Investor issues warning: Do not invest in North Dakota Developments
An investor who describes himself as a victim of an overseas North American property investment involving investments in motel accommodation has issued a warning to buyers from Southeast Asia to avoid investing with the firm.
The company in question is American firm North Dakota Developments LLc, which has been selling its investments throughout Southeast Asia for more than two years. Its website indicates a regional office for the region has been established in Kuala Lumpur, Malaysia.
He told PropertyGuru: I have lost US$43,735, and I will not stop until I get my money back.
The investor from Europe noted there is a pile of investor complaints backed up by strong evidence, testimonials, statements and information from former company employees. He also alleges the American Federal Bureau of Investigations (FBI) and the Securities Exchange Commission (SEC) have been informed.
Singapore investors have been targeted with marketing for the cash-only investment that includes assured returns of 56.66 percent in three years, funds held in an Escrow account, a three-year buy-back plus 10 percent uplift on the original purchase price, full title deeds and income paid monthly.
He added: I signed a contract to purchase a unit named Great American Lodge Culbertson City, Eastern State of Montana. Its completion and opening has been periodically pushed back since March 2014.
I believe there has been misconduct, misrepresentation and a breach of my purchase contract agreement, lease agreement and management agreement.
PropertyGuru contacted Robert Gavin, Group Chief Executive Officer of North Dakota Developments LLC, and asked if his company is continuing to market the investment and making claims about having delivered projects when, as the investor suggests, none have been delivered to date.
Gavin said: Client satisfaction is at the very heart of North Dakota Developments LLC and any client concerns, including this matter in question, are taken extremely seriously.
Whilst it is not company policy to discuss in the public domain details of individual client concerns, NDD is actively investigating this matter thoroughly with resolution foremost in mind.
NDD is however disappointed that these allegations have been made and vehemently believe they are unfounded. With this in mind, NDD intends to vigorously defend itself from these allegations.
Investors with concerns are urged to contact North Dakota Developments directly, or lawyer Brenda Lee Hamilton from Florida in the United States who is handling legal matters for some worried investors.
Image: A marketing image issues by North Dakota Developments in February 2015 highlighting the type ofaccommodation that is available for investment.
Andrew Batt, International Group Editor ofPropertyGuru Group, wrote this story. To contact him about this or other stories emailandrew@propertyguru.com.sg
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