Another Juan Dolio Scam - US Lawsuit of USD 3M

In a statement emailed to Dominican Watchdog, the Office of the Governor of the State of Idaho said the suit names Derek F.C. Elliott, James B. Catledge, David Brimley, Steve Cabezud, Barbara Nagel, John Thompson, Trevor Walker, Sun Village Juan Dolio Associates, LLC, Impact, Inc. and Impact Net Worth, LLC. “These individuals and entities operated, or were otherwise located in the Dominican Republic, Canada, Nevada, California and Idaho.”

It also states that the complaint alleges violations of the registration and anti-fraud provisions of the Idaho Uniform Securities Act. “The Department’s complaint alleges that the defendants offered and sold over $3 million in various types of unregistered resort-related securities to Idaho investors, and that misrepresentations and omissions of material facts occurred in connection with the offer and sale of the investment interests.”

It said the various defendants are specifically alleged to have misrepresented that the investments were safe and that investors would receive a fee simple deeded title to their portion of the resort property, and misrepresented the terms of an allegedly fixed-term income investment that was actually a 45 year resort time-share interest, and “violated the mortgage loan originator licen and Impact, Inc. failed to adhere to the terms of previous Consent Orders that required more disclosure and refund offers to Idaho investors. “While refund offers and additional disclosures were provided to Idaho investors, the promoters failed to make refund payments as promised. The seven count complaint seeks a permanent injunction, investor restitution of over $3 million and civil penalties.”

The email sent by the Office of the Governor of the State of Idaho said a copy of the civil complaint can be found on their Web site:

The Web site didn’t provide a local number, nor mailing address to obtain a statement.

A report in newspaper Idaho Statesman said Richard Riley, a Boise lawyer for the Impact Group, said his clients were one of nine selling groups for Elliot investment products and received only sales commissions, not sales proceeds.

"The Impact defendants believe they have conducted themselves in good faith and intend to cooperate with the Idaho Department of Finance to hold the Elliott defendants accountable," Riley said in an e-mail Wednesday night.

The Dominican Watchdog is interested in hearing from other investors who have been scammed in Juan Dolio.

Go back | Date: 02 Jul 2009
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