Even though American business legislation is considered among the strictest in the world, many unscrupulous corporations nonetheless operate within its borders. That’s why it’s so important to investigate thoroughly any business you consider doing business with before handing over any cash. It’s your only hope for security. If you don’t do this, your money will be lost and you won’t be able to get it back. Secured Investment Corp. is one of the scam companies you should be wary of.
It has a checkered past of scamming customers, and you should be concerned for those it has victimized. It has no regard for its clientele and persists in stealing from them through dishonest means. Our in-depth piece discusses the company’s history and current status. Keep reading to find out more.
The History of Secured Investment Corp.
Investors in real estate can get access to money through Secured Investment Corp. A private money lender facilitates transactions between borrowers and investors. The Lee Arnold System of Real Estate Investing, Lake City Servicing, and Cogo Capital – The Private Money Company are just a few of the company’s many divisions and subsidiaries. A lot of people have been taken advantage of by this company, even though it presents itself as honest.
History
Secured Investment Corp. has been in business since 2011 and is headquartered in Coeur D’Alene, Idaho. It was founded by the infamous Lee Arnold and brags about having the highest rate of expansion among private equity firms. The organization has loan expertise and offers a full financing platform with a concentration on commercial and residential real estate that is currently occupied. It says it has helped many people get loans totaling millions of dollars.
Secured Investment Corp. got its start because of the comprehensive real estate education offered by The Lee Arnold System of Real Estate Investing. Lee Arnold also started Cogo Capital to help people buy investment properties they won’t live in themselves. More than a billion dollars worth of transactions, according to Secured Investment Corp.
To provide investors with higher returns than they could earn from bonds, bank CDs, or the stock market, it also established SIC to lend on real estate liens. Its goal was to provide its customers with a virtuous cycle of financial success by integrating education, financing, and training. To capitalize on the network, Secured Investment Corp was established.
Services
The provision of access to private money funds is Secured Investment Corp’s primary function. It provides a source of passive income and promises minimal management involvement. It provides investment diversification opportunities and seeks to bring together fund managers and investors. It’s aimed at would-be investors who don’t want to manage their properties.
How Did They Con Trick on Their Clients?
Secured Investment Corp’s website gives the impression that the organization is trustworthy and cares about its clients. However, the opposite is true. The company has been engaging in fraudulent activities and has bilked several victims out of thousands of dollars. Some of the con tricks it has played over the years are listed here.
Multiple Loan Defaults
Secured Investment Corp. has been accused of engaging in loan default fraud. Investors who expect a return on their money from the corporation are kept in the dark. The company stops delivering on its financial commitments. Customers lose a ton of money because it’s a pointless service. For this reason, shareholders will earn zero returns on their investments.
Customers have tried to get in touch to get their money back after investing, but the company has done nothing to help. Instead, they wind up completely losing their money. As a result, you should avoid dealing with the firm at all costs. Secured Investment Corp’s sole purpose is to acquire customer funds. After a few months, it gives you nothing in return. Customers will lose their investments and get into trouble as a result. Secured Investment Corp, on the other hand, offers zero assistance.
Inaccurate Statements
Secured Investment Corp. also uses the promise of millions of dollars in funding to deceive its customers. It boasts of helping clients obtain millions of dollars while in reality it has done nothing but rob them. The company makes no valid claims whatsoever on its website. Everyone needs to be wary of the company and not make any promises to them because nothing they say is true.
To trick unwary customers into signing up for their service, the corporation spreads bogus information. Therefore, you must avoid being lured into it. The company has made no actual progress toward any of its stated goals. Because of this, informed consumers have shied away from the company. Many clients, however, continue to be duped because they fell for the company’s misleading advertising. The Secured Investment Corp. stands out for precisely zero reasons. The only thing it does is make empty assurances.
Inactive
After Secured Investment Corp has stolen from its clients, it ceases communicating with them. Many different channels are used by customers to contact the business. Unfortunately, customers who find themselves in sticky situations are unable to reach the company for help, despite repeated tries. The company’s scams have caused terrible harm to its customers. They had faith in the business, only to be let down. It provides zero value to its patrons. Only payments up to the entire amount are requested. Then it would be a no-show.
Secured Investment Corp. never responds to its consumers, no matter how often they try to get in touch with the company. Thousands of dollars are wasted on investments every year because of this. The organization provides zero assistance to its clientele. It takes whatever it can get its hands on and then vanishes. It has a very long track record of doing this sort of thing.
Costly Charges
Secured Investment Corp is charging excessively high prices for its service when compared to those of competing businesses in the industry. If you’ve ever worked with them, you know how frustrating it can be. When you factor in the subpar quality of service and the lack of transparency, their prices are among the highest in the business. Secured Investment Corp’s fees are excessive and not in line with standard practice. This is why firm measures must be taken against the firm.
Many clients fell for this ploy, only to find that they overpaid for subpar assistance that was available elsewhere for far less money. It is concerned with demonstrating Secured Investment Corp.’s extreme incompetence. If you’re looking for a loan to invest in property, there’s not a worse organization out there. Once it has collected from its customers, it reveals its actual nature.
Disrespectful
On top of all that, Secured Investment Corp is notorious for treating its customers poorly. The workers there are rude and treat consumers as though they are not important. Customers who have complained about Peter Slaney’s bad behavior online have labeled him the worst of the bunch. He has to be taught proper human interaction skills. The low ratings speak for themselves regarding how irritating it is to work with this firm.
Secured Investment Corp.’s staff is unhelpful and biased when it comes to loan provision. The corporation has made numerous assurances but has failed to deliver on any of them. The workers could initially appear trustworthy. As time goes on, though, you’ll see that they’re not worth your time and truly don’t care about what’s best for you.
Stay well away from the business, as its personnel may lure you in with false promises. Customers who had the worst possible experiences with Secured Investment Corp.’s representatives in the course of seeking to invest in property advised other potential investors to stay well away from the company.
Bad Faith Lending Practices
According to the vast majority of customer reviews, Secured Investment Corp is handled by dishonest individuals who are just interested in taking your money. The organization will rob you, just like it has many others if you take out a loan from them. The firm starts charging illegal interest on the debt right away. Furthermore, it does not even give its customers the whole loan amount. Many borrowers feel they have no choice but to take legal action against Secured Investment Corp. because the loans are null and void and Secured Investment Corp.
When Did Secured Investment Corp. Fade Away?
Customers of Secured Investment Corp complained, thus the Washington State Department of Financial Institutions issued a warning letter. The corporation says it is in compliance and has made modifications to its referral scheme, but the government is still investigating. The government will issue an injunction against the corporation and prevent any kind of settlement.
Cogo Capital has ceased operations at its former location. The company has received many notifications, one of which orders it to stop advertising business opportunities in jurisdictions outside of Washington state. Cogo Capital claims it closed because it was not successful and the office is now being used as a training center.
The Department of Financial Institutions intends to file suit against Secured Investment Corp because it has committed violations of the Business Opportunity Fraud Act. The corporation may register in Washington, but it wouldn’t make the warning disappear.
The group also claims that the corporation failed to provide the service it owed its customers because it misunderstood their needs. It also asserts that the corporation has failed to deliver on several of its claims. The state also claims Arnold received $1,500 from suggested customers. The business would have to issue refunds to clients who suffered financial losses. Arnold was also a party to a lawsuit in 2009 in Utah, when he was accused of embezzling money.
There have been four unresolved complaints about Secured Investment Corp filed with the BBB over the past five years. The corporation says it has made resolution offers, but so far no agreements have been reached. It will take a little longer for a decision to be made that will guarantee refunds to legitimate claimants.
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