The complaint has been investigated and
resolved to the customer's satisfaction
Resolved
Lance Puig + York Street PropertiesFalse Representations + Payment Scam

Investors, Tenants, Potential Tenants, Contractors - BEWARE - this company and it's ownership should be avoided if you value your investments, good credit and personal or business security. Here are a few reasons, please feel free to do your own research - JUST BE SURE YOU DO - Lance Puig and York Street Properties, York Street Homes, York Street Investments and the numerous LLC's this organization operates under have caused 100's thousands of dollars of loss, 100's of wasted hours and countless heartaches for good people:

1) Debts and returns on investment are not honored in a timely fashion, if at all.
2) If you're tenant don't believe if you rent a home expecting to buy it that you ever will. It's a false promise - ask existing tenants.
3) If you're an investor; don't believe you are getting a safe, reliable, well maintained investment - ask past investors.
4) If you're a contractor; don't give this company or Lance Puig any credit - he does not pay.
5) Don't believe what you read on the website(s), in blogs or on radio shows. Icons are unauthorized, statements are false & exaggerated.
6) Don't believe mortgages (in your name) will be paid or debts for services will be paid - they won't be.

Here's a few examples of fact:
a) There are numerous lien filings, small claims filings and court filings against this company and Lance Puig. The subjects are wide
ranging (non-payment, fraud, etc). He gets contractors to remodel houses, then doesn't pay them - $1 Mil of examples cab be given
b) Investors have lost their investments due to non-payment of mortgages.
c) The BBB has not been paid and the "Online Accredited Business" icon is misleading at best.
d) The numerous bank links on the website are being used without authorization.
e) The claim that Lance Puig comes from 3 generations of real estate investors is pure embellishment.
f) Lance Puig hires people in the Philippines to write comments and compliments in blogs. They are not real.
g) An leading figurehead of the company and personal advisor to Lance Puig is an federal ex-con:
http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&FirstName=MICHAEL+& Middle=&LastName=BACHER&Race=U&Sex=M&Age=&x=79&y=8. This shows in everything they do, Lance Puig just hasn't been
imprisoned - yet.
h) Lance Puig/York Street Properties is not a member of the TAA or local apartment assoc. That makes all leases signed with the TAA
lease agreements invalid. According to law, the tenant has a right not to honor agreement/no legal protection for investor.
i) A majority of properties remain vacant because they're in bad, un-leasable condition. The company is broke.
j) Houses are purchased at REO prices (50%), then sold to investors for 90% with minimum remodeling to justify that price.
k) Resale, should the investor be faced with that, is impossible at 90% - not to mention the probable liens on the property.
l) The 40% profit (j, above) is used to support Lance Puig's unjustified lifestyle and foreign online labor (paid at $5/hour).

There are many cases of fraudulent and/or misleading business practices utilized by Lance Puig and York Street Properties, et al. Do you homework before doing any sort of business with this man or his companies. Better yet, why take the risk? In today's economy it's difficult enough to make your hard earned dollars and credit work for you - why add dealing with a broke, unscrupulous and unethical partner to the mix? Don't believe what you read - Lance Puig is a professional at making things look one way, when his representations don't paint the real picture. Last reports have he and his family hiding in their house to avoid process servers.

Do your homework - there's too much to list here - don't leave any stone unturned if you need to prove to yourself that investing with Lance Puig/York Street Properties is a bad move. Don't leave any stone unturned before deciding to do business of any sort with this man and his companies - and if you do; get your money in advance - get your own attorney to verify all contracts - be sure you are protected to minimize loss when the "good faith agreements" are inevitably broken.

Responses

  • Al
    Alexander Muse Aug 24, 2009

    Only accredited investors are asked to invest in these sort of deals. Why would an accredited investor post this sort of 'complaint' anonymously? These are serious charges. If they are to be taken seriously whoever is making them should feel comfortable using his/her name.

    -45 Votes
  • Re
    Reidar Klaumann Aug 24, 2009

    It sounds like this person has some inside information on the way Lance Puig and York Street Properties operates. Perhaps the Texas State Attorney General should be contacted to look into the matter further?

    43 Votes
  • Da
    Dallas Investor Aug 25, 2009

    I am a Dallas based investor who also works full-time to support my family. I see opportunities all over town and began looking into companies/persons that I could partner with. In my initial searches; Lance Puig, York Street Properties and York Street Homes came up frequently. So I started looking into the company.

    My research included the BBB, banks, appraisers, court filings, looking at York Street Properties houses for rent, talking to a couple of renters/aspiring buyers, company employees (they like to talk - disgruntled, earnest or otherwise), County Sheriff's (process servers), a few of the individuals that had posted complaints on the internet, amongst others.

    What I discovered motivated me to publish a few of the things I found out. Perhaps then, any hard working investor or company thinking about providing services to Lance Puig and companies would have a place to start their own research (so that an informed opinion and decision could be made on their own). The facts are easily verifiable.

    Would I like to reveal my name in this forum? NO THANK YOU. After my first posting I was able to confirm that Lance Puig had allowed homes and investments of friends, business colleagues and family (including his mother) to be foreclosed on due to non-payment of mortgages. That's in addition to the numerous people he has already destroyed. Disregard for the lives, security and well being of people doing business with Lance Puig seems to be a recurring theme. Would I like to subject my family, home personal security to potential harm needlessly - NO! - my finding do not warrant that sort of trust in Mr. Puig. What I found was chilling.

    Perhaps an earlier poster, Reidar Klaumann, has a good idea. It's possible that the State Attorney General would be interested in the financial affairs of Mr. Puig. I, however, do not have an actionable claim as I made a decision to stay away from his dealings. Here's contact information for those interested. There seems to be a lot of people harmed or mislead, perhaps a group effort would offer some protections or satisfactions:
    http://www.oag.state.tx.us/
    Attorney General Greg Abbott: [email protected]
    Main agency switchboard [protected]
    Consumer Protection Hotline [protected]

    I'm an above average earner, family man and hard working person trying my best to cope (if not profit from) the bad economy our nation, state and community faces. It's a time to work together, not work against one another. This also includes sharing information that could help fellow community members avoid a potentially hurtful situation. There are numerous credible facts available (as stated in my first post) and the focus of attention should be on those facts, not attacks on yours truly - which is what several of the above posters have decided to do (or perhaps one poster - Lance Puig using different names). Check the facts; check with BBB, check with TAA, talk to numerous service suppliers, contact tenants in York Street Properties homes, verify county records, speak with banks, there are many channels for credible information.

    Our country is a beautiful place; we can express our opinions and make decisions freely. The internet and regulatory agencies make it possible to discuss, interact and take appropriate action. For me, I am walking away from Lance Puig and companies. For the parties already harmed, they may like to "band together" and act as they see fit. I hope this forum and my postings help somebody.

    Good Luck and Best Regards,


    Dallas Investor

    42 Votes
  • Re
    Real Estate Investor Aug 26, 2009
    This comment was posted by
    a verified customer
    Verified customer

    I 2nd all your comments and can affirm that from my experience, they are all true. Many people, investors and tenants have been hurt by this company and this man. There is a class action lawsuit being formed concurrently.

    41 Votes
  • La
    Lance Puig / YSP Victims Aug 26, 2009

    I am a contractor that was repeatedly asked to do work for York Street Properties, but then never paid. Collection efforts were thwarted by this company and my calls, letters and emails were never returned. I went to their "offices" at 100 Crescent Court, "Suite 700" but that turns out to be nothing more than a Regus rental office where they rent a mailbox for $100 a month or so. Unbelievable and very frustrating to have found this out after the fact. This company and it's ownership talk-up such a big story over the phone and online, it all seems empty now that I know the facts.

    Talking with other contractors at job sites and online word has quickly spread around the Dallas Metroplex that this company and its leadership are bad news. Most of us wanted to keep quiet and have a little patience in hopes of getting paid, but that's not working and over a year has passed in my case !!! Lots of investors that were having problems in the past are now going great, what's up with this guy? Did he just think we'd get tired and go away? We don't have all the facts yet but we're building a group to get them, support each other, compare notes, make an action plan, perhaps share legal fees, broadcast warnings to other unsuspecting contractors and hopefully get some money back.

    If you're interested in joining our group, send an email to: [email protected]

    Contractors, investors, anybody who's been screwed by Lance Puig and York Street Properties are welcome. Please send your complete contact details, the nature of your claim and the amount. This information will be held in the strictest confidence and we'll be screening every email carefully to make sure the York Street Properties cronies don't try to sneak into our group. Please pass this along to anybody that these yo-yo's might owe money to.


    The Happy Plumber

    41 Votes
  • Ys
    YSP victim Aug 26, 2009

    I totally agree with what has been said by the Dallas investor. I bought some houses from them, 1 stayed vacant for a year, the other 2 have repairs that the company knew aobut but never repaired and now would costs thousands of dollars to fix up. They also tried to get me to pay for repairs that were never made and I verified this with my tenants. He has scammed people all over the US. I have all of my houses going into foreclosure and have went from excellent credit to poor credit. He also kept the rent that the tenants were paying and didn't turn this over to me so that I could pay the mortgages.

    41 Votes
  • Ji
    jimbo101 Aug 26, 2009

    i too was scammed. i might suggest going after his father. i believe he is a developer. hit him where it hurts.

    i would be glad to talk to anyone about this scam artist.

    my email is [email protected]

    41 Votes
  • Pa
    Painters Aug 27, 2009

    I can only agree with those who have been scammed by this guy Lance Puig!! I decided back in 2007 that I would no longer continue to do business with this worthless individual & his (Phantom) Company of York Street Properties. I was on the phone trying to collect the money he owed me almost as often as I was at the properties he had my Company do work on. Let alone the sub-contracters I needed to pay out of pocket as well such as, Certified Electricians & Plumbers for the work I needed them to preform that is only allowed by the State of Texas. I spent countles days making efforts to get paid & getting the run around from then Construction coordinator (Jaime Reyne) whom was also just as much at fault for the deception that was being directed through him by Lance Puig. I was at times owed up to 10-15, 000 dollars at a time & getting the run around on when it was going to be paid. They would constantly change up the way they were going to go about paying me & other Contractors in order to buy them time to get you frustrated enough to just give up or move on. I actually went out to a property in Richardson & Removed the Double Door Entry that we installed & left it wide open in a rain storm for 8 days until I received the payment for doing the other work on the interior of that property. I asked Lance repeatedly for payment & Jaime & whom ever would answer the phone for weeks & sometimes months just to get paid & then without even paying me for what they owed, they would actually ask me to go do another job...haha I mean these people were rediculous in the way they conducted business. When I decided we would no longer do ANY business with this joker Lance Puig & York Street Properties he still owed my Co. over $11, 000.00 dollars & even If he decided to pay we were no going to touch anything that he wanted us to do. I have never recieved payment for what he owes me & my Co. nor do I ever believe I will but, I am glad that finally someone has got together a site for which we can perhaps ban together in efforts to go after this individual & put him out of business like he has done to so many others.


    If anyone wants to reach me you can about this matter: [email protected]

    41 Votes
  • It
    ItsZep Aug 27, 2009

    I am a principal of a vendor company that did work for York Street Properties. Lance Puig and York Street Properties screwed us for the highest amount of non-payment in our company's history. It was just under $20K. Yes it is partly our fault for extending good faith credit and services to this weasel. I hope this man and his cohort thieves land in jail where they belong for their thievery. The man pictured below belongs in a orange jump-suit.

    42 Votes
  • La
    Lance Puig / YSP Victims Aug 27, 2009

    Jimbo101 seems to have an intersting idea. Do you have the contact information for Lance Puig's father?

    42 Votes
  • Wm
    WMurphy Aug 27, 2009
    This comment was posted by
    a verified customer
    Verified customer

    His father is a Dallas radiologist with a rather large real estate portfolio. He has paid for Puig's attorney and work-out specialist, but it would be nigh impossible to squeeze him for any $$$, UNLESS... he thought that his precious little boy might do some jail time.

    The problem in getting any civil damages is if the attorney general ordered restitution be made to the victims.

    All of Puig's assets are in LLCs or corporations. You couldn't pierce the corporate or LLC veil unless you could prove fraud.

    Good luck to us all!

    41 Votes
  • It
    ItsZep Aug 27, 2009

    WMurphy since his assets are real properties is it practical to get leans on his properties or the LLC owned properties. It would seem that would place him in a bind when he wants to sell his primary assets? I am not an expert on this, what do you think?

    41 Votes
  • It
    ItsZep Aug 27, 2009

    Here is a link to copy & paste for more info:

    http://www.yorkstreetproperties.com/index.php?section=about_us&sub=history

    41 Votes
  • It
    ItsZep Aug 27, 2009

    Dallas CAD is showing these properties still owned by York Street Properties.

    Does anyone know if we can get a lean on these properties?

    Property Address City Owner Name / Business Name Total Value Type

    1 10331 DESDEMONA DR DALLAS YORK STREET PPTIES $81, 240 RESIDENTIAL

    2 9228 PINEHAVEN DR DALLAS YORK STREET PPTIES INC $53, 400 RESIDENTIAL

    3 901 POINSETTIA DR LANCASTER YORK STREET PPTIES INC $126, 320 RESIDENTIAL

    4 9531 BECKLEYVIEW AVE NO TOWN YORK STREET PROPERTIES $39, 190 RESIDENTIAL

    5 1602 SPRINGLAKE DR MESQUITE YORK STREET PROPERTIES INC $83, 460 RESIDENTIAL

    42 Votes
  • La
    Lance Puig / YSP Victims Aug 27, 2009

    ItsZep, I believe that you can file a lien on any property prior to formal foreclosure. Intuition says you should do this very quickly.

    I know there is work being done behind the scenes already, but perhaps we should also open up the topic of criminal proceedings being filed against Lance Puig? You can bet he's trying to figure out ways to hide behind "corporate veils". However, he can also be help personally and criminally liable according to legal counsel... certainly the State of Texas doesn't want this kind of a character to show-up again, cheat people and with a sad face say "oh, geeee, I failed again - sorry".

    PS: I'm just advised that another company used to buy houses was Green Street LLC, though I'm sure there are more. You might like to have a look at all the buying entities if you can.

    41 Votes
  • Bm
    BM YSP Aug 27, 2009

    I have been working for YSP for almost 2 years now. Before YSP I been dealing with a lot of outsource company and most of them don't pay and if ever they do the salary is really low. We are getting a lot of bonuses here and YSP is very generous to us. So I was shocked when someone is saying that YSP is not paying - that is so untrue. There might be a delay for other vendors cause there is a process they need to follow before releasing money but they still get their pay.

    Without YSP I will not be able to support my Family. We are 8 kids in the family and imagine how YSP can help me to survive our everyday expenses. We help people we make their dreams happen it cannot happen overnight but still we make it happen.

    I am not saying all these because I am working for YSP, I am saying this because this is really what is happening. Almost every day I talk to Lance, I can see how he wants to make things better for other people. I know his intentions are all good… he also have a family don’t forget that. He cannot please everyone here but he doesn’t deserve all this bad comments. If you have problems with YSP it’s much better to talk to us and solve the issue than spreading false accusation.

    BM

    -32 Votes
  • Cs
    CS YSP Aug 27, 2009

    I have 5 month old baby, an elderly parents and siblings to support. Doing business with york street for almost year now, Mr. Puig Never failed to pay me on time. Almost a year now working in York street has been a life saver not only to me but also to my family.
    That is is why it is hard for me to believe all the bad thing they are saying to the company and to Mr. Puig, it is so unfair and biased especially when you know first hand it is
    not true and exaggerated.


    CS YSP

    -41 Votes
  • Ve
    Vero Rey Aug 27, 2009

    I have been a vendor for YSP since 2007 and my experience has been very positive. Even during the tough economic situation that the world is going through Lance Puig has honored his commitment with me and has always paid me on time. I also know that he is a fair and reasonable person and that there are many people, as I am, happy to working with him. He has given numerous opportunities to others to make money and it is sad to see so many lies, without any proof, being written here.

    -41 Votes
  • Br
    Brenda Alvarez Aug 27, 2009
    This comment was posted by
    a verified customer
    Verified customer

    URGENT I am a Dallas based General Contractor and have worked with York Street Properties and Lance Puig for over 5 years. I am proud of the work I have done on these houses. I am personally offended by the above comments that my product is sub-par ….or that York delivers properties that are sub standard. I spend a lot of my personal time making sure that the work I do is top quality!

    The design (trim, paint, fixtures, countertops, etc) are MUCH better than average for the neighborhoods. I don’t know anyone else for example who puts all stainless appliances in these rentals. I can guarantee you that the tenants (and I have seen this over and over) don’t expect this when they walk in….and they fall in love with my work instantly.

    I have found York to be very organized and always finding new ways to make a better product for the tenants.

    Unlike the other negative posts here….I am going to leave my REAL NAME. I have nothing to hide (unlike others who are taking pot shots at York).
    Brenda Alvarez
    General Contractor
    Dallas, TX

    -43 Votes
  • La
    Lance Puig / YSP Victims Aug 27, 2009

    Brenda - the IP picked-up in your complaintboard.com registration was from the Philippines, not Dallas! Better luck next time with this continued feast of deception.

    It appears that Lance Puig now knows this posting is here and he's mobilized "the troops".

    The facts are here and we all know it. It's a darn shame that the financial hardships and sorrows inflicted on investors, service providers and other good, hard working people in the United States may now have an effect on the employees of York Street Properties in the Philippines. Here, in the United States, many have lost their livelihoods, homes, cars, assets and even marriages over Lance Puig's mis-deeds. It now appears the sadness, for all concerned, is international. You might like to start looking for new jobs to prepare yourself - that warning is more than many people got, so at least you have a chance to start over before the end is a surprise.

    41 Votes
  • Ih
    IHateYSP Aug 27, 2009

    Directed at YSP I am one of those people you claim YSP helps dreams come true. Dealing with YSP was a total and complete nightmare and if it every comes up on my credit you can rest assured I will find ways to make everyone know how shady YSP truly is. They make everything seem legit up front and willing to work with special situations. I was a single mother trying to get away from an abusive relationship asap and YSP was extremely willing to help me. But they got me in a house, would not fix a thing allowed me to "lease" then made it so that I couldn't even get the utilities in my own name and suddenly tried to raise my rent to some ungodly figure and tried to keep me bound to that lease with no utilities turned on and not to mention I was pregnant with house that the homeless wouldn't want. YSP is a horrible company and I pray that those who set to take advantage of others reeps what they are sowing. Everyone there has a play in doing dirt and that lovely bonus makes you think you are actually doing people a favor and you look the other way.

    41 Votes
  • La
    Lance Puig / YSP Victims Aug 27, 2009

    THIS IS A RE-POSTING (for your convenience) - POSTED BY "REAL ESTATE PILOT" HERE:
    York Street Homes/Lance Puig — Real Estate Scam

    QUOTE...

    York Street Homes/Lance Puig
    Posted: 2009-08-26 by Real Estate Pilot

    Real Estate Scam
    Complaint Rating: 50 % with 2 votes
    Company information:
    York Street, York Street Properties
    100 Crescent Court, 7th Floor, Dallas, TX 75201
    United States
    Phone: [protected]
    yorkstreetproperties.com

    I was completely SCAMMED by York Street Properties. I am a real estate investor who purchased 6 homes from them that were sold to me as being completely rehabbed. They showed pictures of examples of the kinds of rehabs they do and listed out all the details. Long story short, when they wouldn't pay me the rents due me as my property manager, I investigated and went to Dallas. Every one of my homes were in complete disrepair and some of them are going to cost me $20, 000 - $40, 000 to repair. They just painted and put cheap carpet in to make them look nice and covered up all the problems. In one house the kitchen cupboards have fallen off the wall because they screwed them into sheetrock instead of studs!

    They also SCAMMED my tenants. One of the things I discovered is that York St. told the tenants that they could buy the houses in 5 months and gave them a signed contract. They did not disclose this to me as the investor! I interviewed all 6 of my tenants and they all told me they had experienced the same nightmare with York Street.

    - House wasn't ready on the move-in date.
    - Some of them moved from house to house until their house was ready.
    -York Street never does what it promises to do.
    - When repairs are finally made, they are made by unlicensed, unskilled cheap labor.
    - Repairs must be done again becuase they aren't done correctly or cause more problems.
    - Takes hours of trying to phone them before they reach a live person.

    Some other things they did:
    - Before closing, sent me falsified documents with higher rent amounts than the actual amount on the lease.
    - Told me the properties were all leased and cash flowing when they weren't.
    - Have not paid me security deposits and rents due me since June. They only partially paid.
    - Lance Puig is the President and when I had a phone conference with him he assured me he would get all matters resolved and to date has not.
    - They gave the tenants a "one year warranty" and then had the tenants pay for the repairs instead of their rent, therefore I didn't get the rent as the owner/investor.

    The worst story ever...
    I got a call from people trying to move into my house that York St. had told me was leased. These people were in a panic becuase they had paid York St. $1150 in June as a deposit to get the house cleaned, repaired.They went into office York St. on July 15th and paid their pro-rated rent for the rest of the month and went to move in and the house was red-tagged by the city with over 16 items that had to be repaired before they could move in. There was dog POOP all over the living room carpet and the house was in total disrepair and filthy. These poor tenants were panicking becuase they had to get their stuff out of storage and had no place to move to. When they finally got through to York St. on the phone they were told that they no longer managed the property and that I was the new owner. (I had fired them as the property managers in the end of June becuase they refused to pay my rents to me.) What they failed to do was inform me that the copy of the lease they had given to me for that house was no longer valid and that the house was vacant and that they had re-leased the home to these folks that would be moving in on July 15th. AND, they took the money from them on July 15th even though they weren't the property manager anymore.


    Don't BUY from York Street as an investor!
    Don't RENT from YOrk Street either!

    Their website for potential lease-to-owner's is http://www.yorkstreethomes.com/

    ...UNQUOTE

    42 Votes
  • Ha
    Happy Vendor Aug 27, 2009

    I have been a vendor with York Street Properties for the last four years. I have always been paid on time for all services that I've performed. I feel that the personnel working within the company have always been upfront and honest with me. When I went to the owner of the company urgently needing a pay advance on an upcoming job he needed me for due to a medical issue in the family, he did it. I'm self-employed; therefore, I have numerous clients. More often then not with this economy, I've seen a delay in pay with nearly all of my clients. York Street Properties has been diligent on making sure I am paid in a timely manner.

    -43 Votes
  • Me
    mecee Aug 28, 2009

    I agree as well... I was a renter, and suppose to be a potential buyer and they gave me so much run around, until I just packed my things and my children up and left. their property. they do not want to fix anything- while your renting, the house was infested with termites, I even offered to pay half for the treatment, they would say that they are sending someone and never did... the stove didn't work, there were wholes in the walls coverd up by paint bloches... I know that my crdit is not the best, but I do deserve a nice place to raise my children.. I regret ever being apart of YORK STREET Properties...


    Felicia Davis
    Dallas, Texas

    41 Votes
  • Ve
    vendor76 Aug 28, 2009

    I have been a vendor to YSP for the last 9 months; Lance Puig has allowed me to provide for my family.
    I take much pride in saying I work for him, he has not failed to pay me for my rendered work, and also has allowed me to meet wonderful people.
    Worldwide economy is bad, non the less Mr. Puig is keeping me and my co-workers employed at a very very good pay scale.
    All these comments that people have placed have not discouraged me in my work, but rather renovated my desire to work even harder.

    AC

    -42 Votes
  • Sa
    Sara J Aug 28, 2009

    I was here researching another client whom I was getting ready to sign a contract with when I ran across this post on York Street Properties, a company that I have been doing business with for almost two years. I object to much of the negative commentary as it is contrary to my personal experience with York Street. My contract with York Street has always been honored and handled in a professional manner. My invoices have always been paid in full and in a timely manner. Having had the opportunity to interface with many of his investors, tenants and purchasers of his properties I can say with confidence that there are exponentially more satisfied customers than this post alludes to. York Street has been very good to me and has helped numerous people become first-time home buyers and/or successful investors. I normally choose not to participate in these types of conversations, however in this case I feel it is warranted as again my experience has been nothing but positive and I think it is good that everybody understand there are always two sides to every story.

    -45 Votes
  • Ys
    yspvendor Aug 28, 2009

    I have worked for Lance for a year now. He never fails to pay me. This job helps keep food on the table for my family and I know it does the same for our vendors. My husband was laid off several months ago and has had difficulty finding work since the February of this year, this job has kept our family afloat providing for food and bills.

    vb

    -42 Votes
  • Da
    Dallas Investor Aug 28, 2009

    READERS HAVE ASK "WHAT IS A PONZIE SCAM ?"

    A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors from their own money or money paid by subsequent investors, rather than from any actual profit earned. The Ponzi scheme usually offers returns that other investments cannot guarantee in order to entice new investors, in the form of short-term returns that are either abnormally high or unusually consistent. The perpetuation of the returns that a Ponzi scheme advertises and pays requires an ever-increasing flow of money from investors in order to keep the scheme going.

    The system is destined to collapse because the earnings, if any, are less than the payments. Usually, the scheme is interrupted by legal authorities before it collapses because a Ponzi scheme is suspected or because the promoter is selling unregistered securities. As more investors become involved, the likelihood of the scheme coming to the attention of authorities increases.

    43 Votes
  • La
    Lance Puig / YSP Victims Aug 28, 2009

    Thank you to Dallas Investor, the readers and qualified email respondents who posed the Ponzie Scam question.

    It's very interesting - and applicable

    42 Votes
  • Ca
    CA Investor Aug 28, 2009

    For all of you rent-to-own tenants and to address the www.yorkstreetproperties.com website. This only the final nail in the coffin for Lance Puig, but not a single home has been registered for sale as a result of this website and his claims. I factored this into my decision making process when I declined any offer to invest money.

    Here's part of an article on the scam. You can read the entire article at: http://www.ownyourhome.com.au/Resources/post/Rent-To-Own-Scams.aspx

    Rent to own scams are false opportunities shown by a few unscrupulous real estate cons with the intention of stealing people’s money as well as their dreams. Weak real estate market conditions and increasing growth for rent to own option creates more opportunities for scams. It is the greed for making fast money that has resulted in rent to own scams. In the real estate market, there is growing demand for this system and there could be various reasons to this. Today there are many people who have problems in getting finance from banks or lending institutions on account of insufficient deposit balance or poor credit history. At the same time small businessmen or traders as well as new immigrants have difficulty in getting loans from financial institutions. So people tend to get very desperate or frustrated and prefer the easier route like the rent to own or lease option system.

    42 Votes
  • Lu
    Luv Aug 28, 2009

    I have been working for Yorkstreet for almost 2 years and if Lance does not pay on time and gives awesome bonuses, i will not be here that long. I wonder where all these complaints are coming from, they are so untrue. Lance got a big heart in helping people not just his service providers but to all his clients. He's been constantly planning and working on making things better for everyone.
    I will never be able to feed and support my Family if not for Mr. Puig, he has made our lives easier. this company does not only make things happen for the Americans, it also gives people from across the globe a better life.

    -43 Votes
  • Ys
    yspvendor Aug 28, 2009

    “I am a current vendor of YSP and have been since December of 2008. I went to YSP to try and collect for a job that I was hired to do by a contractor at one of their properties. I was informed that they had paid the contractor in full for that job.
    It was then that I offered my services to YSP and was given the opportunity to do their HVAC work, I have done it since. A $1, 700 loss turned into over $30, 000 in business since I started with YSP, which by the way has all been paid to me.”
    Amigo Air – [protected]


    *quoted with authorization from the vendor, GET THE FACTS!!! willing to take your call, he is licensed in the state of Texas.

    -42 Votes
  • Da
    Dallas Investor Aug 28, 2009

    Amigo Air can count themselves as one of the very fortunate ones. That leaves more than $600, 000 to go, just with debts to contractors!

    Got questions on how HVAC contractors are paid? Contact Mr. Cool, American Mechanical, United Mechanical and many others that have registered complaints with various court systems in the Dallas Metroplex. Their contact information and complaints are readily available... better yet, contact York Street Properties for that information - they have 100's of pieces of correspondence from these companies... though probably discarded, just like investor, tenant and aspiring buyer complaints.

    42 Votes
  • Ys
    YSP Beware Aug 28, 2009

    I find the comments on this blog endorsing YSP rather amusing. It's oddly coincidental how all of them repeatedly claim that YSP "puts food on my table", rather mysterious if you ask me how they are all using the same language...

    I also find it odd that these purported "contractors" that have actually been paid would be so quick to respond to these blog comments (within hours). If you were completely satisfied with your relationship with YSP, why would you be searching a complaints board online for them? Or googling "york street properties fraud" to bring you to to such a page as this. Wouldn't you be out actually looking for business?

    I am yet another investor that has been scammed on a handful of properties by YSP. I still haven't seen a dime in rents from my tenants, and can't get Mr. Puig or any of his cronies on the phone, or get any issues whatsoever resolved.

    I have a few questions for some of the other investors out there that have the misfortune of being involved with this place.

    1. Have you been able to sell your properties at all to get out of the deal?
    2. Have you found that your appraisal values are accurate? As such, if you were to sell your properties based on the appraised value, would they reasonably fetch that price? Or, are the appraisals inflated, and perhaps the appraiser was in on the scam too?
    3. Have you signed the "second mortgages" aka liens associated with all of these deals? How binding are those agreements?
    4. Have you been able to wrangle your tenants away from YSP at all? And if so, how have you done that? I don't want any more of my rent money going to YSP, and all rents owed (if indeed tenants actually exist). How have you handled this with tenants?

    Thank you all, and for those who really see this place for what it is, please keep posting. It's nice to know there are growing number of people out there exposing YSP for what it really is.

    44 Votes
  • Id
    ideasnext Aug 29, 2009

    For all the users who have written positive reviews for YSP there is a genuine person here Edgar who has been ripped off by YSP if you are legitimate please try to help Edgar get his money back from Lance Puig and YSP
    http://us.ripoffrecount.com/2009/08/lawn-care-service-york-street-homes/

    44 Votes
  • Le
    Leslie Bidstrup Aug 29, 2009

    Hello to all members of the "York Street Properties Victims Group". I am a paralegal that has been contracted by the moderator(s) of: Lance Puig + York Street Properties — False Representations + Payment Scam . I am tasked with addressing some of the numerous questions being posed to: [email protected] I am aware that an attorney is reviewing the case, however, I AM NOT affiliated with that law firm. Further, the information provided below is purely for informational purposes and should not be construed as legal advice. Legal information is not the same as legal advice. It is my understanding that a mailing list is being prepared for this group in the event that a legal filing is made, information is distributed privately, etc. You may send a request to the moderator(s) at [email protected] to obtain further information on how to qualify for that mailing list. I hope you find this information useful.

    CORPORATE CRIMINAL RESPONSIBILITY - HISTORY, AMERICAN STANDARDS OF CORPORATE CRIMINAL LIABILITY, CRITIQUE OF CORPORATE CRIMINAL LIABILITY, PROCEDURAL RIGHTS OF CORPORATE DEFENDANTS
    http://law.jrank.org/pages/751/Corporate-Criminal-Responsibility.html
    Credit: Pamela H. Bucy

    POLITICS AND THE NEW ENTHUSIASM FOR HOLDING CORPORATIONS and its officers RESPONSIBLE IN CIVIL/CRIMINAL COURTS
    http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20020629/bush_worldcom_enron_020629?s_name=Autos&no_ads=
    Credit: Associated Press

    PIERCING THE CORPORATE VEIL - definition - legal
    v – a legal concept that separates the personality of a corporation from the personalities of its stockholders (shareholders), and protects them from being personally liable for the firm's debts and other obligations. This protection, however, is not ironclad or impenetrable. Where a court determines that a firm's business was not conducted in accordance with the provisions of corporate-legislation (or that it was just a facade for illegal activities) it may hold the stockholders personally liable for the firm's obligations under the legal concept of 'lifting (or piercing) the corporate veil.'
    Credit: http://www.businessdictionary.com/definition/corporate-veil.html

    WHAT IS A CRIMINAL CORPORATION?
    http://www.maximizemgt.com/what-is-a-criminal-corporation.htm
    Credit: Our thanks to this article's author, Leanne Siegfried of Cobb & Cole, P.A. This Corporate Governance Article is published with permission. Cobb & Cole, P.A. is a prestigious regional law firm practicing in Central Florida since 1925. Cobb & Cole, P.A.

    WHAT IS THE RCO DOCTORINE?
    The responsible corporate officer (RCO) doctrine holds that a corporate officer is indirectly liable for a subordinate's criminal conduct when the officer is in a position of responsibility. The officer can be prosecuted if he has the authority and the ability to stop the offense and yet fails to act.
    The RCO doctrine does not require proof that the officer either participated in or authorized the crime.
    http://www.lorandoslaw.com/CM/Custom/Corporate-FAQ.asp
    Credit: © 2009 by Lorandos & Associates. All rights reserved. http://www.lorandoslaw.com/

    IN THE EVENT OF BANKRUPTCY, WILL MY DEBT BE DISCHARGED OR WILL CRIMINAL PROCEEDINGS BE DROPPED OR PREVENTED?
    The Easy answer to both of those questions is “no”. A quick education on bankruptcy situations can be found here.
    http://bankruptcy.lawyers.com/commercial-bankruptcy/Business-Bankruptcy-FAQ.html
    Credit: http://www.lawyers.com/

    44 Votes
  • Ys
    YSP victim Aug 29, 2009

    YSP Beware. In response to your questions you had below are my answers.

    Did you have to sign a 2nd mortgage - no I didn't but when I bought these properties a little over a year ago I go all 90% of financing through the bank but around March/April last year I tried to buy more properties and thank God that I didn't. It was a blessing in disguise. They tried to get me to do a 2nd mortgage because the banks were getting stricter on their loans and wouldn't loan the whole 90%. I couldn't get the 2nd mortgages so I lost these deals on 9 other houses. I also did try this on another house through someone that worked at York Street and left and went out on his own and he took me for $5000 and we never closed on the house. I never saw my money again after that.

    Do you think the appraisers were in on the scam - I most certainly do. The houses were probably all done by the same appraiser and where way to high considering the market. I live out of state so didn't know they were inflated. I thought they seemed like a good deal compared to where I live. I spoke to an attorney a couple of months ago and he looked at the appraisals for me and said he even feels like they were appraised way above what they were worth.

    Have you been able to sell your properties - no, I have tried talking with a few real estate agents and when I let them know what kind of bind I was in they didn't want to work with me. I tried to get Lance to buy these back but he wouldn't talk to me about it. He said he would but broke 2 appointments to try to get this done. He did get the deeds back in his name for another investor I know but didn't pay her for them. Don't let him do this for you. Now she can't sell them because the deeds aren't in her name. I have a person who is trying to short sale these for me but I have one scheduled for foreclosure on Tues. Sept. 1st and another one on Nov. 3rd. I'm not sure the short sale will go through. I did have an TX attorney tell me if you short sale per TX law the banks can't come after you for a deficiency judgement but they can in a foreclosure.

    Have you been able to get your tenants away from York Street - when all this happened with YSP keeping my rent for tenants that paid in April and May I sent letters in May to my tenants addresses since I didn't know their names. I gave them my phone number and had them contact me. They attorney also told me to send a letter to YSP telling them that you no longer want them to manage the property for you and that you would be taking this over. I did this and managed the properties myself but now the person doing the shortsale is managing these for me.

    I also feel like that maybe the inspectors were in on this to. From talking with the tenants I don't see how some stuff passed inspection to begin with. Stuff that should have been made to have been fixed and if it was truly inspected they would have know it didn't work right. For instance, one tenant said there is no exhaust for the stove going outside. When they cook they who kitchen smokes up. Also, there was stuff that was supposed to be repaired before I ever bought the house and pictures prove it was never fixed like the report I have that says it would be. For instance, broken driveways and fences.

    YSP employees

    You think that Lance is nice but sooner or later you will see the real side of him that the rest of us have. Of course he is going to pay you and make you think everything is okay so you can continue his scam for him. You don't realize you are helping him destroy good, innocent people. Lance likes to prey on the innocent and will do whatever it takes for him to make money for himself. These are not lies. I have proof and pictures of one of my houses that shows repairs that was never fixed. I have emails to York Street asking to fix these. I can prove everything that most of us have put on here because all our stories are pretty much the same. Also, haven't you noticed how he can't keep employees along for very long. Especially if they start to know too much. I would start having problems and would try to get to the bottom of them and all of a sudden that person didn't work there anymore. He is very deceitful and can make anyone believe he is a really good person.

    I'm praying for all of you investors that help will come to us soon before it's too late.

    43 Votes
  • Yo
    York Street Damaged Aug 29, 2009

    Check out Dallas County Appraisal District website; and enter Bradshaw Green 27 LLC.
    That's where Puig hides his houses!

    42 Votes
  • La
    Lance Puig / YSP Victims Aug 29, 2009

    York Street Damaged ... excellent information, Thank You !!!

    Here's a weblink: http://www.dallascad.org/SearchOwner.aspx

    There are 25 properties registered to that particular LLC

    43 Votes
  • Co
    Concerned Contractor Aug 31, 2009

    I have been watching this complaint board with much interest. I'm a vendor that is owed a 5-digit figure by Lance Puig and York Street Properties. I will make this an anonymous post, as I'm still hoping to be paid and doubt that will ever happen if Lance found out that I posted here (I'm sure there are others like me watching this website too). Perhaps I will never be paid and I am thankful for a group I can learn from and turn to in the event I lose hope. It looks like there is about 80 members here.

    Since members of this group also includes Lance Puig and Lance Puig supporters/employees, I have a question for you:

    If your business plan can work (rather than being the product of lies and fraud), why don't you negotiate with all the people you owe money to in good faith? Why don't you get a responsible person that can appreciate both sides of the story and openly propose a resolution that is workable for both sides?

    Smart, honest and reputable CEO's find creative solutions. They also keep their friends close, but their enemies closer.

    That's my well thought out 2 cents worth. Thanks to all that are writing and the moderators for the legal information. Keep it coming!

    43 Votes

Post your comment

    By clicking Submit you are agreeing to the Complaints Board’s Terms and Conditions

    IN THE NEWS

    Unhappy consumers gather online at Complaintsboard.com and have already logged thousands of complaints.
    If you see dozens of complaints about a certain company on ComplaintsBoard, walk away.
    One of the largest consumer sites online. Posting here your concerns means good exposure for your issues.
    A consumer site aimed at exposing unethical companies and business practices.
    ComplaintsBoard is a good source for product and company gripes from especially dissatisfied people.
    You'll definitely get some directions on how customer service can best solve your problem.
    Do a little research on the seller. Visit consumer complaint websites like ComplaintsBoard.