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I followed Scott’s advice and did a lot of checking. I looked at Costa Developers, C.R. Tropicals and Wellington. One thing was very clear. They appeared to be a mirror image of what Paragon Properties had started in terms of marketing. However when I checked out the principals of each of these companies and their track records this is what I found:
CR Tropical:http://www.ftc.gov/os/2002/06/espressoitaliacmp.pdf
http://www.ftc.gov/os/2002/06/030619espressoitalorder.pdf
http://www.ftc.gov/opa/2002/06/bizopswe.htm
This is what I learned about Costa Developers & Ellis Kahn
http://www.newtimesbpb.com/issues/2000-03-09/news/feature_2.html
http://www.cftc.gov/ogc/oporders97/ogccic7-fop.htm
“The Real Boiler Room. Hollywood’s International Currency Management specialized in trading foreign currency — and helping clients’ money disappear” which you can see at: < http://www.newtimesbpb.com/issues/2000-03-09/news/feature_1.html >
According to < http://caselaw.lp.findlaw.com/cgi-bin/getcase.pl?court=11th&navby=case&no=944561opa > “Kahn was the president and a principal of JCC. (Full company name JCC Inc) which was “expelled’ from the NFA (National Futures Association) which you can see at < http://www.nfa.futures.org/BasicNet/Details.aspx?entityid=0001612 >
You can see the serious allegations of United States Court of Appeals, Eleventh Circuit. No. 94-4561. JCC, INC., Ellis K. Kahn, Paul Richard Bell, Petitioners, v. COMMODITY FUTURES TRADING COMMISSION, Respondent. Sept. 15, 1995.
detailed on the CaseLaw website at < http://caselaw.lp.findlaw.com/cgi-bin/getcase.pl?court=11th&navby=case&no=944561opa >JCC and Ellis Kahn are also mentioned in an arbitration proceeding detailed at < http://www.nfa.futures.org/BasicNet/Arbitration.aspx?entityid=0001612&case=88ARB318 >
I don’t know that just because someone has committed fraud or has been involved with deceptive sales practices, that it means it will happen here but it certainly was enough to scare me to death.
Now about Paragon. I met the owner William Gale in their Hollywood offices and I felt very comfortable at least he has a track record of being involved with land development and building a community. I do not know what the outcome will be but I have visited their properties on several occasions and work appears to be progressing. I spoke to several of their references one was an Orlando Realtor who works for Century21 the other was a retied policeman from New York who now lives in Arizona. They both told me they were property owners and that they were compensated for taking calls from people like myself. Only time will tell but I for one have no discomfort with Paragon. I get weekly emails showing the progress and other people taking tours as I did and I can’t wait till my land is finished so I can build my home and live in Costa Rica.
There both QUESTIONABLE! If the companies are so legitimate then why do they employ people with such shady backrounds to sell their products? Costa Developers, as you pointed out, has Ellis Kahn and Jeffrey Goldberg behind them. Both have extensive recors of questionable business dealings and subject to federal regulation. Goldberg has been to federal prison.
The company your so comfortable with hires the likes of Steven Tashman and Lyle Wexler who also have a history of being involved in questionable business dealings and being investigated and or sued by the federal government. Why don’t they hire legitimate real estate people?
With all due respect your post seems like a plant. Until such time as Mr. Gale actually builds and has functioning a sub division/development then anybody getting involved in his, or similar, projects should be very very careful.
THIS POST HAS BEEN EDITED BY SCOTT OLIVER. FOUNDER – WELOVECOSTARICA.COM
References that are compensated for taking calls from prospective customers might make me wonder a little ( as does sending someone $$ for something that I haven’t actually seen that’s “going to be” a viable development someday) but as you said only time will tell. Hope it turns out well for you.
Some people obviously have their minds made up ahead of time and put their blinders on and don’t see any red flags when it comes to some of these projects. Common sense would tell me that if I’m getting information from a person paid to make recommendations, that I am getting nothing more than a paid advertisement……but, maybe that’s just me.
I had a friend who was very interested in buying property from Costa developers,so I tryed to do some checking on Costa,I’, not an expert, but have been through the buying process and was familiar with the area around where they are selling, and have looked a several other projects. I spoke to 3 different sales people, to get a feel for them and didn’t want to judge them after talking to only one person. What my impression of them is this. Did you see the movie about the “boiler room” stock brokers, running their silver toungues trying pump up their wares. Mot only did I find all 3 people I spoke to on the obnoxious side, but basically not the type of people I’d feel comfortable doing bussiness with. For a couple reasons, one being that I was not allowed to ask any questions until they finished with there lengthy presentation, was talked over by 2 out of three of them,and received some exaggerated or downright untruthful info from them. Example: some sales guy, Jim, told me that when the new highway from S.J. to the coast was done, { if it get built} it would take 45 minutes to get to Jaco and a few more to get to their project. Also told me that some of the other projects of competitors which I had already scene where a rip-off and a couple of them had no access to them for 8 months a year, because the roads leading to them were under water. Just gave me a real bad feeling about them and actually told my friend what I felt and he agreed with my opinion and stopped looking to buy with Costa. I just don’t like the way they operate, and think that people should use caution with these people.
According to MSG1014, if anyone says anything remotely positive , well then, it must be a plant! Almost sounds like this person needs to prove something, doesn’t it….Does she work for a competitor or something?
Ever see me trying to sell anything on this website? Both Costa and Paragon are very very suspicious.
Class Action Lawsuit Filed Against Paragon Properties of Costa Rica April 2010
Please see: [ https://www.welovecostarica.com/public/Class_Action_Lawsuit_Filed_Against_Paragon_Properties_of_Costa_Rica_April_2010.cfm ]
Scott
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