Atlantic Home Loans Inc. — Ponzi Scheme
Ponzi Scheme- Ted Smith Atlantic Home Loans Inc - Ted Smith - AKA James T. Smith AKA James Theodore Smith CEO of Golden Valley Mortgage also known as Tri Valley Investment Fund, LLC located at 218 Ray Street in Pleasanton California, 94566 who currently works at Atlantic Home Loans Inc. with a NMLS #277405
Mr. Ted Smith of Atlantic Home Loans collected millions of dollars from individuals for a real-estate fund claiming returns grater than 10%. In 2007 based on a referral I trusted and transferred more than $ 200, 000.00 (two hundred thousand USD) to Mr. Ted Smith's care. Note that my father has also trusted additional $30, 000 (thirty thousand dollars to Mr. Smiths care) we can supply any contracts and or e-mails that were signed and exchanged by Mr. Ted Smith and myself from years 2007 till present (February 2015) In our initial meetings Mr. Ted Smith re-assured us countless times that any and all funds + interest earned can be returned in 30 days or less if needed. In 2010 -11 Mr. Smith defaulted on interest payments, which caused concern on our end. I contacted Mr. Ted Smith and asked to withdraw my funds from Tri Valley Investment Fund, LLC however Mr. Ted Smith declined to do, his excuse was that the market has declined and that he does not want to sell any assets at a loss. He asked his investors to be patient and to wait till the market returns before he can sell the real estate properties that Mr. Ted Smith invested in at desired returns.
Lets now fast-forward to February 2015 the real estate prices are back up to 2007 highs, and the US economy is booming! Over the past 7 years Mr. Smith has not returned any interest and still owes myself and my father over $130, 000.00 USD (one hundred and thirty thousand USD) We have tried to contact Mr. Smith number of times in regards to resolving this manner only to find out that there are many more individuals in the same position as us. Mr. Ted Smith has hired private security guard to attend our meetings and or called Law Enforcement when I show up to a scheduled office meeting. This is not how I would expect someone owing more than one hundred and thirty thousand dollars to respond! After contacting a lawyer in the manner I found out that Ted Smith pays for his own lawyers with the funds that he collected from his investors! You may think that we are rich and that this was extra money invested the fact is that this was most of what we had and my elderly father who fell sick in 2009 could not pay his own mortgage due to medical expenses. When we turned to Ted Smith to get some of our money out he simply told us that he is doing his best, then stopped answering our phone calls.
Please note that to date Ted Smith drives the latest Mercedes AMG his own home is prayed off in full, his kids attended Cal Poly University and you will find him at the most expensive Golf Course every Friday afternoon. Till today Mr. Ted Smith and his wife Janice Smith (marketing director) live a plush life in the Pleasanton suburbs!
To date Ted Smith and his wife Janine Smith continue to operate a Ponzi scheme collecting funds from individuals by offering high interest returns in real estate services, mortgage investments and by offering other financial services. Mr. Smith of Atlantic Home Loans Inc has defrauded individuals of hundreds of thousands and possibly millions of dollars to date collecting capital from investors and not repaying them. Clearly Mr. Smith should not be allowed to handle any real estate funds, investments or mortgage related services. Please do not trust Ted Smith with your money even if it’s a simple home purchase or a refinance he does not have your best interest in mind!
We have contacted the BBB and the State of California to make sure that Ted’s fraudulent practices come to an end!