Secured Investment Corp – Deceptive, Shady and Illicit
Although the law in the United States might be stringent when it comes to running a company, there are many companies in the country that manage to scam innocent people. This is why it is important that you perform sufficient research about each company you come into contact with before spending your hard-earned cash. It is the only way that you can be safe. Otherwise, your money would be wasted and you would be unable to reclaim your money. One of the fraudulent companies that you need to watch out for is Secured Investment Corp.
It has a history of scams that will make you worry about the people who have been ripped off by the company. It does not care about its customers and continues to rob people using deceptive practices. In our investigative post, we cover everything the company has done and where it stands today. Read on to learn more.
About Secured Investment Corp
Secured Investment Corp offers real estate investors with capital to finance projects. It is a private money company that brings borrowers and lenders together. The company has various divisions and subsidiaries including The Lee Arnold System of Real Estate Investing, Lake City Servicing, and Cogo Capital – The Private Money Company. Although it might seem like a company that has good intentions, it has ripped off countless clients and does not pay heed to its deceptive practices.
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Founded back in 2011, Secured Investment Corp is located in Coeur D’Alene, Idaho. It was established by the notorious Lee Arnold and claims to be the fastest-growing company in the private money industry. The company has loan expertise and provides a comprehensive lending platform that focuses on commercial real estate and occupied residential real estate. It claims to have helped countless borrowers by providing funds worth millions of dollars.
Everything started for Secured Investment Corp when The Lee Arnold System of Real Estate Investing provided real estate theory and workbook education combined with experience. Cogo Capital was also established by Lee Arnold to provide real estate investors with access to funds for investments that were non-owner occupied. Secured Investment Corp claims to have been involved in more than 1 billion dollars’ worth of deals. It also created SIC to lend on real estate liens and targeted high returns for investors in comparison to bond investments, bank CDs, and even the stock market. As it combined education, funding, and training, it wanted to create a circle of wealth for its clients. Thus, Secured Investment Corp was formed to take advantage of the circle.
The core service that Secured Investment Corp provides is access to private money funds. It offers passive cash flow and claims to provide no management responsibility. It aims to align fund managers with investors and delivers investment diversification opportunities. It targets people who want to invest in real estate without becoming a landlord.
How They Scammed Their Customers?
Anyone who visits the official website of Secured Investment Corp will think that the company is genuine and has the best interests of its customers in mind. However, it could not be further from the truth. In reality, the company is engaged in deceptive practices and has scammed countless customers out of thousands of dollars. Here are some of the scams that it has pulled off over the years.
Defaults on Multiple Loans
One of the scams that Secured Investment Corp pulls off is that it defaults on multiple loans. Customers who make an investment hoping to receive funds from the company never see the light of day. What the company does is that it stops providing the funds that it promises. It ends up providing a useless service that customers experience massive losses from. This is why anyone who puts any investment with the company would not receive any return whatsoever.
Even though customers have tried to reach out to the company for access to funds after investing, it does not provide any relief to them. Instead, they end up losing out on their investments altogether. Hence, it is crucial to steer clear of the company. The only objective of Secured Investment Corp is to gain access to the funds of its clients. Then, it does not provide anything in return after a few months. This results in customers defaulting on their investments and ending up in hot water. On the other hand, Secured Investment Corp does not provide any form of support at all.
Another huge scam that Secured Investment Corp pulls off is that it makes false claims of helping provide millions of dollars to its clients. It shares forged images of helping secure millions of dollars, whereas, in reality, it has not helped its clients but has only robbed them. All of the claims made by the company on its website are bogus and completely false. Nothing is true which is why it is crucial that everyone is careful of the company and does not make any commitments with them.
What the company does is that it shares false information to lure innocent clients to use its service. Hence, it is crucial that you do not fall into its trap. None of the accomplishments that the company claims to have made are even real. This is why customers who have researched the company have avoided it. However, there are still many customers who have been ripped off by believing the false claims made by the company. There is nothing notable about the Secured Investment Corp. All it does is make unreliable promises.
Does Not Respond
After Secured Investment Corp has ripped off its customers, it does not respond to them whatsoever. Customers try to reach out to the company in a number of ways. However, all of the attempts to get a hold of the company go to waste as the company simply does not respond to its clients who end up in hot water. Customers have suffered tremendously due to the scams carried out by the company. They put their trust in the company and found them to be unreliable. There is nothing that it does for its clients. In fact, it only seeks the payments until they are fully paid. Then, it is a no-show.
No matter how many times customers contact Secured Investment Corp, it does not answer them. Since most of the investments made are worth thousands of dollars, all the money goes to waste. The company does not even try to help its customers out in any way. It just loots them for all their worth and disappears. It has an extensive history of such actions.
When you compare the fees charged by Secured Investment Corp for its service with other companies in the market, it becomes clear that it is charging much more despite not providing a quality service. Anyone who has partnered with them knows just how frustrating things can get. The fees are possibly the highest in the industry and simply ridiculous, especially considering the poor quality of service and the lack of accountability for their actions. The fact is that the fees being charged by Secured Investment Corp are outrageous and against industry practice. This is why there is a need for strict action against the company.
Many customers who fell into its trap ended up paying more for a pathetic service that they could have received for much less in the market. It cares to show just how bad Secured Investment Corp is at its job. There is no worse company in the market for seeking a loan for real estate investment. The moment it has taken out all the money from its clients is when it shows its true colors.
In addition to the above, Secured Investment Corp can be very disrespectful to its clients. Its employees have a nasty attitude and treat their customers like they are worth nothing. The worst of them all is Peter Slaney according to customers who have complained about his misbehavior online on various platforms. He needs to learn how to treat humans. The poor ratings clearly explain just how frustrating it can be for customers to deal with the company.
When it comes to offering loans, the team at Secured Investment Corp is biased and does not provide any support. Despite making several promises, the company does not uphold any of the promises. The employees might seem honest at first. However, the more you deal with them the more you will realize that they are disappointing and do not have your best interests at heart. It is important that you stay away from the company as its employees will trap you through their false promises. To avoid any trouble while trying to invest in a property, it is best that you do not contact the company as reported by numerous customers who had been in some of the worst situations while dealing with the company representatives of Secured Investment Corp.
Illegal Loan Schemes
The majority of complaints that have been left by customers indicate that Secured Investment Corp is run by a bunch of crooks who want nothing but your hard-earned cash. If you accept their loan, the company will rob you like it has robbed countless innocent people. What the company does is that it charges illegal interest on the loan from the very beginning. On top of this, it does not even provide the full loan amount to its customers. The loans are void and illegal which is why many customers are seeking legal action against Secured Investment Corp.
What Happened To Secured Investment Corp?
After complaints by customers against Secured Investment Corp, the Washington State Department of Financial Institutions has taken action by issuing the company a notice for its violations. Although the company claims to have made changes to its referral program and has made compliance, the government is still pursuing the case to ensure that justice is served. The government will issue a cease and desist order to the company and bar some form of settlement. As for Cogo Capital, its former office has been closed. One of the notices issued to the company directs it to stop offering business opportunities that are out of the jurisdiction in the state of Washington. The Cogo Capital office has been transformed into a training facility, whereas, the company claims that it was not gaining traction and they had to shut it down.
As Secured Investment Corp has violated the Business Opportunity Fraud Act, the Department of Financial Institutions plans to take the company to court. The notice against the company would not go away even if it registers itself in the state of Washington. The body also alleges that the company misinterpreted its purchasers and failed to provide them the service it ought to provide. It also claims that the company had not followed through with most of its promises. On top of this, the state alleges Arnold to pay customers $1,500 who had been referred to. The company would have to make refunds to its customers to ensure that they are reimbursed for the losses they endured. There was also a litigation that involved Arnold back in 2009 in Utah when he was alleged for misappropriating funds.
According to the BBB website, four complaints have been lodged against Secured Investment Corp over the last few years which remain unresolved. Even though the company claims to have provided offers for resolution, no resolution has been reached so far. The case is likely to drag a bit longer until a decision is reached to ensure that innocent customers are refunded what they are owed.
After you have finished reading our post, you will come to know about the scams that Secured Investment Corp has pulled off. Although its Spokane office might have closed, there is a need for further action against the company so that it does not rob innocent people again. The fact that action is underway is good news for the customers who have been ripped off.
- False Claims
- Exorbitant Fees