Ask About A Real Estate Company
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated 8 days ago, 11/18/2024
Outstanding Real Estate Solutions Scam (ORES)
The original one was deleted, creating this new one.
Please don't post content from paid website, otherwise will be deleted again.
Thx
Has not paid investors in over a year. Makes false claims. Outstanding
Real Estate Solutions and Chimene Van Gundy need to be stopped before
they take more money from innocent people. It is not right to target
trusting people and take their hard earned savings. Even if Chimene Van
Gundy is going through a difficult patch within business her manner in
dealing with the situation highlights the potential that she was a scam
artist from the start. Perhaps she knows something about mobile homes,
but when it comes to managing investors funds, signs point to the
potential that she is a scam artist and fraud. Potentially even a darker
meaning as she seems un phased by her current actions and is ready to
take more money from retirees, mothers, and other vulnerable people. How
she can do this without having her conscious kick in is alarming. I
pray the right thing is done and the many investors are able to get
their funds back. She has negatively impacted many people's lives and it
is not right.
SEC Charges Self-Proclaimed 'Queen of Mobile Homes' and Three Salespeople with Fraud in Mobile Home Investment Scheme
#5 All Forums Contributor
- Lender
- Lake Oswego OR Summerlin, NV
- 61,736
- Votes |
- 41,933
- Posts
#5 All Forums Contributor
- Lender
- Lake Oswego OR Summerlin, NV
Quote from @Dongzi Wu:
SEC Charges Self-Proclaimed 'Queen of Mobile Homes' and Three Salespeople with Fraud in Mobile Home Investment Scheme
This is code for investors money is gone unless there is some bank account somewhere or there are assets.. these deals never end good.
- Jay Hinrichs
- Podcast Guest on Show #222
Quote from @Dongzi Wu:
SEC Charges Self-Proclaimed 'Queen of Mobile Homes' and Three Salespeople with Fraud in Mobile Home Investment Scheme
Can you post a link with more detail?
The forum does not allow post link. You can google and find it or reformat following
wwwDotsecDotgov
/litigation
/litreleases
/2023
/lr25739.htm
Litigation Release No. 25739 / May 31, 2023
SEC Charges Self-Proclaimed 'Queen of Mobile Homes' and Three Salespeople with Fraud in Mobile Home Investment Scheme
The Securities and Exchange Commission filed today a complaint in the U.S. District Court for the Western District of Texas charging Outstanding Real Estate Solutions, Inc. (ORES), its Chief Executive Officer and founder Chimene Van Gundy, and salespeople Michael Trofimoff, Santos Kidd, and Maria Tosta for their roles in raising approximately $18.5 million from at least 600 investors through a fraudulent mobile home investment scheme.
According to the SEC's complaint, between at least June 2018 and November 2021, Van Gundy, the self-proclaimed "Queen of Mobile Homes," and her company, ORES, raised millions from investors while promising to use the funds to purchase, refurbish, and resell mobile homes. The complaint alleges that Van Gundy and ORES did not actually own hundreds of mobile homes that they claimed ORES purchased with investor funds. Rather than using investor funds as promised, the complaint alleges that Van Gundy and ORES made Ponzi-like payments to existing investors, paid undisclosed sales commissions, and funded Van Gundy's personal expenses. The complaint also alleges that Van Gundy, Trofimoff, Kidd, and Tosta acted as unregistered brokers, and made false and misleading statements or omissions to investors while offering and selling ORES mobile home investments.
The SEC’s complaint charges ORES and Van Gundy with violating the securities-registration provisions of Sections 5(a) and 5(c) of the Securities Act of 1933 (Securities Act). The complaint further charges ORES, Van Gundy, Trofimoff, and Kidd with violating the antifraud provisions of Section 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder. The complaint also charges Tosta with violating Section 17(a)(3) of the Securities Act, and Van Gundy, Trofimoff, Kidd, and Tosta with violating the broker-registration provisions of Section 15(a) of the Exchange Act. The SEC seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties against all defendants, and an officer-and-director bar against Van Gundy. Without admitting or denying the SEC’s allegations, Tosta has agreed to settle the charges against her, consenting to the entry of a final judgment that orders permanent injunctions, disgorgement and pre-judgement interest totaling $117,917.57, and a civil penalty of $60,000. Tosta’s settlement is subject to court approval.
The SEC's investigation, which is ongoing, was conducted by Kendrack Lewis and Melvin Warren of the SEC's Fort Worth Regional Office, under the supervision of Sarah S. Mallett and Eric R. Werner. The SEC's litigation will be led by Matthew Gulde and supervised by B. David Fraser. The SEC acknowledges the assistance and cooperation of the State of Hawaii Department of Commerce and Consumer Affairs, Securities Enforcement Branch.
Chimene Van Gundy’s lawyer mentioned the menacing messages in a bid to
close a court... Van Gundy touted in various venues that she had bought,
fixed and flipped more than 500 mobile home units. The SEC says she and
the company only owned 6 mobile homes.
Some investors sued Van Gundy in late 2021 and early 2022 and she later filed for
More authority as receiver for Van Gundy and her company. Adams is responsible for locating and taking charge of their assets. The judge approved an order granting Adams more power, including the ability to subpoena and sue parties in an effort to recover assets for creditors. That came after Adams, his lawyer, Hazel and an attorney for the plaintiff investors met with the judge outside the courtroom for more than 90 mins to hammer out the order.
Adams recently provided
the court with an 88-page declaration outlining his efforts thus far.
The declaration was submitted under seal, though a redacted version is
publicly available. That was done so as not to tip off potential targets
of subpoenas and lawsuits.
*In addition to the $7,000 weekly salary that she drew from ORES, Van Gundy
misappropriated more than $5.7 million in investor funds for her own personal use, spending those
funds on a variety of purposes, including payments for her nanny, private school tuition for her
children, veterinarian bills and boarding costs for horses, cash withdrawals, auto payments, retail
stores, and debt extinguishment, among other personal expenses*
@Chasity Brown
Wow. Whoever gave this person “women of the year award” should be sued for doing zero due diligence on this person
- Chris Seveney
Thanks for Sharing the information!
There we go guys, now you know where all your money went...^^^
**a. ORES and Van Gundy lied about mobile home ownership.
30. Van Gundy and ORES represented to investors, both orally and through ORES
communications, investor presentations, MHLPAs, Promissory Notes, and Service Agreements,
that Van Gundy and ORES would use investor funds to purchase, refurbish, and resell mobile
homes. Of the 248 mobile homes connected to ORES and Van Gundy between June 2018 and
November 2021, Van Gundy and ORES actually owned only six. To give the appearance of
legitimacy to ORES transactions, Van Gundy used identification numbers of mobile homes owned
2 Some of the notes contained only the GMHI logo but made multiple references to ORES and Van Gundy.
Case 5:23-cv-00700 Document 1 Filed 05/31/23 Page 8 of 21
9
by other mobile home retailers, presenting them to investors as mobile homes that ORES
purportedly bought through investor funding.**
**d. Van Gundy and ORES sold the same mobile home(s) to multiple investors.
36. Van Gundy and ORES executed MHLPAs and Promissory Notes with multiple
investors tied to the same mobile home without disclosing that a prior investor had given ORES
funds to purportedly fix and flip that specific mobile home.
37. The ORES investment was not a pooled investment. Van Gundy and ORES
promised each investor that ORES would use their funds to buy and refurbish a specifically
identified mobile home, for which the investor would be the record lienholder. At least 23 times,
Van Gundy and ORES solicited funds to buy, fix, and flip a mobile home that was already
connected to an earlier investor. In some cases, Van Gundy sold the same mobile-home investment
to as many as five separate investors. Even worse, Van Gundy and ORES were not even the record
owner of—and had no affiliation with—at least 19 of the mobile homes they claimed to sell.**
***III. Additional Fraudulent Conduct as the ORES Scheme Collapsed
46. Beginning in approximately January 2020, as ORES struggled to pay investors their
guaranteed quarterly returns, Van Gundy, Trofimoff, and ORES told existing investors more lies
about the status of their payments—while simultaneously soliciting new investors with falsehoods
to keep the scheme from collapsing.
a. Van Gundy, Trofimoff, and ORES lied about a merchant payment processor.
47. Between approximately January 2020 and January 2021, Van Gundy and Trofimoff
repeatedly blamed ORES’s late payments to investors on its purported external merchant
processor, who Van Gundy claimed was responsible for collecting the monthly mobile home
payments from the owner-financed buyers.
48. Van Gundy also provided investors with a letter that she claimed that the merchant
processor had sent to ORES asserting that a “computer malware attack” delayed investor
Case 5:23-cv-00700 Document 1 Filed 05/31/23 Page 12 of 21
13
payments. Additionally, Trofimoff told investors that he and Van Gundy were “filing a formal
complaint” against the merchant processor.
49. In reality, the company that Van Gundy and Trofimoff identified as the merchant
processor did not provide any payment processing services for ORES or its purported mobile home
investments. Additionally, the company neither authored nor provided the purported “malware
attack” letter to ORES, and Trofimoff’s claims about filing a formal complaint were fiction.
I attended her event in San Antonio. I wanted to learn about mobile homes and parks, but it came off as a big hype session with lots of people from the same funnel marketing company. She played the Jesus card up big time. So did Trofimoff. I never trust people that lead with any type of religion.
Quote from @Kim Mulligan:
I attended her event in San Antonio. I wanted to learn about mobile homes and parks, but it came off as a big hype session with lots of people from the same funnel marketing company. She played the Jesus card up big time. So did Trofimoff. I never trust people that lead with any type of religion.
Unfortunately from the readings, she coerced many into this using lots of different ways. Thats one I never heard yet, so it seems she played those cards when she knew it would work. Glad you did not get involved however, there are thousands that got screwed by Vangundy.
Any updates anyone?
Is anyone up to date on what is going on?
Quote from @Dongzi Wu:
The original one was deleted, creating this new one.
Please don't post content from paid website, otherwise will be deleted again.
Thx
I have not heard of anything. It seems so quiet. No word from the Charlie Adams either.
Quote from @Roberto Benoza:
Quote from @Dongzi Wu:
The original one was deleted, creating this new one.
Please don't post content from paid website, otherwise will be deleted again.
Thx
I have not heard of anything. It seems so quiet. No word from the Charlie Adams either.
Did you try to contact anyone?
Does anyone have an info on how this is going?
Quote from @Vickie C Estep:
Quote from @Dongzi Wu:
SEC Charges Self-Proclaimed 'Queen of Mobile Homes' and Three Salespeople with Fraud in Mobile Home Investment Scheme
Have no idea, I have left emails and VM to Charlie with no response
Hello everyone,
I am just wondering if anyone here have received an email that is containing a creditor survey sent by Frederic Robinson on14OCT? I am not 100% certain on how to answer a few of the survey questions and would like to ask for your assistance if you have already completed the survey to hopefully receive some funds back? Please and thank you.