Real Estate Business Tycoon Investigated

Friday, February 03 2006 @ 10:45 am UTC

Contributed by: jron

It's really hard to imagine get-rich-quick stories, and when we have one we tend to over-react or question their wealth. We have probably seen dozens of infomercials about those people who went rich because of real estate in just a short span of time.

A real estate business tycoon Russ Whitney who says at his infomercials "We're literally going to show you how I took $1,000 and turned it into $4.7 million in 18 months,"He is the newest tycoon from the real estate business.

Of course where there is success comes doubts, her is recently being investigated by the Attorney General's office, accused of deceptive advertising.

At a seminar in Central Florida about Whiney's rise to success, he's really not there but instead it's his son who talks about how this and that happen etc. Their primary concern is to sell a 3 day workshop which is priced are at whooping $3,000.

In a statement in the said seminar Whintney's son, Russ Whitney Jr. said "Does anyone here know what a job stands for? Just over broke, right?" The seminar also gives away free Russ Whitney CD and strategies which raise questions.

The crowd isn't expected to sign up to a high priced workshop fee, so when it was dropped to $995 from it's previous $3,000. people quickly sign up.

Amongst those who signed up for it were Bill and Jeanie Gray, Bill Gray said that "Why did we sign up? Because it's a business, and if you expect to go anywhere in this life, you've got to take a chance now and then,"

Michelle Maddy who's one of the people who signs up for seminars like this said that "(I'm) learning different real-estate techniques and investing. (It's) been worth every dime that I ever spent, and my net worth proves it,"

Maddy said she have spent over $50,000 on the same workshop and his money rose up to $1 million, she said it really helped her.

Whitney Jr. was asked about the investigation on his father's company, he said that "It doesn't matter. You're getting really worked up over no reason -- over a little minute detail of what's going on,"

As of press time the Attorney General's office hasn't filed charges, the office also said that Whitney was reportedly giving some refunds to the complainants and also willing to give more if needed.

0 comments



http://www.realestateportal.org/article.php?story=20060203104554749