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Bait and Switch Lending Scam

This man is operating a real estate lending scam, taking advantage of a difficult lending system. His behavior over the last 8 weeks is typical "bait and switch," in that false promises and representations were made, there was a rush to wire money, then came a massive runaround for weeks ending in no product (and almost losing our property), extreme difficulty in getting refunded (we still have not, as of September 28, 2013), and finally the victim is blamed by the perpetrator who asks not to be contacted anymore about a refund. This man is a pathological liar. I would advise even my worst enemy to stay away from him! We were originally referred to Anthony Tomasi by a broker, who supposedly never did business with Tomasi before. Both referring broker and Tomasi falsely portrayed AJTM Financial Group as a "hard money" private lender. We were told to immediately (within 72 hours) wire $3750 for an appraisal, and return a signed agreement stating the loan would be based primarily on a 65% LTV, based on the value of that appraisal. The appraisal was never conducted. Falsely portraying himself as the funder, Mr. Tomasi offerred loan terms and a bogus conditional loan approval. He turned out to be merely another broker, with an answering service and a mysterious "processing" department that we could never get hold of directly. At first he said he had a lending "branch" with a funding committee in Idaho. Accordingly, we provided everything to his processsing department that was stipulated on his due diligence "needs list," even though we were originally told it was essentially a no docs loan. He wanted 80 pages of documentataion. After we submitted everything, he kept asking for more and more. When we finally figured out that he was NOT a lender, just another broker, and that the real funder had not been contacted about us and had never received our due diligence docs, we began to ask hard questions. In eight weeks, he only picked up his phone four times. Getting to call him back was ALWAYS a challenge. Finally, he stopped answering his phone altogether, and cleverly used Email with false promises saying he would in fact call us later, and then never did. He began to call us unreasonable in our need to find out more information about the true lender, and then blamed us for being irrational and providing enough verification. Ultimately, the loan was denied by the true funder (who only received a smattering of our original support docs) as it wasn't a fit for them. We signed the preliminary loan approval agreement on June 27, 2013. It is now September 28, 2013, and we have NEITHER appraisal, $3750 refund for our appraisal, or a loan. His delay and run around tactics continued as we asked for a refund. We submitted multiple requests for that he provide us with trackable documentation about how and when our refund was supposedly sent. He said the check was mailed "on Thursday," then he said "on Friday." However, he WOULD not provide a check #, bank information, who signed the check, how much it was written for, or a photo of the check stub showing the funds were deducted from his account. He continued to make us out as crazy and unreasonable, and threatened to call the local police department if we kept contacting him. He then gave our attorney the same run around, and we are left only with federal and state agencies as recourse. He portrays himself as a Certified Financial Planner, but the CFP board has never heard of him. His exact address in Stamford, CT, is shared with a variety of other "companies" that have similar answering services, and other complaints from pissed consumer. Check out primotronix@***r. com. Exact address as AJTM 1622 East Main Street Suite 700R Stamford, CT 09602
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9 comments
#1104923

Never ever give that kind of money for a loan that has no lender or commitment. If this was for a residence you can contact the Dept of Banking in Hartford.

They respond to all claims. Next time deal with a broker that is local.

#805053

AJTM is nothing more than an application fee scam. Hurry up and wire transfer the $3750 so we can get your loan processed.

Then they broker you (that's right, they are not the lender) to a bank that is having a free appraisal month. Oh yeah, they also are not charging closing costs. So everything in the application fee is waived by the bank. So, based on this bank, I did not need to pay the application fee if there was no charge for anything.

Well, loan fell through and I cannot seem to get a refund. My next message is to Secret Service and the FBI to see if this qualifies for Wire Fraud. Might as well report to the DOJ in CT while I'm at it.

So, if you are already working with a broker, and they pitch AJTM run far and fast away.

You will be paying double the broker fees on top of closing cost.

#732288

I would hope that anyone reading this would understand that anyone can go on any of these sites and post anything they want without and facts or truth being provided.

In the over 7 years in business and with the over $100,000,000 in closed loans between our company and our Participants you would understand and believe that our goal is always to close every loan we take on.

Unfortunately we run across borrowers like this that will lie and twist the facts of their loan request and then run to the Internet and sites like this to pass blame on everyone but themselves.

Anyone with commonsense would understand that it makes more sense to fund a deal then deny one.

We make anywhere from $5,000 - $50,000 in loan fees and servicing compared to losing money and time on a file.

Most of all we have to deal with people like this that will haunted you til the end of time.

I am proud to say that our references speak for themselves and our happy to supply to anyone at anytime.

Over 7 years in business and to only have two or three disgruntled borrowers twisting the facts is not to bad for this business.

The problem besides these people is all of these sites looking to make money off of posting these unfounded complaints.

If you look at the post on the internet about our company it will look like many complaints. The truth is it is multiple site posting the same three unfounded complaints over and over.

#1306904
@PissedConsumer732288

I am currently trying to refinance my church building and have given an appraisal fee by wire transfer. I have detailed communications indicating that my refund was sent but I never received anything after my loan didn't get approved.

There was never an appraisal done but I got weeks of runaround and then a hard line pointing to small print in the contract. I am a local pastor and have been a pastor for 27 years. I teach theology, ministry, ethics and leadership in multiple seminaries and colleges and have no reason to lie on this site. I will follow up here and on every site I can find with the outcome of my refund.

I will publish this on social media and everywhere I find this company or this man on the internet. I have plenty of time during the day and I intend to dedicate some real time to exposing this scam and this man personally if I continue to be scammed by him.

#Tomasi #AJTM #Atomasijr #Anthony Tomasi #AJTM Financial Group

#1375854
@PissedConsumer1306904

Dr. Neil, we have checked all of our files and you are not nor have you ever been a borrower of ours. Would you please provide info to verify the legitimacy of this claim.

#731764

You also failed to mention about your credit score dropping. That is also our fault right.

By the way CFP stand for Commercial Finance Professional not a Certified Financial Planner.

#805056
@PissedConsumer731764

Hope you find yourself in Jail

#731406

As I say, he blames the victim by projecting his own behavior on us - "smoke and mirrors." That describes his behavior exactly.

Suffice it say that the details about the loan below are completely and TOTALLY false. I wish I could upload all of the more than 80 pages of documentation we sent to this man, and his supposed "Processing" department (which I suspect is really a husband and wife operation.)

Regardless of the loan history (we received another one very easily), our specific complaint pertains to the $3750 we sent this man, to conduct an appraisal. Despite repeated requests, it was NEVER ordered.For more than a month, we spent money on a lawyer and complained to regulatory agencies, before we finally threatened him with a lawsuit. FINALLY, after many false promises that a check was in the mail, he had the NERVE to send us a BILL (his contract was specific in that the money was to be used for an appraisal only.) However, he only sent part of the money - $1500. This same sad story has been documented at least one another time - on Rip Off report. Another complaint, exactly like ours, was posted on there, however he obviously used his stolen wealth to pay a professional to remove those stories. Still, there are others that are worth a look: http://www.ripoffreport.com/reports/specific_search/Anthony%20J.%20Tomasi

We have complained to the BBB, the Connecticut Attorney General's Office, and the the Certified Financial Planner's Board (he is not listed, though he claims to be a CFP on his vague literature), the FBI and the Federal Trade Commission. We will keep at it, now with the local police, until he finally returns the remainder of the money he is trying to steal from us. The Attorney General's Office informed us that CT does not require licensing for commercial lenders, so it makes it easier for someone like him to operate a lending scam. They have had complaints before about other false companies using his same address in Stamford. Check it out on google - all the false companies listed under his supposed address:

1266 East Main Street, Suit 700 R

Stamford, CT 06902.

How could so many companies use Suite 700 R? Plus, check out primotronix (with the same address) on google. They are also being investigated for a number of scams.

His corporation is listed in Delaware, but he also uses addresses in Florida (Marina Del Ray), and White Plains, New York. Check out YouTube, too.

I'm telling you, this man is extremely dangerous. Stay away.

#730427

The truth of this loan is that the borrower could not verify one thing that they represented in the initial loan request. The truth is that the borrower did not have any money injected into this deal it was all other peoples monies.

Plain and simple it was a borrower trying to obtain a loan with smoke and mirrors. Anyone in this business has seen this before. Borrowers like this always run to the internet to blame everyone but themselves. As a matter of fact their appraisal deposit was refunded which they fail to mention that also.

I personally have closed over $10,000,000 with the company.

Our references speak for themselves. We will be happy to provide.

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ID
#449060 Review #449060 is a subjective opinion of poster.
Location
Stamford, Connecticut
Loss
$3750

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