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  1. #1
    Join Date
    Mar 2008
    Posts
    1

    Loomis Wealth Scam- Don't Get Stung!

    LOOMIS WEALTH SCAM- DON'T GET STUNG!
    Recently I was drawn to a multi-tiered investment opportunity called Loomis Wealth Solutions' Advantage Plan and Income Advantage Program. My wife and I were looking for a solid program in which to invest.

    We easily qualified for the program because of our above average credit scores and history. We then were required to attend their two day workshop. It was there that we began to have some hesitation about the program. The complex system begins with purchasing distressed and foreclosed property by the numbers. This was suspect and only the beginning. We were then being sold on HELOC and life insurance as part of the same program as the bundled package.

    It is hard to believe first of all that the government would allow an individual investor to purchase so much real estate with nothing more than decent credit. With no money down, this vehicle seems attractive. Is it too good to be true? I guess it depends on how much you value your credit. Most single home owners are struggling to keep up the mortgage on just their primary residence. Too, such a delicate yet volatile maze of investment vehicles piled on top of this already sketchy mortgage stack pile may just be a recipe for failure.

    The Loomis Wealth staff seem professional but there is something else my Wife picked up on that others keen with similar backgrounds in Psychology may see. Focusing primarily on Lee Loomis, the driving force behind this program, who on the outside seems sincere and to the point. A trained professional however is able to see beyond the surface. My wife found this very disturbing and she is usually always right. It is more than just noticeable and obvious signs of conflicting behavior. There is also a feeling, an energy or aura associated with an individual and in this case, interaction with his staff that was just not right. Not trying to sound way out there, but to a trained professional, these signs are clear as day. Behind the smiley faces there is a very distinct and definite cloud of gloom and suppression. Suspicion welled.

    Never being one to pass up a good opportunity, despite (and against) my Wife's findings and advise, I decided to investigate. Investment and involvement in any sort of program where so much is at risk deserves some very thorough research. Once I became knowledgeable about the program, I took it for review to no less than three of my most trusted financial advisors. Basically the word came back that in a perfectly frozen world of economic affairs at somewhere around the new year 2008 with all variables constant, this program could actually work. HOWEVER, as demonstrated over just the last three months, with so much of our failing economy in a high state of flux, there is no stable datum. I repeat, THERE IS NO STABLE DATUM from which to form a solid foundation for such a complex investment as the one offered by Loomis Wealth Solutions. Just yesterday, the Federal Reserve slashed the interest rate by three quarters of a point. Further signs of eminent economic melt down was the fire sale of Bear Stearns just the day before. Wall-Mart, Sharper Image Corp, Ziff Davis, Fortunoff, K-mart not to mention 76,000 personal bankruptcies last month alone. The list goes on and on. And folks, it ain't even close to being over.

    Stubborn as I am and still not yet willing to give up I plodded on. We are very fortunate to have at our disposal an extremely capable investigator who happens to specialize in business and investment entities. He has worked for us in the past regarding other potential dealings having to do with investment opportunity with not only individuals but corporate groups as well. It amazes me the effectiveness this guy possesses in turning things up. If there is even a spec of dirt, he will find it. In this particular case, by the dump truck load. Turns out my wife nailed it.

    As recommended by our investigator, I won't get into the dirty details. But what I am willing to say is that findings after thorough background check of Lee Loomis himself reveal that you do NOT want to do any sort of business with him... ever! This was also confirmed by former staff and other dependable sources who have been affiliated with him most recently and in the past. The word unanimously and across the board is STAY CLEAR. Consider yourself forewarned and avoid becoming forleorned.

  2. #2
    Join Date
    Mar 2008
    Posts
    8

    Re: Loomis Wealth Scam- Don't Get Stung!

    Again, this is a post of someone that has not been scammed. You checked out the opportunity and decided not to proceed and that is perfectly fine. But to then say that this is a scam escapes me. Have you been scammed? Can you produce one person that has been scammed? I don't doubt your sincerity in what you have written, but because you and your psychologist wife had a bad feeling about this is not the basis for claiming it is a scam. You are vague by saying that you have someone who can investigate people for you but mention nothing. Also, yes the economy is uncertain now but it also represents a time to get properties way, way below value. It is a a contrarian move. I think it is an excellent opportunity, someone else can see it as a suspect opportunity and that is fine but that doesn't mean it's a scam.

  3. #3

    Re: Loomis Wealth Scam- Don't Get Stung!

    I have a couple of things to say about Loomis Wealth Solutions having been one of the members negatively impacted by this joke of a company. Lee Loomis is not a scam artist, nor is his company and business model a scam. However, his company is in financial ruin and it will only get worse. Unfortunately, Lee has no other choice but to take all of his members down with him - so if you are a member or are considering membership, my advice to you is to get out IF you can.

    I am not going to explain the logistics of the program. All you have to do is type "Loomis Wealth Solutions" into any search engine and you will get plenty of info on the company and their plan. What I will tell you is that there are several members who are left with properties in their names and money that they think is being invested and that has long been spent. The people who have properties with loomis are getting 5+ phone calls from lenders each day because Loomis is not paying mortgages on time. There are liens being placed on properties due to non-payment of taxes and utility bills. These members are ultimately responsible for these costs and when Loomis does eventually go under, they will be in trouble. There are several members whose credit is being effected and that can no longer buy houses, refinance their own loans, etc. because of it. Don't sign for properties NO MATTER What.

    People are giving Loomis money to invest in a high yield fund that is supposed to earn an incredible rate of return. The truth is this money is used for operating expenses and when you request your money back - you can't get it because they don't have it. Because it is a high-risk investment, they can get away with this. Loomis is being sued by several old members, people they have bought houses from, and people they have sold houses too. Any of these people will tell you to stay away.

    Loomis bounces checks left and right and doesn't pay its bills. There are several California businesses that will not do business with Loomis because they have never been paid. This company doesn't have any money and continues to recruit new members and force them to sign up for life insurance policies to fund its company expenses. If you make the choice to go with this company - do your reasearch and you will surely change your mind!

  4. #4

    Lee Loomis and Loomis Wealth Solutions

    My story is long, laborious and in the end financially tragic. I will not drag myself through an elaboration of my dealings with anything Loomis nor will I subject you to the chronicles of demise this man infects with anything he touches. Simply know that if one were sent from the depths of hell for the sole purpose of inflicting widespread deceit, duplicity and general financial mayhem upon the masses, there has been no other culprit more suspect than the infamous Lee Loomis of Loomis Wealth Solutions. That said, most any creation that he is responsible for dipping his grimy paws in is to be considered none other than effectively spoiled. I have witnessed personally this man in action working multiple investment ventures over years past and the story is always the same. How much money can he reap for himself while as a by product, screwing as many people in the process. And do not think he will stop without expending his workers and associates. In the book of Loomis, everyone is fair game.

    What is amazing to me is that Lee Loomis was bred and raised within the Mormon/LDS faith. The values upon which this church is based must have been instilled within this man as a youth. Sadly, they have long since vanished many, many years ago.

    So... if you are considering doing business with this man or any entity of affiliation, I respectfully urge you to seriously reconsider. He is not a good man. Do not fall under his spell.

  5. #5
    Join Date
    Apr 2008
    Location
    Northern California
    Posts
    1,259

    Re: Lee Loomis and Loomis Wealth Solutions

    I looked at the website and it would appear that he is using fear to motivate people. The same thing so many people do. Such as are worried about your future. Hey look at me I can help. Saying things like come to my seminar I will help you make money. I am sure that there are people who can help but people who use fear tactics, and this is just my opinion to motivate you into giving them money cannot be trusted. I am glad you gave us a heads up here, though I never believe anyone using fear to motivate. Sorry you lost your hard earned money.

  6. #6

    Re: Loomis Wealth Scam- Don't Get Stung!

    Reading through this post, I cannot disagree more with these people who “know” Lee Loomis. I have been involved in his program for over two years and he has changed my family’s lives for the better. We own several investment properties (right on track with our plan) and have a retirement plan in place that we didn’t have before. To be honest, there have been a few bumps along the way. Our account manager has changed a few times over the years (some due to promotions), and communication wasn’t so great when we started the program. A lot of this is expected with a growing company, though, and our family all agrees that it has been well worth it. At the workshop I attended Lee explained that the program isn’t right for everyone, and I feel that these people who are saying negative things about Lee Loomis and the program probably do not know him very well or simply weren’t right for the program. From what I’m reading here, I am sure the same people will tear my testimonial apart, but since anyone under the sun can say whatever they want on internet sites like this, I wanted to give my side of the story. I know other members that have had the same experience, so I wanted to be a voice for those of us who have good things to say.

  7. #7

    Re: Lee Loomis and Loomis Wealth Solutions

    Reading through this post, I cannot disagree more with these people who “know” Lee Loomis. I have been involved in his program for over two years and he has changed my family’s lives for the better. We own several investment properties (right on track with our plan) and have a retirement plan in place that we didn’t have before. To be fair, there have been a few bumps along the way. Our account manager has changed a few times over the years (some due to promotions), and communication wasn’t so great when we started the program. A lot of this is expected with a growing company, though, and our family all agrees that it has been well worth it. At the workshop I attended Lee explained that the program isn’t right for everyone, and I feel that the people saying negative things about Lee Loomis and the program probably do not know him very well or simply weren’t right for the program. From what I’m reading here, I am sure the same people will tear my testimonial apart, but since anyone under the sun can say whatever they want on internet sites like this, I wanted to give my side of the story. I know other members that have had the same experience, so I wanted to be a voice for those of us who have good things to say.

  8. #8
    Join Date
    Apr 2008
    Posts
    1

    Re: Lee Loomis and Loomis Wealth Solutions

    To me this is very interesting. From what I understand the company started in Chicago, IL and relocated out to Roseville, Ca. My question is, Why has the company pretty much dissolved in Chicago and they are now only recruiting in San Jose and Everett, Washington......to me this means that they have failed in Chicago and Roseville and must have a lot of upset members to deal with. Are there any members in Chicago that are pleased?

  9. #9

    Re: Lee Loomis and Loomis Wealth Solutions

    You will find several members in all states that are very unpleased. There are some members who are friends and family of lee's and he takes care of those few individuals - but my advice is to stay away from this program!

  10. #10
    Join Date
    May 2008
    Posts
    1

    Re: Lee Loomis and Loomis Wealth Solutions

    I can't speak to members in Chicago (I'm on the West Coast, but don't feel comfortable saying where on a message board).

    I'm a Loomis Wealth member and haven't experienced what some others on this board have, certainly not the extremely negative situations (thank goodness!).

    What I will say is accurate is that Loomis Wealth is a small company, so communication isn't great. It's surprising, because they talk up the "constant communication" so much during their seminars, you'd think they would put some more effort into it!

    Some recent chnages have improved things: a new Member Web site (property details and such) as well as the movement of our "account management" into the local office. Wow...what a difference it makes to have someone local to talk to and who follows through on requests. That really improved things for me dramatically.

    Previously, I had to initiate most of the contact, so the program isn't as easy as presented. BUT, I've not been forced to invest in any life insurance products (though they certainly recommend them and there are tax advantages if done properly; I read a short article in Best Life magazine just a few months ago that validated the benefits of this insurance strategy).

    As for whether they pay their bills, I can't speak to that either. I own a few properties (more than two, less than several) and I've not paid for any of them. I pay my mortgages via an LLC and get reimbursed each month by Loomis. The properties are in the name of my LLC, so the fundamentals of the program are sound.

    Just don't think you can get involved and not spend any of your own time getting things to work for you. Like all things, the presentation makes it look easier than it might be, but it's definitely "real."

    Hope this helps some folks who are looking for more details. Oh, and I'm not a friend or family member of Lee, so I don't think I'm one of the few individuals he is taking care of.

  11. #11
    Join Date
    Jun 2008
    Posts
    6

    Re: Loomis Wealth Scam- Don't Get Stung!

    Quote Originally Posted by YourBestBet View Post
    Yes we are....
    Loomis wealth or advantage financial partners are NOT backed by the better business bureau!

  12. #12
    Join Date
    Mar 2008
    Posts
    8

    Re: Lee Loomis and Loomis Wealth Solutions

    As a matter of clarification, no business is "backed" or endorsed by the better business bureau. It is a voluntary membership. It is usually for businesses that do a lot of retail business, contractors, graphic designers, gardeners,etc. I don't think I've ever seen a real estate investment company as a member. It's not something they would usually join.

  13. #13
    Join Date
    Aug 2008
    Posts
    6

    Re: Lee Loomis and Loomis Wealth Solutions

    This is for any current members...

    Can you update us on the status of the company?

    What is the status of your investment accounts? Are they "frozen" now?

    How about the mortgage payments? Still being covered by LOOMIS?

    Still recieving your monthly cash flow checks? Or has there been a "disruption" in thier service?

    How does the company make money? Where is its profit made? The declining real estate market? Not if the members are buying homes... in that case, wouldnt they be LOSING? Where is the money? What are they doing with your money? Is there any? If its true that mortgage payments are being missed, wouldnt that suggest there isn't enough money? If there isn't enough money, what does that mean about the money you gave them?

    Its been reported that LOOMIS is not going to make mortgage payments, and they have "frozen" all client accounts (you cant take your investment money back). Why do you think they did this? Is it more likely this company is a SCAM and that it is imploding as expected, or that its a legitimate institution that is just having liquidity issues do to current market conditions, and will be back online shortly?

  14. #14
    Join Date
    Aug 2008
    Location
    YUba City, CA
    Posts
    5

    Re: Lee Loomis and Loomis Wealth Solutions

    What is the status of your investment accounts? Are they "frozen" now?

    I truly only know that July mortgage payments were made at the end of July, and "reversed" so now they are 30 days late and that will be on my credit report.

    How about the mortgage payments? Still being covered by LOOMIS?

    They said they have changed their business model and moving away from debt to owning stuff....whatever that means.

    Still recieving your monthly cash flow checks? Or has there been a "disruption" in thier service?

    Never received any.

    How does the company make money?
    mystery
    Where is its profit made?
    mystery

    If its true that mortgage payments are being missed, wouldnt that suggest there isn't enough money?

    It does to me!

    Its been reported that LOOMIS is not going to make mortgage payments, and they have "frozen" all client accounts (you cant take your investment money back). Why do you think they did this? Is it more likely this company is a SCAM and that it is imploding as expected, or that its a legitimate institution that is just having liquidity issues do to current market conditions, and will be back online shortly?

    No clue here, either. I feel duped.
    Their communication is less than adequate once we had a property.
    we did not know we had a property until one day a mortgage bill shows up.
    I said, "their methods are so proprietary that even me as a member do not know what is going on".

    Steer clear from this program!

  15. #15
    Join Date
    Sep 2008
    Posts
    12

    Re: Lee Loomis and Loomis Wealth Solutions

    For all those who were not convinced this company is not only a scam but also a one way ticket to some serious jail time take a look at this link for the Cease & Desist Orders by California against both Naras Fund and Loomis Wealth:

    http://www.corp.ca.gov/ENF/pdf/2008/Naras_dr.pdf

    http://www.corp.ca.gov/ENF/pdf/2008/LoomisWealth_dr.pdf
    Here comes the hammer ! :judges:

    I am still curious if HUD is after them yet...

    I believe I read either on this site or one of the other scam sites how they attempt to make a property cash flow.

    In order to sell the client a house that more than likely house does/did not cash flow so they write a loan back to the investor to give them money to hold the property over the period of time prior to sell so that the property can cash flow.

    In order to write loans to a natural person you have to have a license (that's a law folks!), I do not see what mortgage license or banking license Loomis Wealth owns in order to complete such an action.

    Can someone detail the explanation of how they explained this in the seminar for me?

    Property investment is not rocket science, in fact it is fairly simple math.


    PITI = (Principle, Interest, Taxes & Insurance) [This is what you owe on your investment property each month and does not take into consideration if the property has a Home Owners Association monthly payment]

    IF...

    RENT - PITI = a negative number (< 0)

    THEN....

    Property does not cash flow, which means the investor will have to SUPPLEMENT with their own money the difference to make the payment.

    People, its your money and it's your property, stop posting complaints and get to getting your asset out of his hands and get your money, which now you will more than likely have to sue them for.

    I also would like to ask, who is starting the CLASS ACTION LAW SUITE against these theifs?

    ""
    For all those who were not convinced this company is not only a scam but also a one way ticket to some serious jail time take a look at this link for the Cease & Desist Orders by California against both Naras Fund and Loomis Wealth:

    http://www.corp.ca.gov/ENF/pdf/2008/Naras_dr.pdf

    http://www.corp.ca.gov/ENF/pdf/2008/LoomisWealth_dr.pdf
    Here comes the hammer ! :judges:

    I am still curious if HUD is after them yet...

    I believe I read either on this site or one of the other scam sites how they attempt to make a property cash flow.

    In order to sell the client a house that more than likely house does/did not cash flow so they write a loan back to the investor to give them money to hold the property over the period of time prior to sell so that the property can cash flow.

    In order to write loans to a natural person you have to have a license (that's a law folks!), I do not see what mortgage license or banking license Loomis Wealth owns in order to complete such an action.

    Can someone detail the explanation of how they explained this in the seminar for me?

    Property investment is not rocket science, in fact it is fairly simple math.


    PITI = (Principle, Interest, Taxes & Insurance) [This is what you owe on your investment property each month and does not take into consideration if the property has a Home Owners Association monthly payment]

    IF...

    RENT - PITI = a negative number (< 0)

    THEN....

    Property does not cash flow, which means the investor will have to SUPPLEMENT with their own money the difference to make the payment.

    People, its your money and it's your property, stop posting complaints and get to getting your asset out of his hands and get your money, which now you will more than likely have to sue them for.

    I also would like to ask, who is starting the CLASS ACTION LAW SUITE against these theifs?

    :2gunsfiring_v1: ""

  16. #16
    Join Date
    Sep 2008
    Posts
    12

    Re: Lee Loomis and Loomis Wealth Solutions

    Here is some good read for all those folks who state Loomis operates in a legit manner.


    http://www.corp.ca.gov/ENF/pdf/2008/Naras_dr.pdf

    http://www.corp.ca.gov/ENF/pdf/2008/LoomisWealth_dr.pdf

    Sounds like the bad days for Loomis are coming....curious what the weekly conference calls will sound like now!

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