Judge ices EFI fund property sale proceeds

August 6, 2008

By KAREN VELIE and DANIEL BLACKBURN

A federal judge presiding over Estate Financial Inc. (EFI) bankruptcy hearings declined Tuesday to authorize disbursement of funds from a pending sale of investment property from the troubled lender’s portfolio.

U.S. District Court Judge Robin Riblet instead ordered proceeds from the sale placed in a segregated account to allow trustees time to weed through a mountain of documents.

The Paso Robles lender’s corporation and investment fund have been placed in voluntary and involuntary bankruptcies.

A group of investors had asked Riblet to disburse the proceeds of the Base View Court Estates project in San Marcos, currently in escrow. Thomas Jeremiassen, the trustee of Estate Financial Inc. (EFI), however, asked the judge to delay distributing the funds.

Riblet, on vacation in Canada and speaking to attorneys by telephone, agreed with Jeremiassen, who was appointed to manage the trust only nine days earlier. At the same time, Riblet appointed Bradley Sharp to watch over the Estate Financial Mortgage Fund.

“It is like an orderly liquidation,” said Steve Gardility of Encinitas, a builder who did significant business with Guth. “It is a better chance to get money back than a Chapter 7. She (Judge Riblet) had the records and knew the subject; she is sharp.”

Utilizing a number of hard money strategies, EFI principals Karen Guth and Joshua Yaguda enticed investors with the promise of high interest on their investments, which funded short term construction loans. Last fall, the company stopped making interest payments, and Guth and Yaguda blamed a downturn in the real estate market for catapulting EFI into a temporary financial funk.

More than 3,000 investors placed more than $300 million into EFI construction projects. Guth and Yaguda received a one- to two-percent monthly fee for fund management, along with mortgage servicing fees on the fractionalized loans. Sources claim the pair was using funds slated to build projects to fund other businesses they own.

While at the helm of EFI, Guth and Yaguda accumulated a wealth of holdings, including gas stations in Templeton and Morro Bay; a winery and Pasolivio Olive Ranch in Paso Robles; and numerous condominiums, homes, and commercial properties scattered throughout the county. They also own a stable of expensive automobiles.

Even during the bankruptcy proceedings, a bevy of regulatory agencies and criminal investigators continue to probe allegations that Guth and Yaguda misled investors and comingled funds in a Ponzi-style scheme.

Within the next few days, U.S. Trustee Marjorie Erickson is expected to announce approval of a creditor committee comprised of creditors and investors to serve as an advisory body to the trustees and the court.

“The committee will meet with the trustees, look at properties and their stages, and suggest which properties should be finished, and which to sell out,” Gardility said.

Gardility, along with Dennis Klassen, Arroyo Grande; Jordana Cooper, Calabasas; Jim Scott, Rancho Palos Verdes; and Andrew Berwick, Santa Barbara, have applied to the court for membership on the committee.


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Stefan

By: Anonymous on 8/8/08

Paslolivo Olive Oils! Featured in the NY Times! the Washinton Post! "Best in Show!" "Named one of the Top Ten Oils in the World!" Now we know why Karen and Josh didn't have time to manage our investments, make sure that construction was proceeding as it should, or return our calls – why, they have a "TOP TEN IN THE WORLD" olive ranch to run! Open Thurs-Mon for tastings! 8530 Vineyard Drive, Paso Robles. Why, they even invite us to press our own olives for free on Pasolivo Community Olive Press Day on November 29! Are they just plum full of community spirit or what? See you at the tasting room and be sure to save the date and bring your olives on Olive Press Day!

By: Anonymous on 8/8/08

I getting tired of people spouting off regarding greed. Since when is trying to make a return of 10-12% considered greed. I am comfortably retired because I wasn’t satisfied with 3% return on my investments. I guess some of you favor less aggressive economic opportunity….like they have in Cuba. Everyone has to balance risk with reward. Unfortunately at EFI, thieves had their finger on the scale.

By: Anonymous on 8/8/08

Who are you? Really?

You state you are not an investor and not involved. Why are you on this site?

I understand loosing money if the market goes down. That is the chance we all took. However, when the whole porfolio goes into foreclosure, it isn't the market.

By: Anonymous on 8/8/08

Some folks are on here just to stir people up. They offer no legit insight or knowledge of the circumstances. This is slowly devolving into a place to take random shots at each other.


But I do have one question for anybody who knows. If K is making a claim for money in the bankruptcy, does that mean she didn't take money in the past – that she now claims she is owed? Didn't she pay herself for the last year? How can she have a claim as a creditor?


By: Anonymous on 8/8/08

Question, were you one of the greedy ones who was raking in the profits prior to it all going downhill? Your statements are so harsh! Yes, they are parents and grandparents and the slitherly way you are delighting in this situation is so sad. Maybe we should question your parenting skills. Who would want someone like you being a influence on anyone.

By: Anonymous on 8/8/08

If it is found that the winery, olive oil co, etc were purchased illegally with EFI investor money, would the court not mandate their sale and the proceeds to back to the investors?


I really want my money back, however, if it goes to an attorney or gets burned in a fire, it is better in my opinion that K&J never touch it again. We would never see any return of investment from them.


Just imagine, if (LOL) guilty, they will both sit in prison knowing they put their mom/son in prison and changed their lives negatively forever. (great parenting….) All that for a few years of fun. How much fun are they having now knowing what may await them and knowing how many people hold hatred for ever knowing they existed.

By: Anonymous on 8/8/08

I dig your new advertiser.

By: Anonymous on 8/8/08

I thought they were forming a creditors committee and an investors committee. Why not give these committees a chance to represent your interest and distribute information before flying off the handle.

By: Anonymous on 8/8/08

Hey all: As reported by the tribune this a.m. Mission Medical's 6 year Bankruptcy was just resolved with creditors receiving their proprotional share of what was left. How long do you think this one will take? 2014?


Stefan

By: Anonymous on 8/8/08

Anonymous says:


Who should we contact at the Bankruptcy Court for consideration of only one trustee? Does anyone know?


When I find out the mechanism to combine the two Trustee, I will post it. We are at the initial stage of theprocess so confusion is inevitable. Hang on!!!

By: Anonymous on 8/8/08

Who should we contact at the Bankruptcy Court for consideration of only one trustee? Does anyone know?

By: Anonymous on 8/8/08

Remember, Karen was filing BK for 'both' EFI and EFMF. Ron beat her to EFI. Go ahead and complain about lawyers fees from the involuntary BK, they were coming anyway.


What to focus on now….WE DO NOT NEED TWO TRUSTEES!!! along with their attorneys. That is a waste of the investors money. There needs to be a motion to remove one. It's obvious that EFI and EFMF were so entertwined that it should be considered one company.


If all are concerned about legal fees, focus your attention on removing a trustee and you will save a bundle! Express your concerns to the US Bankruptcy court.

By: Anonymous on 8/8/08

Barbara says:


You still don't get it! With BC in place, Investors have a better chance of getting some of the money back. Notall not half but something.

Karen and Josh inplace, they had the money coming to themselves. Not a peny, not a dime, but most of it. Tem liquidating and pocketing as money was coming in based on their claim for expenses and manaegement fees. How much legal cost were they racking up? Look at the creditors list for the EFMF. That does not even show the retainers allready paid upfront.

By: Anonymous on 8/8/08

I say thanks to the judge for appointing the trustees. Now we have people with no conflict of interest (we won't be funding any of their LLC's!) who will be looking out for our best interests (unlike Karen and Josh) and who we will not have to worry and wonder what they are doing. Their actions will be transparent and approved by the Judge. There will be no secrecy and no backroom deals with their buddies. And it will cost us a lot less than Karen and Josh charged us. Do the math and be grateful that we finally will have some accountability for our investments.

By: Anonymous on 8/8/08

Barbara,

How much an hour did Karen and Josh charge?

By: Anonymous on 8/8/08

Have you figured it out yet?


You are Sh*t oout of Luck.Only ones who will get ANYTHING are the Attorneys and the illegals who will strip copper out of the abandoned houses.

By: Anonymous on 8/8/08

To Say What??? $750.00 an hr

They already have! we can thank the group who filed the involuntary bankruptcy -forcing the company into Cht 11 bankruptcy. So now we are stuck with attorneys that will blead us dry. It seems funny the Department of real estate, and the Department of corporations which they operated under have not filed charges against them. I'm not saying they didn't do anything wrong. But all we hear is all the crimes they committed, yet no filings. I think the real crime here is we all getting hurt even worse because some people panicked and got us into this situation, now we are stuck with it, like it or not.


Stefan

By: Anonymous on 8/8/08

Three Bells Winery?!….never heard of that! Hard to believe.

By: Anonymous on 8/8/08

$185,000 per month equals $2,220,000 per year. Karen was charging 1% managment fees on a $350,000,000 portfolio. That's $3,500,000 per year. And that doesn't include all her other fees – for "managing" rental property that we didn't want rented, her 6% broker's fee for every property sold, her "monitoring fees" for inspecting construction progress and monitoring disbursements from the Construction Disbursement Account, loan "origination fees" and refinancing fees. So, not only did we pay her for all these services she never provided, but then we had to pay for her entourage of attorneys to defend herself against lawsuits, her PR firm to try to make her look legitimate. So, the way I see it we are getting solid professional help, overseen by the Court (whereas Karen and Josh had NO oversight)for a fraction of the cost.

By: Anonymous on 8/8/08

The winery is Three Bells Winery.

By: Anonymous on 8/8/08

I can't find anything in the LA Times about that. Where did you hear this? Sounds kind of far fetched.

By: Anonymous on 8/8/08

"While at the helm of EFI, Guth and Yaguda accumulated a wealth of holdings, including gas stations in Templeton and Morro Bay; a WINERY and Pasolivio Olive Ranch in Paso Robles…"


Which winery is this?

By: Anonymous on 8/8/08

"While at the helm of EFI, Guth and Yaguda accumulated a wealth of holdings, including gas stations in Templeton and Morro Bay; a WINERY and Pasolivio Olive Ranch in Paso Robles…"


Which winery is this?

By: Anonymous on 8/8/08

RW Hertel & Sons partner Richard D Willrodt arrested for child male rape by LAPD at the Bonaventure more to come the case is closing in on Fowler and Hertel et al

By: Anonymous on 8/8/08

That's rediculous. That isn't even justifiable. Somebody do something.

By: Anonymous on 8/7/08

I see everyone going off on how much we were being ripped off by K. and J. but how about the legal ripoff we are getting now I spoke to someone today who had a meeting with one of the trustees Tom Jormison and he found out that we are a pain these two attorneys $750 an hour apiece that their estimated cost for running the business is $185,000 a month now you want to know why you're not getting your money when a property sells its no different than it was before except now these people can extract $185,000 a month from the investors now let's see if I was making $750 an hour would I be in a hurry to get the job done?


Food for thought and if you have any doubts about it read the court documents you will find out, this is not gossip but fact I don't know too many people making $750 an hour

By: Anonymous on 8/7/08

Careful, you may just step over the line. Ka-ching !!!

By: Anonymous on 8/7/08

Post your e-mail and I'll scan the cartoon and e-mail it to you.


Stefan

By: Anonymous on 8/7/08

Anonymous says:


No, unfortunately, Hodin's cartoon isn't available at New Times on-line. You have to pick up todays paper.


Some of just can't drive to pick up the paper. I'd like to see it if could

By: Anonymous on 8/7/08

No, unfortunately, Hodin's cartoon isn't available at New Times on-line. You have to pick up todays paper.

By: Anonymous on 8/7/08

Is the cartoon in the on-line version? I didn't see it.

By: Anonymous on 8/7/08

It's not an article. It's a cartoon by Russell Hodin. Check it out.

By: Anonymous on 8/7/08

Olive Oil !


Gossip? yeh sure! Ask the people who got their pay checks from EFI and the contractor who did for work on the gas station.

Don't worry, it will all come out through forensick accounting. Some papaers have been "accidentally" destroyed and computer storage delated, but most recosrd can be traced through the banks and borrowers records.


So far this site was on the line. So gossip maybe today. Facts tomorrow.


Also, the Trustee will get records from the CPA and wherever they can get it from.


Your defense of the crooks is appriciated by them, keep on.

By: Anonymous on 8/7/08

Where is the article on karen and josh?

By: Anonymous on 8/7/08

Russell Hodin scores big in today's edition of the New Times – check out Karen and Josh. This should be pasted on every bottle of pasolivo olive oil.

By: Anonymous on 8/7/08

Declarations under oath are much different than "gossip." Do your homework and read Karen's divorce documents – they are public information.

By: Anonymous on 8/7/08

Stirring up trouble. If not gossip, this whole site seems to be about making people mad. You put in a simple comment and somebody tells you to "get a grip." Thanks for nothing. Where are your manners, Ms. Manners?


Paso Guy sounds like an adult. Compared to some, for sure.


By: Anonymous on 8/7/08

Anonymous are you certain about paying the Olive Oil employees? I thought that was a profitable operation, why would she need to do that? There are only a handful of people that work there.

By: Anonymous on 8/7/08

What is the point of that comment? If you read the docs you know you didn't..if you didn't read them, them maybe you did

By: Anonymous on 8/7/08

Did we also sign any documents authorizing Karen to pay her Olive Oil employees from our investment funds? Must have been in the small print.


Stefan

By: Anonymous on 8/7/08

If thet were operating like RPL or vanguard, the "brokerage fee" was points they charged the borrower (2-6 pts) and always took that $ up front..that was contractual…the ongoing service fee was generally 1%…charged 13% and the investor netted 12%.


The agruement has been that even though the loans were in default or forebarence, they still wanted their 1%.


I haven't done the research, but I imagine we ( the investors) sighned off on this when we signed their contract


Anyone know?

By: Anonymous on 8/7/08

insider says:


Those fees add up to millions. Both in fees and interest.


The answer is yes, when the documents put togather, investors who received benefit from the operation will have to pay back. Not the original principal but the interest receved on it. Even if they never received any actual cash payments but only a book entry and paid taxes on it (I mean roll over interest that was compounding on the books).

There will be many unpleasant suprises and teeth grinding.

By: Anonymous on 8/7/08

One thing that appears that may have been happening for a very long time was the practice of partially funding loans but taking the entire brokers fee at the time of closing. This could have added up to hundreds of thousands of fees that Estate collected for loans that were never fully funded if proved true. Also if Estate was collecting whether on the books or in cash managment fees for loans that were not fully funded that could add up to hundreds of thousands more. A real interesting question will be if one investor got out by being paid off by a new loan by estate to refinance one investor out at the expense of the new investor. Could the court ask for a return of those monies? I think so.

By: Anonymous on 8/7/08

Back at ya Jorge !


Get a gripp of reality!!

If it wasn't for this site, Karen and Josh be still in the office liquidating anything to get more cash out. Haven't you've been reading previous post? She blatantly stated that before any funds will be distributed to investors, all expenses including management fees will be paid out?


Just to redirect your short term memory! In October she stated that within 60 to 90 days they will resume interest payments. Than she so brazenly stated that they are here to stay its only the market faults and the credit crunch. By May she met with Bankruptcy lawyer and Trustees. In June she still acted like its only a few disgruntled investors and a looser borrower making too much noise!

Finally, after the involuntary Bankruptcy petition was filed, instead of bothering to provide an answer or defense on behalf of the investors, she filed BC on the Mortgage Fund.


Prior to that, she and Josh resigned turning over the botton to two handpicked people while asking investors to rehire them as Consultants.


In the BC filing, she so blatantly put her claim for $3,000,000.00 as part of the management fees based on her estimate of the defunct portfolio. She was trumped by the BC filing and unable to take out the $3,000,000 from any liquidation.


I am just amezed how can you still question this site or accuse them of being a "gossip" only. Where was the Tribune all this time. Hiding their heads in the sand while the bleeding continued. Was there any Fraud comitted? In my opinion yes. Big time for that matter. Look at all the LLC set up by Karen and money taken out on either incompleted project or absolutely nothing done like the Templeton Mixed use site.


Hello!! $11,000,000.00 for something that is worth much less than that. Not even applications turned in? Can you see incompetence or FRAUD?

By: Anonymous on 8/7/08

Well, you can quote me. I was not enticed, just a bit greedy is all.


Stefan

By: Anonymous on 8/7/08

One thing that everybody has to keep in mind is that whatever is going to happen is going to take a long time. All this stuff about witch-hunting, and torches is nonsense. We have to start thinking and acting like adults. What will happen will be in an orderly process, with investor input, but ultimately it all rests in the very capable hands of a bankruptcy judge. Investors should not dispair. I say, just cool it and let the process work.


Lastly, I have to question the quality of undercover's reporting. This page is more like a gossip column. Were investors "enticed" ???


I don't know if the principals in this fiasco are considered public figures and I don't know if this webpage can avoid being sued for libel if they're not more careful in writing about the "alleged" wrongdoing of private citizens. You know, how news shows are careful to always say "alleged" even when everybody knows what happened? Everyone likes to say that the truth is an absolute defense, but proving what is the truth can be harder than you might think. Just don't want to see Dan or Karen getting sued. It's always better to have quotable sources.


By: Anonymous on 8/7/08

Take heart, investors. Now our investments are being managed by trustees who are accountable to the court and responsible to the investors. Forensic accounting will show Karen and Josh for who they are and what they did with the money we invested. Their LLC's and personal properties will be looked into. If they were funded/bought with moneys which were supposed to have gone into the properties, then we will have other avenues for recovery. Also, insurance and liability of other parties may be a source. Do not be discouraged by all the naysayers on this blog. Ignore them and they will find another site to ramble on. Hang tight.

By: Anonymous on 8/7/08

It is said that posession is nine tenth of the law. It seems by this feeassco that the remaining tenth is for everyone else: Something for nothing, perpetual motion, the check's in the mail and get skinny lotion, get rich investors and cash registers ring. These are a few of my favorite things……

By: Anonymous on 8/7/08

If anything needs to happen in the full light of day its everything and anything having to do with this. The last thing the investors need is someone on thier high horse telling them they made a mistake trusting these people. They get it! All you do is depress them more and give them no hope. Part of the plan I'm sure to not make to much noise. At least by shaking things up the updates are printed and they get some sense of the progress being made. Even if they know one by one properties are being sold and money is being put in an account for future distribution they see progress even if it is at a slow pace. If they know the authorities are looking at the actors in this drama then they at least know that the personal assets of the managment may eventually be a part of the settlement. The last thing the investors need is to be lulled by admonitions regarding thier investment motives. Let them continue thier witch hunt for without it they would have never gotten this far and who knows there may be some witches in this case.

By: Anonymous on 8/7/08

Cred on this site? LOL who gives a rats ass?


Let me say this for anyboby that cares..(why anyone would care is beyond me)…I don't like to think I was ripped off and if that if that proof surfaces I will have to deal with it. EFI or any other hard money lender did not create this bear RE market. Wrongdoing or not, we were all screwed and projects were not going to completed and interest was not going to be paid…let the investigation continue and see what crimes were committed and what crimes can be prosecuted.


No matter where this goes, I'm sorry that some people were so blind to the risk.

By: Anonymous on 8/7/08

Not sure what I am being exposed of except impartialilty. I was not an investor and am not personally involved. With all of the attention to this, if there is wrong doing then it will come out. I am just saying, put out the torches until that happens. The investors are already suffering, no need to whip them into a frenzy when they are already feeling bad.

By: Anonymous on 8/7/08

insider says:


to my money is under my mattress & Paso Guy


Ignorance is blissful, Enjoy it while it last

By: Anonymous on 8/7/08

my money is under my mattress


Good try!!


Stefan

By: Anonymous on 8/7/08

to my money is under my mattress & Paso Guy


Well I think your motives are clear at this point. You are exposing yourselves for what you are. Watch out your credibililty is in short supply.

By: Anonymous on 8/7/08

Any one still beleives this was just greed and stupidity is gravely mistaken. Karen and Josh knew what they were doing exactly. Their greed arrogance and total disregard to others wellfare caused all this problem. While the going was good they had many supporters, but hopefully some realize the gravity of the situation.

It was nothing less than a PONZY SCHEME and the law is looking at it that way.

By: Anonymous on 8/7/08

When a person sells a house that loses money, the realtor/broker still gets their commission. Isn't that the way of the world? This seems a little witch-hunty to me. Yes figure out if there were illegal activities…I mean actually prove it. Until we know for sure, stop being a hater. It seems like there are more people to blame here than just K and J.

By: Anonymous on 8/7/08

A few years back, a friend of mine was ready to invest in my project through Karen. She told him that my loans were fully funded, but had other opportunities. I know my friend for a long time and he funded some of my projects directly. I never had problem working with him because he visited the site and when I requested money it was available within 24 hours or by postal delivery.

When dealing with private lenders, all money should be in a segregated account for the project earning interest to the benefit of the borrower.


No way had Karen allowed investor and borrower make connection. That could have exposed her long time ago. If investors took the time and efforts to contact some of the borrowers, maybe this fiasco could have been exposed much sooner limiting the damage to all of us.


Karen when made the loan took her fees upfront even when the funds were not available while charging interest on it. Also, she had the money deposited in an interest bearing account to the benefit of EFI. Investors were charged a management fee on funds that was neither in the account or available. Nice going for her able to charge interest on non-existing funds.


Her $3,000,000 management fee claim to the Bankruptcy Trustee just adds insult to injury. She is still around to liquidate her numerous investments around the county. We can watch her and Josh around town relieved of everyday responsibility at EFI. They enjoying the fruits of our labor, while we wonder what is going to happen the next day. Good going.

By: Anonymous on 8/7/08

Maybe Karen and Josh were over their heads and not con artists. Does insider have any sympathy for their potential greed or stupidity?

By: Anonymous on 8/7/08

You just keep fighting those windmills Insider, and everything will be fine…I gaurantee it!

By: Anonymous on 8/7/08

Yes they were greedy. Since they were stupid too they probably don't even recognize the greed motive. You too whoever invested were greedy. So what! Being geedy and stupid is not illegal last time I checked. I don't care how you intend it, it always seems to come off as an excuse to fogive the perps. I don't by it. I still feel sorry for some 80 year old person that put up thier life savings to a potential con artist whether they were stupid and greedy or not and people who post the smarter than thou comments don't get it or are from the other side the way I see it.

By: Anonymous on 8/7/08

Insider:


Sounds like just want to argue for arguement's sake.


Noone deserves to be ripped off..hell, I had around 25% of investment assets in EFI. I could and will survive even if all is lost. I still don't want to ripped off…just saying that those that put it all on the line were greed driven and not on top of their investment game…same as the folks that took a bath on junk-bonds back in the 80's


Stefan

By: Anonymous on 8/7/08

To insider:

No, I would never condone this happening to anyone. I disagree that the smart people knew when to get out, I think the smart people never invested…like myself. It sounded too good to be true to me.

By: Anonymous on 8/7/08

So if people are stupid but honest they deserve to be ripped off by smart but crooked people. Sounds like somebody smart got out while the getting was good and these judges are going to level the playing field between the stupid and the smart. Ouch!

By: Anonymous on 8/7/08

Anyone that was all-in with this and had no time or talent to make the money again is a fool. Investors need to be prudent when deciding how much risk their houshold can tollerate. With absolutely no gaurantee, and we all knew there was no gaurantee, it was too much risk for many…but greed won out.

By: Anonymous on 8/7/08

The US has an Extradition Treaty with Costa Rica Signed at San Jose December 4, 1982; entered into force October 11, 1991.

Website: http://sanjose.usembassy.gov/exttreatyeng.html

By: Anonymous on 8/7/08

To insider:

You are right. I have no empathy. As for my head being up my ass…


Learn how to spell and then we can talk about brains…

By: Anonymous on 8/7/08

In response…

….When you invest your money and are given documents that look greatand show your portfolio is working, why would you question it?….


This entire situation is why I would question it. We are all responsible for ourselves. I agree that there are complexities, but we are culpable for our own decisions.

By: Anonymous on 8/7/08

to My money is under my mattress

AKA if I had a brain it would be up my ass with my head


These people were recieving all the interest on thier money as promised. Hence no reason to be suspicious. Unfortunately they were only getting thier own money back or some poor shmucks money who came in after them. Thats why some are calling it a Ponzi scheme. Your empathy is underwhelming

By: Anonymous on 8/7/08

There have been problems for awhile but the local papers base their article content on advertisement revenue and not based on facts.


Investors have been given a song and dance regarding their investments and when someone has been a squeaky wheel they have gotten the grease. When you invest your money and are given documents that look greatand show your portfolio is working, why would you question it? Investor could not have known that the papers were bogus. Plus think about all the taxes that they paid on money they will never receive.

By: Anonymous on 8/7/08

I am relatively new to this but haven't seen comments/complaints about the company prior to last fall. Were there any or did people have their head in the sand while they were reaping the financial benefits of high dividends? Stop blaming others for your high risk decisions. If you write the check to invest, you should know what you are getting into or suffer the consequences.

By: Anonymous on 8/6/08

Anonymous says:


Tiffini Hughes investment was originally B106-06 (first trust deed position), now is B155-06 (second trust deed positlion.)


Stefan

August 6th, 2008 at 7:47 PM

Anonymous says:


Tiffini Hughes, I'm afraid, is in cahoots with Karen. I called and left a message for Ms Tiffini Hughes who never returned my call. Subsequently, however, I was able to contact a sales person involved with Tiffini Hughes condo sales, when I told him I was interested in purchasing a condo in Bakersfield and that the website for Tiffini Hughes looked like what I was looking for, I was told that it is incomplete, there are no salespeople on site, that it is in a "bad neighborhood with gang activity", that properties surounding Tiffini Hughes are selling for considerably less and couldn't he interest me in another piece of property? So, after Karen convinced us all that we had to subordinate our first trust deeds to a second position in order to obtain funding to complete the project, we now most likely will see no return of our investment. By the way, interestingly enough, Ms. Tiffini is selling property in Costa Rica – a country which does not have an extradition treaty with the U.S. Wonder who her investment partners are?????


August 6th, 2008 at 7:43 PM

Anonymous says:


Does anyone have information on the Tiffini R. Hughes Investment loan B156-06 in Bakersfield, corner of Fairfax Rd & Eucalyptus Dr? I have called her and she doesn't return my calls.

Thanks


August 6th, 2008 at 1:18 PM

By: Anonymous on 8/6/08

See last two postings regarding Tiffini Hughes (loan B106-06 and B155-06) on uncovered slo 7/20 report.

By: Anonymous on 8/6/08

To: wheresmymoney:

I'm sorry… I don't know the answer to your question…

I believe that in time… the "new" people put in charge of E.F. will be able to answer your questions…

My guess is… and it is just a guess on my part… is that even they don't know the answers (at this point in time)…

By: Anonymous on 8/6/08

Jim,

How can I find out information regarding my EFI Inc. 1st trust deeds. I have 9 different loans and some of the properties involve unfinished/incomplete

homes and others are just raw land. Who can tell me the status of my loans and how do I contact them?

Some projects were in the process of being sold and now I have no idea about what happened to them.

By: Anonymous on 8/6/08

Hang in there, Jim!

By: Anonymous on 8/6/08

Hey,


I am just trying to buy food!!

By: Anonymous on 8/6/08

to truthfull


Your an ass. Sounds like Jim knows his situation and is dealing with it as best he can.

By: Anonymous on 8/6/08

To Jim, where is your culpability in investing your life savings into a high risk/high interest insitution. Sad the lack of responsibility in this country.

By: Anonymous on 8/6/08

Thank you for publishing this information… I am an "investor" with E.F. and hear so very little about what is going on at this time…

Ya know… there is the "personal" side of this… in that I had invested my entire life savings with this firm… I realize this is going to take quite a bit of time… and I am trying to just ride this out (yeah… like I have any other choice)…

Anyway… thank you for your good work…

By: Anonymous on 8/6/08

Thanks for the update. Guess I'm not buying that beach property.


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