Troy Titus - Posted by Lonnie
Posted by Lonnie on October 25, 2006 at 21:44:07:
Some of you have asked for details on Troy Titus? scams. Here?s a couple of actual cases to give you an idea. Most of his scams involve Real Estate deals, but some (like mine) are the result of being duped by some one we had known for a long time, considered a true friend, and was a person we fully trusted.
Titus? normal method of doing business was to meet people at seminars/conventions & convince them to ?invest? money with him in a RE deal. He promised to secure their investment with a lien on a property he owned, or supposedly owned, and grant them a percentage of the profits, usually 50%. Or a high rate of return with monthly payments. He held title (if he actually held title) in various entities/LLC?s, but never in his name. Although, in some of his deals he did sign a personal guarantee for the loans in addition to the LLC.
Here?s one of his methods/scenarios. He tells you, (the investor/victim) that he has a super deal in the making, but since his credit is shot, he can?t borrow any money. He even turns his disadvantages, into advantages, (disbarred lawyer, bad credit, no one will do biz with him, etc. This has the effect of causing some of his victims to be more inclined to do a deal, thinking that he surely wouldn?t disclose such info if he wasn?t honest & creditable).
Then he tells you about this $500,000 property he can get for $300,000. But since no one will lend him any money, he convinces you to use your money/good name/good credit, to come up with $300,000. He promises to make the payments on the loan, make any repairs needed, sell the property & split the profits 50/50. in some cases he only makes a couple of payments. Then won?t return your calls or emails when you try to contact him. And you?re stuck with making the payments.
In the meantime, he finds another victim, borrows whatever he can, secures it by a lien on this same property, & grants that victim a 50% interest in the deal. In one case, he had 8 liens on the same property, with most of the note holders thinking they have a 50% interest. (How many 50?s are in 100?) That house was foreclosed on a couple weeks ago. The bid was $750,000, which should pay off the first 3-4 lien holders. The rest are wiped out. (In some cases, the liens are not even recorded.)
Here?s another one. He met an elderly woman at a seminar. After finding out that her husband was in a nursing home, and having a hard time affording the payments, he convinced her to refi her house, invest the money with him, and he would make her $10,000 monthly payments. She did, and let him have $515,000. $50,000 was secured with a 4th lien against the house in the previous case. She has no documents or security for the rest of her money, only promises from him. He made two payments.This woman is now about $40,000 in arrears to the nursing home, has no money coming in, and Titus won?t return her calls or emails.
There are many other victims that I know of, but this should give you an idea of how he operates. When it comes to con artists, he?s the best I?ve ever seen. And I?ve seen a few in my time. But never have I seen a person with the intelligence he has, display such gross ignorance. Why he chose to go from a well respected lawyer & business man, with a thriving business, to a crook and con artist, is a puzzle to all of us who have known him for so long.
For any of you who missed the TV news report on him a couple weeks back & would like to see it, I?m trying to arrange to have it on a web site where you can view it. If I can, I?ll let you know & furnish the link. And I?m hoping it won?t be long before you can see him on the 6 o?clock news wearing cuffs and an orange suit.
Folks, I urge you again to please spread the word to everyone, and especially other web sites, seminars & conventions. I know of at least 4 lenders that cancelled deals with him because they got the word in time. So we are getting results. Keep it up.
SPREAD THE WORD!
Thanks,
Lonnie