RAD Diversified Review — It Wasn't Pretty

[Mustafa Shaikh]

I read about RAD through BP and I wanted to leave my review of them for other to be better informed before investing with them. Their salesman (Gregg Poirier) was very easy to get in contact when I was considering investing. He was really pushing me to invest by a certain date to lock in my price before the share price went up. I ended up investing $10,000 into their REIT. Once I invested and was part of the "RADD family," he was very hard to get ahold of. He did confirm that I got into the REIT before the share prices went up. I wasn't able to get access to their portal even though he claimed it had been sent over.

Over a month after my investment, I get a call from RADD telling me that they actually didn't put my money into the REIT. They had oversubscribed the REIT and my money has just been sitting around in a RADD account even though Gregg had told me that my money was invested in the REIT. They claimed they didn't want to tell me that my money was not in the REIT for a month because they first wanted to figure out a solution to offer myself and other customers (red flag). They offered me a promissory note with a 10% interest rate that I believe went for 18 months. They said if there is more space in the REIT later on, the money would then be transferred into the REIT, but they couldn't promise me that I'd be able to get into the REIT. I checked out the terms of the note, it wasn't backed by ANYTHING. It essentially said I trusted them to give me 10%, which as is probably clear by now, they aren't really a trustworthy organization. I asked if I got a refund would I still get an annualized 10% for the amount of time they were sitting on my money, and they wouldn't do that.

After reviewing their terms I asked for a refund. It took me multiple emails and calls for them to get the refund sorted out over the next three weeks. My overall gist of them is that RADD got pretty popular and they don't have proper operations setup to deal with the scale. If you're an accredited investor putting in 6 figures, they might take care of you better, but otherwise I would completely stay away from them. Much better places to put your money with people who are responsive, don't overpromise, and don't continuously give you a runaround.

[Melanie P.]

Quote from @Dutch Mendenhall:

Quote from @Chris Tessmann:

Hey Dutch,

My IC Membership refund was approved 2/13/24, and was advised 2/19/24 that it would be processed that coming Friday (2/23/24). I then sent 6 emails over the next 10 days that were not responded to until the last one on 2/29/24, and was told it didn't go out in the prior week, and that your DoC was "hoping it would go out in this week's batch" (3/1/24). On 3/1/24, your DoC sent me an email stating that "Unfortunately no disbursements will go out this week. That is the only update I can provide today. I am the only person that will be able to update you in this matter. You can continue to reach out to the entire company looking for updates but again I will be the one to reach out as I get further direction."

After a few additional email interactions that same day, your DoC stated "I do not have an answer for you. I depend on another department as well for answers and I too have to wait," and then asked if I would "be open to an installment of a partial payment? So that I can go and ask if that is possible.If not then I will wait." (This is also after I was asked very early on if I would like to put the refund into the REIT instead of a cash refund.)

Since then, I have sent nine additional emails asking for status update with no response from anyone in the thread. 

I started this refund request process 12/29/23 and it has been extremely frustrating in its' own right, to say nothing of the challenges that prompted the refund request being made in the first place. If transparency, responsiveness, and reliability are truly core values for RADD, I would appreciate you seeing to it that this isn't delayed any further. 

Thank you.

Thank you for bringing this matter to my attention. I understand how important it is to resolve this matter promptly.

I want to address your concerns regarding the delay in processing your IC Membership refund. I have been made aware of some issues, including problems related to IRA money movement and incomplete deals, which have contributed to the delay in issuing refunds.

I want to assure you that your refund has been approved, and steps are being taken to expedite the process. As of now, the refund is scheduled to be issued soon. I apologize for the lack of communication and for the inconvenience caused by the delay.

Transparency, responsiveness, and reliability are indeed core values for us at RADD, and I am committed to ensuring that your concerns are addressed promptly and efficiently.

Once again, I apologize for the inconvenience and appreciate your patience and understanding in this matter.

IRA money movement and incomplete deals? Perhaps you can provide a funds tracking and proof of funds to your investor. Show where their money is received and where it is being held now.

A response like this coupled with your inability to issue a refund in dollars makes you sound like a Ponzi scheme that's about to implode on itself. I understand that is not your history, but that is what you sound like today, IMHO.