Southern Maryland Real Estate Blog: Scam

Feds Press Charges in Metropolitan Money Store Scheme

It looks like things are moving forward with the case against Joy Jenise Jackson (formerly known as a stripper named Night Rider), Kurt Fordham, and The Metropolitan Money Store.

Remember them? They're the one's accused of "saving" people from foreclosure, while stripping their equity out from under them, and leaving the victims in financial turmoil.

Former Stripper Joy J. Jackson Ran Foreclosure Rescue Scam
Uploaded by Scambuster2007

Well, now they've decided to press charges against 8 people, including Joy Jackson and Kurt Fordham, and (provided that the accused can be located), we may finally see some closure to this bizarre tale. It's bad enough that we've dealt with scummy lenders writing bad loans, scummy get rich quick schemes promising to pay your mortgage, and the real estate bubble bursting, leaving us with a serious foreclosure problems, but seriously, this too?

It's an embarrassment to legitimate professionals to see garbage like this happening in the region. I hate the fact that a few bad apples like this can really ruin the reputation of the industry as a whole.

It's great that they've pressed charges, but what I want to know is this: Where in the hell are they, and how do you plan to arrest them? This was in the news months ago that the feds were trying to build a case, and I'd be shocked to hear that they were still in the country at this point! **

**Correction** Multiple arrests were made thursday morning in North Carolina, including both Ms. Jackson and Mr. Fordham, among others.

Metro Dream Homes- How Many People are Involved? and Auction Re-Cap

The Real Estate Market in Southern Maryland has been incredibly busy so far this year, so I have been unable to post updates to this blog about Metro Dream Homes.

I have heard quite a bit recently, however, so I'd like to briefly catch everyone up on what I can. First off, there was a big article in the Fredericksburg Free-Lance Star regarding MDH where Raymond Peroutka, the man in charge of the court ordered investigation spoke in detail about the current status of the case and the receivership.

What struck me about the article was that he estimated that the number of homes involved was closer to 2,000, not 1,000, which is a HUGE difference. I have not spoken with anyone from Invotex directly, so I don't have any first hand knowledge of what they have discovered thus far. What I do know is that more than a few banks have taken heavy losses due to short sales and foreclosures, and I expect the losses to continue to mount.

On a related front, the asset liquidation auction for Metro Dream Homes happened on the 23rd of January, and apparently the confiscated vehicles had already been auctioned off in the weeks prior. There were rumors about a Ferrari and a Porsche being auctioned off among the assets, but I have no way to confirm that. Did anyone out there reading this happen to attend the car auction?

I was stunned by the amount of equipment being auctioned off! Cases of water bottles, branded with the Metropolitan Grapevine Logo, along with branded M&M's, Notepads, car-shaped stress balls, and tons of equipment! There were dozens of computers auctioned off, lots of plasma TV's (I think a 52" plasma went for around $1,400) and office furniture.

I ended up buying a drill press for less than $20, as well as a stainless steel mini-fridge ($45) and a set of 10 office desks for $20. There were a lot of deals to be had, and the auctioneers sold everything in the warehouse! Anyone else who attended care to share their experience with the auction?

That estimate of 2,000 homes involved in the program really bothers me. I'm starting to wonder if there has ever been a mortgage scandal in the United States as large as this one? I'm going to have to do a little more research to find out, I'll post whatever I discover!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
Southern Maryland Real Estate Blog

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METRO DREAM HOMES- Auction Scheduled (1/23/2008)

Just a quick update for all of you keeping track of what's happening with Metro Dream Homes and Metropolitan Grapevine....

There's going to be an auction of MDH assets this Wednesday, January 23rd, at 11am. Included in the list of items up for sale:

Large Screen TVs, AVAYA phone systems, printers, copiers, monitors, Redskin memorabilia, (3) trailer loads of office furniture, power tools, large show shipping cases and more.

I did notice from the photos of items that at least 1 ATM machine is up for grabs, and who knows what else is available. The auction will be held at: 14228 Cherry Lane, Laurel MD 20707

There will be a 15% Buyers Premium, and hopefully this will go towards starting to pay back some of the hundreds of people that were cheated in this scandal.

Link To Auctioneer's Website

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
Southern Maryland Real Estate Blog

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METRO DREAM HOMES- Scope of Receivership is expanded

Just as a quick update to the Metropolitan Dream Homes situation, California has granted a receivership order for and Invotex representative to take control of California based assets of Metropolitan Grapevine and related companies.

The order came at the end of December (December 21st), which leads me to ask this:

Just how deeply buried is the truth when it comes to this case? If Invotex took receivership of Maryland and Virginia Assets in mid-November, why has it taken so long to do the same in California? Even before assets were frozen by the Attorney General, it was common knowledge that they were operating in CA, so I can only assume that this is because there has been some difficulty in establishing evidence of assets on the west coast.

Is there anyone out there who has more insight on the situation? I know Invotex has their hands full here, but what's really going on?

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METROPOLITAN MONEY STORE- 12/02/2007 UPDATE

I'm so relieved to see this story making national news!!

It seems that Joy Jackson, aka "Night Rider" to all her friends back at the strip club, was recently featured on MSNBC Nightly News (video link).

For those of you who need a quick update on the back story, click here.

In addition, there seems to be a growing number of people interest in her and her partners current whereabouts. Funny how people frown upon $800,000 weddings when the bride may have cheated them out of their home equity. I highly doubt her proceeds as an, ahem, "entertainer" managed to pay for Ms. Patti LaBelle's presence there! (I also heard she gave away a Porsche, and a house to her wedding guests, among other things)

At any rate, NBC has broadcast the story now, and there is even a dedicated website, run by a law firm, dedicated to this series of events. I highly recommend you check it out, and if you happen to have any useful information about the case, they'd love to hear from you!

As an aside to the MSNBC story, here's a link to a site MSNBC posted about avoiding foreclosure scams. It's a good read, especially if you're worried about possibly being involved in one!

I'll post more as I hear it, I'm really hoping that people that were cheated will come out of this alright!

Link to original Washington Post Article, Dated August 26th, 2007

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METRO DREAM HOMES- A little more information has trickled in

It's frightening to think of just how deep the bottom line has been buried in regards to Andy Williams and Metropolitan Dream Homes.

Here's the latest info- 18 companies have been determined as subsidiaries of Metro-Grapevine, the parent company of Metro Dream Homes ( aka MDH ). over 1,000 people are financially involved. Company assets that have been recovered include:

$150,000 in cash

50 cars- including S-Class Mercedes, Corvettes, Escalades, etc.

14 local properties- located in Laurel, Virginia, D.C.

The company liabilities are between $200-$300 Million, they are unable to pay the mortgages as promised, and are behind by several months at this point.

There was a recent article in the Laurel Leader, link is included here:

The attorney general's office is asking anyone with knowledge about the assets of POS or any of its affiliated companies, including bank accounts, property or cash, to call the office at 410-576-6360.

Anyone who would like to share their experience about MDH or Andy Williams, please email or call me directly and I will include your story to my next update.

j.benya@c21nm.com
301-653-8116

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 - office
301-653-8116 - cell

Charles County Real Estate Blog
SOMD Home Search
Southern Maryland Custom Homes & Land

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in Accokeek, Anne Arundel County, Buying, Charles County, Current Affairs, Foreclosure, Foreclosures, Fraud, Fredericksburg, Investment, Maryland, MD, Metro Dream Homes, Metro Money Store, Metropolitan Dream Homes, pre-foreclosure, Prince George's County, Real Estate, real estate agent, realtor, Scam, Short Sale, Southern Maryland, St. Charles | Permalink | Comments (1) | TrackBack (0)

METRO DREAM HOMES- Homeowners who need to get out!

   I've gotten a few calls this week about Metro Dream Homes and here at Team Benya we are working with homeowners involved in this scandal to help them get out from under their inflated mortgage payments by negotiating short sales with the banks directly to get their homes sold before they go to foreclosure.

   The typical damage to one's credit score when their home goes to pre-foreclosure is 100-150 points. If that home is foreclosed on, however, that point loss increases to 200-250 points! If anyone out there is in need of trying to negotiate with the banks and get their home sold, give us a call and we can see what we can do to try and stop people involved with Metro Dream Homes from going to foreclosure.

   My team is licensed to list and sell homes in both Maryland and Virginia, so if you need help trying to get your home sold to avoid foreclosure, give us a call.

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 - office
301-653-8116 - cell

Charles County Real Estate Blog
SOMD Home Search
Southern Maryland Custom Homes & Land

Join The SOMD RE Blog Community and get free news and updates via email!

in Century 21, Current Affairs, Foreclosure, Foreclosures, Fraud, Maryland, MD, Metro Dream Homes, Metro Money Store, Metropolitan Dream Homes, PG County, pre-foreclosure, Real Estate, real estate agent, realtor, Scam, Short Sale, Southern Maryland | Permalink | Comments (0) | TrackBack (0)

Metropolitan Dream Homes- Just a quick update

I just received a copy of an email sent to investors from Metropolitan Dream Homes (MDH). Included in my post is a copy of that email:

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.

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.

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.

There will be a status report at this court on November 30, 2007 at 9:00 am.

As always, I'll post more as it becomes available.

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 - office
301-653-8116 - cell

Charles County Real Estate Blog
SOMD Home Search
Southern Maryland Custom Homes & Land

Join The SOMD RE Blog Community and get free news and updates via email!

in Current Affairs, Fraud, Maryland, MD, Metro Dream Homes, Metro Money Store, Metropolitan Dream Homes, PG County, Prince George's County, Scam | Permalink | Comments (0) | TrackBack (0)

METRO DREAM HOMES- Parent Company POS in receivership

I want to make sure I keep you guys updated on the unfolding Metro Dream Homes scandal; It seems a company named Invotex has taken temporary receivership of POS, which is the parent company for Metro Dream Homes. They have set up a website where interested people can view copies of the court documents as they are released.

Metro Dream Homes Receivership Website

I'll add more information as it comes in to me.

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 - office
301-653-8116 - cell

Charles County Real Estate Blog
SOMD Home Search
Southern Maryland Custom Homes & Land

Join The SOMD RE Blog Community and get free news and updates via email!

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Update on Metro Dream Homes..... it's not looking pretty.....

There's a front page article in today's Fredericksburg, VA Free Lance-Star. It seems that the Attorney General has established that the company is in debt by at least $300,000,000! Their assets have been frozen and they're trying to find the money trail, but so far only $150,000 has been found so far. They did jail the company president, Andy Williams, but it is not clear if he is still in jail at this time. It turns out that Mr. Williams had another ponzi scheme shut down back in 2001, had been barred from selling securities, AND had not properly registered his current Metro Dream Homes investment scheme.

For now, the assets of the company are frozen and will remain that way until more information comes to light, but participants in the program are not looking at a terribly bright situation.

Link to Free Lance-Star Article

Link to Washington Post article regarding 2001 investment scheme