Buliding wealth by Crowdfunding

[Ramir Rochester-Cottle]

Is diversyfund a good website ?

[Ian Ippolito]

I'm a conservative investor. So things that are showstoppers for me will be fine for other people.

The 2 principals of DiversyFund Inc also ran a previous real-esate investment firm from DiversyFund.com called CCFG dba ("doing business as") DiversyFund.

Per the Better Business Bureau on CCFG dba DiversyFund in 2017: "The company stands accused of secret profit or undisclosed compensation, use of false or Fictitious Business Names, failing to submit independent audit report, failing to file with the BRE the Quarterly Threshold Reports, failing to supervise the real estate activities of the company, inaccurate and incomplete trust fund records, inaccurate and incomplete recording of separate record for each beneficiary or transaction, and failing to maintain the monthly reconciliation of all the separate records or transactions to the balance of the record of all trust funds received and disbursed." Click here for more details.:

In late 20017 CCFG dba DiversyFund and BRE (the California Bureau of real estate) reached a settlement on the previous charges against the company, after the BRE review of CCFG's response to the BRE allegations. BRE did not hold a hearing to determine the validity or invalidity of the charges. CCFG did not admit to or deny any of the charges.

For the purposes of settlement, both parties appeared to settle on a single charge of “failure to supervise”. Craig Cecilio (owner of CCFG) had his license suspended for 60 days, but may reduce this by 30 days by paying a $3000 penalty (which DiversyFund Inc. claims he has already mailed in). And Ceclio may reduce license suspension by another 30 days if he completes certain continuing education courses on trust fund accounting and handling and have no further violations for 2 years.

I personally see no reason to risk my money there when there are so many other platforms without this cloud. I call this my "roach test": if I see one, there are probably 100 others I can't see and move on to a house that at least looks to be roach free. Others may disagree and be fine with all of this.