Norada Real Estate takes my money, then wont honor deal because market is bad ?

:angry: I want everyone to be aware of Norada Real Estate in Laguna Niguel, CA. I made the mistake of trusting them with my money. I gave them $14,000 down for 2 lots in Weeki Wachi, Florida. The deal was to split the costs and profits 50/50. On one lot they could not get financing and not for any fault of mine. My credit score is 800+. I gave them the benefit of the doubt for a year to see if they could get it together and then I asked for my money back. I was told three times I could get my money back since they were having this problem. At first, Marco Santorelli said I could get it back only after I invested more money in his company. He told me how great things are in the Florida market, so I did my own investigating and had a friend go down there and he found out none of what Marco said was true. All of this from a man I had met in person and thought of as an honest friend. After 4 months they still haven’t returned my money. Now that the market has dropped he wants me to release him from the partnership. He said that anything on his previous website or in the contracts doesn’t matter now because the market is bad. He said he cannot honor his original contract because he cant afford it. He was supposed to pay half of the monthly payment. Everything he told us and showed us on his website he went back on. I cannot even lease the property for what the payment on the loan is and If I sell it I will have to pay a pre payment penalty he had put in the loan. I am not the only one this has happened to. I know 5 others personally and heard of several others. I am disabled, on disability and he steals my money. I have proof of this ordeal with my emails and legal documents. I would swear to this on a bible. I welcome anyone’s questions or suggestions about this situation. If Marco Santorelli makes good and honors his original deal I will gladly notify The Naked Investor to update report, but I doubt Marco is a stand up guy. He offered twice to return the money he misapropriated from me if I would remove any posts that revealed the truth to people about him and both times I did it, he then came up with another excuse and still has not returned my money. :angry: :angry: :angry: :angry: :angry: :angry: :angry:

NEVER EVER give your money to ANYONE unless YOU are the 51% partner and have CONTROL.

You need a lawyer. NOW!!!

Don’t screw around with this guy. Go after his Real Estate license, lein anything he owns, and DO NOT tell him your going to do it. Let him chase you to get those lien releases. This is why it’s called business. You try that crap with me? I go for the throat, and I decide when to let go!

Lesson learned.

You originally posted this issue a month ago. What have you done to obtain your money?

Contact an Attorney ASAP.

I’m sorry Sherm that this happened to you but… the story doesn’t quite add up.

I’ve seen similar posts to yours looking to take advantage of others sympathy. Since you didn’t directly ask for a hand-out I’ll give you the benefit of the doubt. Contact an attorney or file a complaint with the Department of Real Estate