to speak to their "partners"!!!!!!!!!!!



[SIZE=3]On October 29, 2007, in the Circuit Court for Prince George ’s County, Judge Smith ordered that the Motion for Freeze of the Assets of POS DH, LLC, Metropolitan Grapevine, LLC and Andrew H Williams, JR is granted and that Invotex, Inc. is appointed temporary receiver until further order of this court. You can go to the following website for more details: http://www.pos-receiver.com.[/SIZE]
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[SIZE=3]I have been advised that an appeal on behalf of the defendants was submitted on October 30, 2007. All partners should expect an e-mail notification shortly. The company attorneys are reviewing proposed plans to reconcile all outstanding partner issues and subsequent individual partner meetings (one-on-one) shall be scheduled. [/SIZE]
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[SIZE=3]All individuals who do not desire to wait on the ‘proposed plan’ and rather instead take action to file claims against the defendants should send by mail ‘proof of claim’ directly to the Receiver. [/SIZE]
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[SIZE=3]There will be a status report at this court on November 30, 2007 at 9:00 am. [/SIZE]
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[SIZE=3]One-on-one! Yeah right, I hope this takes place sometime before next year.[/SIZE]

[sagegriot]

This newspaper has the best updates on the status of MDH. Also search archives for "POS Dream Home" and "Metropolitan Grapevine". There's about 11 articles covering the whole story.

Fredericksburg.com - Little hope for Dream Homes' buyers

[ralphmalph]

Originally Posted by MDH supporter "Right"

This is so SAD, I have heard that the members have not had their mortgages paid because all the money has been frozen. The talk in Fredricksburg is that Kevin Elliott who once worked for BB&T Bank is the neighbor of one of the board members of Metro Dream Homes.

Just so that it is perfectly clear to everyone here, the mortgages have not been paid because there was never any income to generate the money to pay the mortgages. It has nothing to do with any action by the AG, other than the fact that they stopped MDH from recruiting new victims. The money for paying mortgages has been coming from the money given to MDH by new victims. This cycle required a steady stream of new members to pay the mortgages of existing members. Since there were never any real investments, once new members stopped joining the money stream stopped and no more mortgages were paid.

Is that clear? If it is not, look at the timing. The mortgages were not paid since August and the asset freeze was not ordered until October! So why were the mortgages not paid in August and September? I guess the asset freeze was retroactive?...

MDH is a scam, pure and simple. Well, maybe not so simple as they seem to have been scamming both the members as well as partners. It looks to me as if there were any number of people who were lured in to participate in offshoots of the scam, who in turn were used to broaden the scam and were duped as well.

Trying to contact MDH or any representatives from this point on, will proved useless. The best thing to do is to contact an attorney and find out if they are likely to collect any money (in excess of their fees) from the shambles of this corrupt scheme. My guess is that there will never be enough money recovered to pay for the lawyers.

So it is very likely that the best thing you can do is to find a way to accept what has happened and to move on with your life. You or your friends have lost $54,000 and must from this point on deal with that fact.

[evilnewbie]

I am sorry but you guys deserve it. Seriously, who will give YOU free money. The answer is nobody and you thought you could take advantage of the company when they were taking advantage of you. It was your fault, nobody else. I don't have people coming up to me and say, hey, how about I give you FREE money... don't think so. I pass.

[W.A]

Thank you all, but this is a life time lesson!!

I agree with ralphmalph, that from my parents experience the mortgages were not paid for the last 3 month and the freez implemented last month.

What a loss!

[ralphmalph]

Originally Posted by evilnewbie

I am sorry but you guys deserve it. Seriously, who will give YOU free money. The answer is nobody and you thought you could take advantage of the company when they were taking advantage of you. It was your fault, nobody else. I don't have people coming up to me and say, hey, how about I give you FREE money... don't think so. I pass.

Hey, there is a difference between being blunt and being mean. Nobody "deserves" to be ripped off. Sure, these people were not very skeptical about what seems to be an offer "too good to be true". But does that really mean they *deserve* to loose a major hunk of change?

As to the "FREE money" aspect, that is just silly. When I give my money to the bank in exchange for 5% interest, is that FREE money? The only difference is that they were offering over 50% return and the government guarantees my money in the bank, but no one guarantees the money given to MDH.

I have to shake my head anytime I hear about anyone being duped by these charlatans. I may even think they are to blame in part by being so gulable and not checking them out. But I don't say they "deserve" it. No one deserved this.


The real point is that the money is gone. It looks like the MDH principals will be held accountable and may even serve jail time. But jail won't recover a dime. So the victims need to figure out how to get on with their lives.

[sagegriot]

Originally Posted by ralphmalph

As to the "FREE money" aspect, that is just silly. When I give my money to the bank in exchange for 5% interest, is that FREE money? The only difference is that they were offering over 50% return and the government guarantees my money in the bank, but no one guarantees the money given to MDH.

While it appears they are offering a huge return on the order of 50% to make these mortgage payments, the actual return on investment to the homeowners is more like 7-10% per year by the time the equity is split with MDH at the end of 7 yrs. An investor's return could be be even lower if they already had significant equity in the home, unless they somehow accounted for that.

[srw17]

The court has appointed a receiver for this case. I am mailing copies of my paperwork along with their contact information form to the receiver in hopes of getting my money back oneday. Go to POS read updates on the court proceedings.

Also, please read the information below.

INITIAL NOTICE OF et al AND WILLIAMS, IN RECEIVERSHIP
On October 29, 2007, the Securities Commissioner for the State of Maryland received an Order from the Circuit Court of Maryland for Prince George’s County (“Court”) against Metropolitan Grapevine LLC (POS DH et al) and Andrew H. Williams, Jr. (“Williams”) enjoining POS DH et al and Williams from conducting business, freezing their assets, and appointing a Receiver.

The Court also appointed Invotex, Inc. as Receiver (“Receiver”). The Receiver is required, as reasonably possible, to provide notice of the current situation to all creditors and investors of POS DH et al. Such notice will be published according to Maryland law but the Receiver shall endeavor to provide each creditor and investor a written notice sent by United States Postal Service.

Regrettably, the business records of POS DH et al are significantly incomplete, so your assistance and patience is needed and greatly appreciated. It is estimated that the number of creditors and investors of POS DH et al is in excess of 900. That number of individuals makes it difficult to speak to each of you. The Invotex Group Receivership line is 410-824-7139; please leave a detailed message including the name “POS” and someone will get back to you as soon as possible. You can also contact the receiver at POS-Receiver@invotex.com.

Please complete the Contact Information Form to be certain you will be provided notice. Go to POS to get the contact form.

A written notice is planned for mailing as soon as practicable. That notice will provide additional detail. Should the Order be made permanent an additional notice will be sent as soon as practical. The Receiver has also established a web page at http://www.posreceiver.com and (broken link) might consider e-mailings in addition to the U.S. Postal Service.

I understand the great anxiety and worry these events cause and will endeavor to provide information as soon as possible. Again your patience is greatly appreciated.

Sincerely,
Raymond J. Peroutka, Jr.
Managing Director, Invotex, Inc.
Receiver for POS DH, LLC and Metropolitan
Grapevine LLC and Andrew H. Williams, Jr.

[srw17]

Originally Posted by evilnewbie

I am sorry but you guys deserve it. Seriously, who will give YOU free money. The answer is nobody and you thought you could take advantage of the company when they were taking advantage of you. It was your fault, nobody else. I don't have people coming up to me and say, hey, how about I give you FREE money... don't think so. I pass.

You really don't know all of the details. They just didn't come up to us offering free money. When I joined it was because some people that I have known most of my life where part of Metropolitan Dream Home and their mortgages where being paid, they where receiving monthly cash payments, and they had received thousands of dollars in bonus money. We where told by Dream Home that the money they where investing in ATMs and other financial entities was making money. Because this was working for several of our friends, after attending several meetings and then meeting with an account manager we decided to join. We did not go into lightly. This was a big commitment for us.