Re: Revdex.com complaint ID [redacted] against Michael PB [redacted] & Associates, Inc Dear [redacted] : Attached is a copy of the August 7, reply letter from Michael PB [redacted] & Associates, Inc., with the Michael PB [redacted] and Associates, IncMarketing Agreement, and the Michael PB [redacted] & Associates, IncApplication for Remarketing sent to me Thank you [redacted] ***c: Attachment Re: Revdex.com complaint ID [redacted] against Michael PB [redacted] & Associates, Inc Dear [redacted] : Thank you for your letter dated August 22, It was mailed on August 23, I did not record when I received it in the mail However, since a response was requested within calendar days, I am replying now I am not satisfied with the reply Michael PB [redacted] gave to you, nor am I satisfied with the reply he gave me in his letter His letter stated, “As you know, I did list your diamonds for sale on March 11, I have enclosed a copy of the Michael PB [redacted] and Associates, IncMarketing Agreement for you to review.” I signed the “Michael PB [redacted] and Associates, IncApplication for Remarketing” forms on March 11, requesting the sale of my diamondsI sent the forms by Priority Mail Express 1-Day from the post office on March 12, The earliest they could have arrived would have been on March 13, So, no, I was not aware that my sale was processed two days before the forms were received or before it was known that I was requesting a resell I was not made aware of when the sale request was actually processed During the last three years since I sent the request, there has not been on going communication initiated from Michael PB [redacted] to keep me abreast of the status of the sales effort I have always been the one to call and ask the status of the sale His response to the Revdex.com is that “there are at least sellers before” me I was never told in March how many sellers were before me I have not been kept up to date to know when my name moved up to another level What number was my name on March 11, 2014? I was never toldI have never been told the waiting status but would like to be keep informed going forwardI am not satisfied with the response because of the situation I am in with this company On December 28, when I met with Scott J [redacted] , representative for Michael PB***, I was never told any of the information that Michael B [redacted] highlighted and attached to this letter The statement says: “FOR VALUE RECEIVED, Michael PB [redacted] & Associates Incorporated of Ohio (the Company) hereby covenants and agrees to use its best efforts to resell the diamond specified below at its then current offering price for a comparable diamond, and to pay 85% of that price when such sale is completed.” I was never informed of this information beforehand I shared with MrJ [redacted] that I was upset because I had just lost a large amount of money with my investments with [redacted] ***This statement was never shown to me; this statement was never verbalized to meIf Scott J [redacted] had shown me or had verbalized this statement to me, I would not have invested my moneyI had already lost a lot of money with the [redacted] investmentHad he told me or shown me this statement that my investment would only be paid back, at best case, at only 85% - I would not have given him my moneyI would not have invested That loss (investment fee) would definitely be much larger than the money lost with [redacted] ***I could have kept it in the bank and lost no money if he and Michael PB [redacted] were honest to disclose this information upfront, before defrauding me upfront They deliberately were not transparent and deliberately did not disclose this information to me beforehandThe representative and the company were glad to take my money knowing none of this information was told or given to meAlso highlighted was “The company cannot guarantee that its best efforts will result in the rapid sale of the diamond.” Prior to me agreeing to invest, no one informed me that historically it could take years to resell the diamondsIf I had been told these two factors beforehand, I would not have invested with Michael PB***In my December 28, meeting with MrJ [redacted] , I was shown and given the “Investment Diamond Order FormNowhere on this form is there any verbiage which contradicted what MrJ [redacted] had verbally stated during his presentation about this investment Nowhere on this form is there a statement saying: “FOR VALUE RECEIVED, Michael PB [redacted] & Associates Incorporated of Ohio (the Company) hereby covenants and agrees to use its best efforts to resell the diamond specified below at its then current offering price for a comparable diamond, and to pay 85% of that price when such sale is completed.” Nor did it say that it could take years to resell the diamondsI was not told about this statement and I had not agreed to this either Nowhere is my signature acknowledging accepting this statement nor is there my signature acknowledging my knowledge of this information before my money is given to Scott J [redacted] or before my money is used to purchase the diamonds beforehand I received a letter dated which welcomed me as a client and confirmed that my investment check was received Nowhere in this letter is there a statement saying: “FOR VALUE RECEIVED, Michael PB [redacted] & Associates Incorporated of Ohio (the Company) hereby covenants and agrees to use its best efforts to resell the diamond specified below at its then current offering price for a comparable diamond, and to pay 85% of that price when such sale is completed.” Nor did it say that it could take years to resell the diamondsIn addition, nowhere in this letter is there an acknowledgement that Michael PB [redacted] has my signature accepting this statement nor is there an acknowledgement that Michael PB [redacted] has received my signature acknowledging my knowledge of this information before my money was given to Scott J [redacted] or before my money would be used to purchase diamonds beforehand I later received a thick package with a letter dated January 14, regarding diamonds were purchased to fill the order Also enclosed was an Invoice for a “balance due $354.00.” The letter further stated that all the documents related to this purchase were enclosed: “(1) Fully completed investment diamond order forms(2) A certificate for each of your diamonds purchased(3) An Original, (Copy on file), Michael PB [redacted] & Associates Marketing Agreement for each of your diamonds(4) A retrieval from storage form, which you may send at any time to have your diamonds shipped to you.” Seeing how thick the package was, I did not read each pageI relieved on the information given to me by Scott J [redacted] in his presentation in our face to face meeting.Nowhere in this letter dated January 14, 2013, is there a statement saying: “FOR VALUE RECEIVED, Michael PB [redacted] & Associates Incorporated of Ohio (the Company) hereby covenants and agrees to use its best efforts to resell the diamond specified below at its then current offering price for a comparable diamond, and to pay 85% of that price when such sale is completed.” Nor did it say that it could take years to resell the diamonds In addition, nowhere in this letter is there an acknowledgement that Michael PB [redacted] has my signature accepting this statement nor is there an acknowledgement that Michael PB [redacted] has received my signature acknowledging my knowledge of this information before my money was given to Scott J [redacted] or before my money would be used to purchase diamonds beforehand Neither was this statement included on the “INVOICE,” “Investment Diamond Order Form,” “Retrieval from Storage” form, or the “Application for Remarketing” form – all forms from Michael PB [redacted] & Associates, Inc.I received a letter dated February 14, 2013, for my second investmentLater, another letter dated February 27, was received Nowhere in these letters was there a statement saying: “FOR VALUE RECEIVED, Michael PB [redacted] & Associates Incorporated of Ohio (the Company) hereby covenants and agrees to use its best efforts to resell the diamond specified below at its then current offering price for a comparable diamond, and to pay 85% of that price when such sale is completed.” Nor did it say that it could take years to resell the diamonds In addition, nowhere in this letter is there an acknowledgement that Michael PB [redacted] has my signature accepting this statement nor is there an acknowledgement that Michael PB [redacted] has received my signature acknowledging my knowledge of this information before my money was given to Scott J [redacted] or before my money would be used to purchase diamonds beforehand I received a letter dated March 27, for my third investmentNowhere in this letter was there a statement saying: “FOR VALUE RECEIVED, Michael PB [redacted] & Associates Incorporated of Ohio (the Company) hereby covenants and agrees to use its best efforts to resell the diamond specified below at its then current offering price for a comparable diamond, and to pay 85% of that price when such sale is completed.” Nor did it say that it could take years to resell the diamonds In addition, nowhere in this letter is there an acknowledgement that Michael PB [redacted] has my signature accepting this statement nor is there an acknowledgement that Michael PB [redacted] has received my signature acknowledging my knowledge of this information before my money was given to Scott J [redacted] or before my money would be used to purchase diamonds beforehand I made a total of three investments with the representative and with Michael PB [redacted] & Associates, Inc My meeting with the representative was always face to face I was never given any disclosure nor a full disclosure regarding the 85% rule or the fact that it could take years to resell the diamonds Had I been informed and aware of these terms, I would not have invested my money with this company It was not until March 11, 2014, when I was ready to request the sale of my diamonds and to complete the Application for Remarketing forms, that I read the content of the Michael PB [redacted] & Associates Marketing Agreement form The sell request documents were sent by Priority Day Mail Express on March 12, Three orders had been placed with the representative Scott J [redacted] Who knew it was truly a game of hide and seekThose damaging terms and conditions were hiding in with all those other diamond related papersThose terms and conditions that no one was willing to disclose upfrontNo one wanted these terms and conditions to be known before Michael PB [redacted] & Associates get your money and spend itThen it’s a catch-– it would be years before you get out of this merry-go-round, now that your money is tied up – year after year after yearTo my distressed, I then realized that I had been defrauded all of these yearsI ask myself why wasn’t there a full disclosure of this information on December 28, 2012, when I met with Scott J [redacted] ? As a check and balance, why didn’t any of the letters, the INVOICE, the Investment Diamond Order Form, the Retrieval from Storage form, or the Application for Remarketing form from Michael PB [redacted] Incinclude the statement: FOR VALUE RECEIVED, Michael PB [redacted] & Associates Incorporated of Ohio (the Company) hereby covenants and agrees to use its best efforts to resell the diamond specified below at its then current offering price for a comparable diamond, and to pay 85% of that price when such sale is completed? .” Why wasn’t it explained that it could take years to resell the diamonds? If there is no goal to create a fraud, if Michael PB [redacted] believes in their product, why not disclose this information upfront – before you take people’s money? Why hide the Michael PB [redacted] & Associates Marketing Agreement form, with this statement on it, among the volume of papers the client gets later once they have spent the money to buy the diamonds? Why not be fair to the client and provide full disclosure? To protect both the client, the representative, and the company, why wasn’t there a form, that both the representative and the client must sign, with this disclosure statement on it? One copy would go to the client and the other (s) to the companyIt is not acceptable to me for Michael PB [redacted] to send me a copy of the Michael PB [redacted] & Associates Marketing Agreement form, with this statement highlighted – after the fact To handle it this way, is simply a slap in the face to me because it shows me that they were aware of their business misconduct and non-disclosureWhy not make sure each representative gave each client that highlighted statement before the client commits money to investA signature by both the client and the representative, with these disclosures statements listed, would have been the proper way to have submitted the order to the company This method would have provided full disclosure and both sides agreeing and understanding the terms of the contract Based upon the way my personal situation was handled, I was not given full disclosure before I invested my money with Michael PB***, Inc.: I was not told about the 85% rule by Scott J [redacted] or the company before investingNor was I told that it could take years to resell the diamondsHe did not sign anything showing this fact nor did I sign anything showing that I agreed with this 85% because I wasn’t made aware of this upfront before I invested my moneyThus, I feel that an exception should be made, in my case, and Michael PB***, Inc should be obligated to immediately sale my diamonds and send me my proceeds I should not have to wait for anyone else in front of me Had I known the 85% rule, I would not have invested with Michael PB***It has been three years since I asked for the resale of my diamondsEvery time I’m told certain persons are ahead of me What legal agency is monitoring this “list?” This excuse can go on foreverWhen will it stop? It serves to benefit the company and not the clientIt’s a forever moving targetI want a waiver to get out of this 3-year restrictive waitingI want my diamonds sold now -since I was not given full disclosure of the 85% rule before I invested, nor did anyone say that it could take years to resell the diamonds before I investedIn addition, I do not feel that only 85% pay out is valid for me due to the lack of full disclosure before my investmentI feel that my payout should be at a higher rate Why is this company not held to a fiduciary responsibility and due diligence for its clients? Thanks for your assistanceSincerely, [redacted] ***
January 4,Please refer to our marketing Agreement attached We do not buy back our brokers client's diamondsWe or the original broker resell their Diamond/s on a best efforts basisThe economy has been horrible for the last years and that has resulted in a back log of diamonds waiting to be sold for the clients.The fact is Mr [redacted] and I spoke on January 2, and he now understands the situationWe will continue our efforts to sell their diamonds when the number of diamonds in front of theirs in line are soldI hope this clarifies the situationSincerely,Michael PBean & Associates Inc.Michael PBeanPresident
Re: Revdex.com complaint ID [redacted] against Michael PB [redacted] & Associates, Inc Dear [redacted] : Attached is a copy of the August 7, reply letter from Michael PB [redacted] & Associates, Inc., with the Michael PB [redacted] and Associates, IncMarketing Agreement, and the Michael PB [redacted] & Associates, IncApplication for Remarketing sent to me Thank you [redacted] ***c: Attachment Re: Revdex.com complaint ID [redacted] against Michael PB [redacted] & Associates, Inc Dear [redacted] : Thank you for your letter dated August 22, It was mailed on August 23, I did not record when I received it in the mail However, since a response was requested within calendar days, I am replying now I am not satisfied with the reply Michael PB [redacted] gave to you, nor am I satisfied with the reply he gave me in his letter His letter stated, “As you know, I did list your diamonds for sale on March 11, I have enclosed a copy of the Michael PB [redacted] and Associates, IncMarketing Agreement for you to review.” I signed the “Michael PB [redacted] and Associates, IncApplication for Remarketing” forms on March 11, requesting the sale of my diamondsI sent the forms by Priority Mail Express 1-Day from the post office on March 12, The earliest they could have arrived would have been on March 13, So, no, I was not aware that my sale was processed two days before the forms were received or before it was known that I was requesting a resell I was not made aware of when the sale request was actually processed During the last three years since I sent the request, there has not been on going communication initiated from Michael PB [redacted] to keep me abreast of the status of the sales effort I have always been the one to call and ask the status of the sale His response to the Revdex.com is that “there are at least sellers before” me I was never told in March how many sellers were before me I have not been kept up to date to know when my name moved up to another level What number was my name on March 11, 2014? I was never toldI have never been told the waiting status but would like to be keep informed going forwardI am not satisfied with the response because of the situation I am in with this company On December 28, when I met with Scott J [redacted] , representative for Michael PB***, I was never told any of the information that Michael B [redacted] highlighted and attached to this letter The statement says: “FOR VALUE RECEIVED, Michael PB [redacted] & Associates Incorporated of Ohio (the Company) hereby covenants and agrees to use its best efforts to resell the diamond specified below at its then current offering price for a comparable diamond, and to pay 85% of that price when such sale is completed.” I was never informed of this information beforehand I shared with MrJ [redacted] that I was upset because I had just lost a large amount of money with my investments with [redacted] ***This statement was never shown to me; this statement was never verbalized to meIf Scott J [redacted] had shown me or had verbalized this statement to me, I would not have invested my moneyI had already lost a lot of money with the [redacted] investmentHad he told me or shown me this statement that my investment would only be paid back, at best case, at only 85% - I would not have given him my moneyI would not have invested That loss (investment fee) would definitely be much larger than the money lost with [redacted] ***I could have kept it in the bank and lost no money if he and Michael PB [redacted] were honest to disclose this information upfront, before defrauding me upfront They deliberately were not transparent and deliberately did not disclose this information to me beforehandThe representative and the company were glad to take my money knowing none of this information was told or given to meAlso highlighted was “The company cannot guarantee that its best efforts will result in the rapid sale of the diamond.” Prior to me agreeing to invest, no one informed me that historically it could take years to resell the diamondsIf I had been told these two factors beforehand, I would not have invested with Michael PB***In my December 28, meeting with MrJ [redacted] , I was shown and given the “Investment Diamond Order FormNowhere on this form is there any verbiage which contradicted what MrJ [redacted] had verbally stated during his presentation about this investment Nowhere on this form is there a statement saying: “FOR VALUE RECEIVED, Michael PB [redacted] & Associates Incorporated of Ohio (the Company) hereby covenants and agrees to use its best efforts to resell the diamond specified below at its then current offering price for a comparable diamond, and to pay 85% of that price when such sale is completed.” Nor did it say that it could take years to resell the diamondsI was not told about this statement and I had not agreed to this either Nowhere is my signature acknowledging accepting this statement nor is there my signature acknowledging my knowledge of this information before my money is given to Scott J [redacted] or before my money is used to purchase the diamonds beforehand I received a letter dated which welcomed me as a client and confirmed that my investment check was received Nowhere in this letter is there a statement saying: “FOR VALUE RECEIVED, Michael PB [redacted] & Associates Incorporated of Ohio (the Company) hereby covenants and agrees to use its best efforts to resell the diamond specified below at its then current offering price for a comparable diamond, and to pay 85% of that price when such sale is completed.” Nor did it say that it could take years to resell the diamondsIn addition, nowhere in this letter is there an acknowledgement that Michael PB [redacted] has my signature accepting this statement nor is there an acknowledgement that Michael PB [redacted] has received my signature acknowledging my knowledge of this information before my money was given to Scott J [redacted] or before my money would be used to purchase diamonds beforehand I later received a thick package with a letter dated January 14, regarding diamonds were purchased to fill the order Also enclosed was an Invoice for a “balance due $354.00.” The letter further stated that all the documents related to this purchase were enclosed: “(1) Fully completed investment diamond order forms(2) A certificate for each of your diamonds purchased(3) An Original, (Copy on file), Michael PB [redacted] & Associates Marketing Agreement for each of your diamonds(4) A retrieval from storage form, which you may send at any time to have your diamonds shipped to you.” Seeing how thick the package was, I did not read each pageI relieved on the information given to me by Scott J [redacted] in his presentation in our face to face meeting.Nowhere in this letter dated January 14, 2013, is there a statement saying: “FOR VALUE RECEIVED, Michael PB [redacted] & Associates Incorporated of Ohio (the Company) hereby covenants and agrees to use its best efforts to resell the diamond specified below at its then current offering price for a comparable diamond, and to pay 85% of that price when such sale is completed.” Nor did it say that it could take years to resell the diamonds In addition, nowhere in this letter is there an acknowledgement that Michael PB [redacted] has my signature accepting this statement nor is there an acknowledgement that Michael PB [redacted] has received my signature acknowledging my knowledge of this information before my money was given to Scott J [redacted] or before my money would be used to purchase diamonds beforehand Neither was this statement included on the “INVOICE,” “Investment Diamond Order Form,” “Retrieval from Storage” form, or the “Application for Remarketing” form – all forms from Michael PB [redacted] & Associates, Inc.I received a letter dated February 14, 2013, for my second investmentLater, another letter dated February 27, was received Nowhere in these letters was there a statement saying: “FOR VALUE RECEIVED, Michael PB [redacted] & Associates Incorporated of Ohio (the Company) hereby covenants and agrees to use its best efforts to resell the diamond specified below at its then current offering price for a comparable diamond, and to pay 85% of that price when such sale is completed.” Nor did it say that it could take years to resell the diamonds In addition, nowhere in this letter is there an acknowledgement that Michael PB [redacted] has my signature accepting this statement nor is there an acknowledgement that Michael PB [redacted] has received my signature acknowledging my knowledge of this information before my money was given to Scott J [redacted] or before my money would be used to purchase diamonds beforehand I received a letter dated March 27, for my third investmentNowhere in this letter was there a statement saying: “FOR VALUE RECEIVED, Michael PB [redacted] & Associates Incorporated of Ohio (the Company) hereby covenants and agrees to use its best efforts to resell the diamond specified below at its then current offering price for a comparable diamond, and to pay 85% of that price when such sale is completed.” Nor did it say that it could take years to resell the diamonds In addition, nowhere in this letter is there an acknowledgement that Michael PB [redacted] has my signature accepting this statement nor is there an acknowledgement that Michael PB [redacted] has received my signature acknowledging my knowledge of this information before my money was given to Scott J [redacted] or before my money would be used to purchase diamonds beforehand I made a total of three investments with the representative and with Michael PB [redacted] & Associates, Inc My meeting with the representative was always face to face I was never given any disclosure nor a full disclosure regarding the 85% rule or the fact that it could take years to resell the diamonds Had I been informed and aware of these terms, I would not have invested my money with this company It was not until March 11, 2014, when I was ready to request the sale of my diamonds and to complete the Application for Remarketing forms, that I read the content of the Michael PB [redacted] & Associates Marketing Agreement form The sell request documents were sent by Priority Day Mail Express on March 12, Three orders had been placed with the representative Scott J [redacted] Who knew it was truly a game of hide and seekThose damaging terms and conditions were hiding in with all those other diamond related papersThose terms and conditions that no one was willing to disclose upfrontNo one wanted these terms and conditions to be known before Michael PB [redacted] & Associates get your money and spend itThen it’s a catch-– it would be years before you get out of this merry-go-round, now that your money is tied up – year after year after yearTo my distressed, I then realized that I had been defrauded all of these yearsI ask myself why wasn’t there a full disclosure of this information on December 28, 2012, when I met with Scott J [redacted] ? As a check and balance, why didn’t any of the letters, the INVOICE, the Investment Diamond Order Form, the Retrieval from Storage form, or the Application for Remarketing form from Michael PB [redacted] Incinclude the statement: FOR VALUE RECEIVED, Michael PB [redacted] & Associates Incorporated of Ohio (the Company) hereby covenants and agrees to use its best efforts to resell the diamond specified below at its then current offering price for a comparable diamond, and to pay 85% of that price when such sale is completed? .” Why wasn’t it explained that it could take years to resell the diamonds? If there is no goal to create a fraud, if Michael PB [redacted] believes in their product, why not disclose this information upfront – before you take people’s money? Why hide the Michael PB [redacted] & Associates Marketing Agreement form, with this statement on it, among the volume of papers the client gets later once they have spent the money to buy the diamonds? Why not be fair to the client and provide full disclosure? To protect both the client, the representative, and the company, why wasn’t there a form, that both the representative and the client must sign, with this disclosure statement on it? One copy would go to the client and the other (s) to the companyIt is not acceptable to me for Michael PB [redacted] to send me a copy of the Michael PB [redacted] & Associates Marketing Agreement form, with this statement highlighted – after the fact To handle it this way, is simply a slap in the face to me because it shows me that they were aware of their business misconduct and non-disclosureWhy not make sure each representative gave each client that highlighted statement before the client commits money to investA signature by both the client and the representative, with these disclosures statements listed, would have been the proper way to have submitted the order to the company This method would have provided full disclosure and both sides agreeing and understanding the terms of the contract Based upon the way my personal situation was handled, I was not given full disclosure before I invested my money with Michael PB***, Inc.: I was not told about the 85% rule by Scott J [redacted] or the company before investingNor was I told that it could take years to resell the diamondsHe did not sign anything showing this fact nor did I sign anything showing that I agreed with this 85% because I wasn’t made aware of this upfront before I invested my moneyThus, I feel that an exception should be made, in my case, and Michael PB***, Inc should be obligated to immediately sale my diamonds and send me my proceeds I should not have to wait for anyone else in front of me Had I known the 85% rule, I would not have invested with Michael PB***It has been three years since I asked for the resale of my diamondsEvery time I’m told certain persons are ahead of me What legal agency is monitoring this “list?” This excuse can go on foreverWhen will it stop? It serves to benefit the company and not the clientIt’s a forever moving targetI want a waiver to get out of this 3-year restrictive waitingI want my diamonds sold now -since I was not given full disclosure of the 85% rule before I invested, nor did anyone say that it could take years to resell the diamonds before I investedIn addition, I do not feel that only 85% pay out is valid for me due to the lack of full disclosure before my investmentI feel that my payout should be at a higher rate Why is this company not held to a fiduciary responsibility and due diligence for its clients? Thanks for your assistanceSincerely, [redacted] ***
January 4,Please refer to our marketing Agreement attached We do not buy back our brokers client's diamondsWe or the original broker resell their Diamond/s on a best efforts basisThe economy has been horrible for the last years and that has resulted in a back log of diamonds waiting to be sold for the clients.The fact is Mr [redacted] and I spoke on January 2, and he now understands the situationWe will continue our efforts to sell their diamonds when the number of diamonds in front of theirs in line are soldI hope this clarifies the situationSincerely,Michael PBean & Associates Inc.Michael PBeanPresident