SUBMIT A COMPLAINT
Closed

Golden Valley Mortgage / Ted Smith- NMLS # 277405

To Feb 10, 2015 Review updated:

Ponzi Scheme- Ted Smith of Golden Valley Mortgage - Ted Smith - AKA James T. Smith AKA James Theodore Smith CEO of Golden Valley Mortgage located at 218 Ray Street in Pleasanton California, 94566 using a NMLS # 277405 and or # 1248759 using a cell number is [protected]

Mr. Ted Smith of Golden Valley Mortgage 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!

We are seeking that Mr. Ted Smith uses his own personal funds to pay back the investors the money that he owes 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 only a 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!

Golden Valley Mortgage

  • Updated by Tony Stockl, Mar 07, 2017

    Ted Smith - Golden Valley Mortgage- or TRY VALLEY INVESTMENT FUND LLC - Good TRY! You clearly made really bad decisions that resulted in HUGE funancial loss for many people that trusted in you! Suing you is pointless at this time since you filed BK ( CHAPTER 7 ) for the mess that you created. Bottom line, TED SMITH of Golden Valley Mortgage and or TRI VALLEY INVESTMENT FUND LLC lost thousands of dollars of individuals that trusted in him, promising high returns of interest and return of capital ( which was not delivered ) Nor the interest or the invested capital has been returned only a portion of it ( March 7th, 2017 ) Ted Smith should NOT be trusted in any financial dealings. This information will always be made available to the general public to avoid people from trusting TED SMITH with their finances in all future dealings. I am a investor who trusted in TED SMITH who lost over $50, 000 USD and had to wait 8 years to only find out that ted filed BK at the end. ( release see attached document below ) I can provide all paperwork to support this statement and contact information for many others who were in the same situation caused by Mr Ted Smith. Ask yourself, is this someone who should be doing my home purchase or a refinance? is Ted Someone who I can give my information to who can wisely invest my money? The answer is clearly NO based on his track record to date! Please see the letter TED sent at the end, does not even apologize!

Sort by: UpDate | Rating

Comments

  • Ro
      7th of Mar, 2017

    Complete fiction. don't understand how this statement could be legal. Author should be forced to take down. A complaint has to be grounded in facts.

    0 Votes
  • Re
      7th of Mar, 2017

    Clearly the BBB agreed that Ted had not mishandled funds and this claim is baseless. Why does it still exist on the board? A lot of people lost money in the downturn. This doesn't give right to prevent business from recovering today. We know that Ponzi schemes are illegal, so this type of inflammatory comment should be filed with courts, not used as a mechanism to draw business from tax paying citizens.

    0 Votes

Post your comment