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Pyramid Sun LP / Fraud and cheating

1 United States Review updated:
Contact information:

Pyramid Sun LP is also located at 10237 Berea Rd, Cleveland, OH 44102. You submit a loan request and you get an LOI stating that you have to pay $18, 000 for due diligence fees or $10, 000 if you have an appraisal. The LOI also states that if you withdraw your loan application you lose your fees. If the company cannot get you a loan you get a refund of your fees minus any third party costs.

I had an appraisal done on a property and it did not come in at the required amount. I asked my rep KEVIN O'MALLEY (the only person who answers the phone by the way) if I will get a refund. He stated that I would and he would process the request. A few weeks went by and still no refund. I contacted Kevin several times and finally threatened to contact the FTC and then I received an email from the supposed accounting department stating that I will have something mailed out by the end of the day. I then receive a letter from an attorney stating that I will not get my money back because I withdrew my loan application which in fact is not true.

I did do some type of investigation of the company before I sent money out. They are listed with the State Secretary Office in Ohio but not in MA. Kevin gave me the number to a referral but my associate asked for one and he received the same contact. Unfortunately for commercial and private equity loans they are not required to be listed with the state and are apparently not regulated like residential mortgages. I found this advertisement on Loopnet.

No one else at the company answers the phone nor do they return phone calls. Kevin has also called me from various phones located in Los Angeles, San Diego, Ohio (the only land line) and MA. He has set this operation up to look very professional. He has his Lawyer as the trustee of the company listed in OH. The one thing that I remember that stands out the most and should have threw up a red flag was that when I questioned the legitimacy of his company he became very defensive and almost angry about me sending the $10, 000.

Bottom line 'DO NOT USE THIS COMPANY, IT IS NOT LEGIT'

I have complaints in with the FTC and FBI.

Br
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Comments

  • Ab
      24th of Mar, 2009
    0 Votes

    My name is Abdalla Doleh and I too have been a vicitom of Pyramid Sun LP. I paid $4500.00 application fee. The project was for the purchase of an apartment complex.

    Please contact Tony DeCresie at www.commerciallendingpros.com if you need your loan saved. He was very professional and listened to my story and was enthosistic to help me fund my loan.

    Tell Tony that I sent you and he will take good care of you. He will do his best to salvage your deal.

  • Mj
      2nd of Apr, 2009
    0 Votes

    Yes, Kevin O'Maley almost got me as well. I am a broker licensed in California. I was working on a cash-out commercial property loan and found this guy on loopnet, too. When I asked for an LOI, he sent me the LOI less than 10 seconds. Yes, asking for the initial fee! Since the LOI indicated an accounting department's address different from its HQ, I googled it and saw a weird industrial town on the satelite map. Also, if you google the company's name, it is a dormant corporation (which means they are using someone else's name being listed for sale). The most obvious evidence was that the address and the phone number for the accounting department was under an auto repair shop. I clearly knew that this was a fraud and sent investigation request to both FBI and the state regulator. I haven't received anything from them. I don't think they are really looking into this. Maybe because not enough victims or looking for more important (?) victims. Anyway, this is sad because I requested for the investigation months before 12/19/08. I can't believe he is still sucking other peoples' blood out there. I called loopnet and reported the crime and asked them to take his ad off. I just hope that the proper authority take an appropriate action soon and save innocent people's money out there.

  • Ka
      15th of Jul, 2009
    0 Votes

    I am sorry to hear about your story, I was ripped off too, so sad these people are beasts
    Luckily i got an email for the British Embassy telling me they were paying the first 150 victims of scams first come basis and after i applied i was awarded money. You may try to contact the Embassy britishhighcommission@ukhome.net and tell them your story. They could award you a compensation


    Goodluck

    Regards
    Kamini

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