For those that had attended the last money tank and met with Ryan Lawlor and saw his opportunity about the unrealistic returns. It turns out you were right.
https://www.driveplanningreceivership.com
they were originally being investigated by the SEC and now being sued for misappropriation of funds for personal gain. For those that decided to do this I hope it resolves itself and we get our money back.
I was one foolish enough to give this a shot and now I am paying the price of losing the 20k I put in. This goes to show that the old adage of if it’s too good to be true it probably is lolz.
i wish the best of luck to those that did this also and that a resolution is met with soon.
So sorry to hear. I’d looked up the principals on the FINRA brokercheck site, and I didn’t like what I found on them There was not enough transparency, and I read the promissory note they provided as a sample, and it didn’t have the security mechanism. I looked on their website, and all I saw was a LOT of very fancy parties and big spending, but no explanation of who was running their fund and finding the properties. Properties in Medelin? Ok. Ponzi scheme?
I feel badly for Ryan, because I bet he had no idea. He really seemed like a nice young man with a young family. The lead guy and his #2, Linarducci, don’t have track records that make sense for their big, splashy, race car team success.
Thank you so much for being HONEST and sharing this with us, because people here are very kindhearted and trusting. I am NOT seeing them do deep due diligence – I know that, because Borrowers are surprised by my due diligence questions. No one is asking them for it.
We need to trust, but verify. Be skeptical if it doesn’t seem right, or if you ask for information and are not given it, or given a guilt trip for asking, move on. That’s FINE. You should be reviewing many deals, and asking lots of questions.
https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26076
Well put Leah! Yes I agree I should have did a better job on my part but sometimes I guess a part of me wanted to develop better relationships but it’s a lesson well learned for me. I’m just glad every one of my other deals on here have been with wonderful people!