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Fidelity Land Trust, Ed Cherry, Larry Diodato, Paul Gallenbeck, and Others Named in Florida AG Suit to Shut Them Down

Written by Steve Rhode

The Palm Beach post today is reporting the Florida Attorney General has filed a 45 page suit against some familiar names to readers of this site. The defendants include Edward Cherry, August Belmont & Company, Lawrence Diodato, Fidelity land Trust, Shane Frankovic, Anthony Pintsopoulos, Click Media Consulting, Florida Home Rescue Mission, Esquire Litigation Support, Growth Capital Funding, Sunshine State Land Trust, Zion Partners Irrevocable Trust. – Source

“Tuesday’s complaint, which includes an asset freeze on all defendants and an injunction against continued operations, says the land trusts induce consumers to transfer title to their homes for no consideration and to pay the firms thousands of dollars in fees for services they can’t deliver.”

“According to the 45-page complaint, the defendants misrepresent to homeowners that an assignment of mortgage is not good or effectual and that the mortgage is not enforceable. At the same time the trusts allegedly tell homeowners they will replace their underwater mortgage with a new affordable mortgage that has a lower principal and lower monthly payments.”

You can read the Palm Beach Post story by Kimberly Miller, here.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.


READ  My Friend Went With Fidelity Land Trust. She's Not Sure if it's a Sham? - Nelsa



About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

39 Comments

  • By the way, you guys are all scumbag pieces of shit going to hell!!! Including the retard that developed this site!! Get a life! Hey gellenbecker, 20 $200,000 notes and who brings in that business for you, and how much do you pocket for your boats and hoes? You will go down if you do not change your ways.

  • Well, all these accusations of scams are untrue. This company has a very large and happy clientel. The proof is in public records and articles across the web. The only negative aspect of their services is how much they charge each client. It is a rediculous amount for many cases so one would hope that Gellenback is compensating his squad for their work. From an anonymous source he is not even close. He is more concerned with taking care of himself and scumbags like Eric Martinez of la playa title…some people need help, more importantly the leaders of Fidelity and its subsidiaries..

    • Larry Diodato was released from the asset freeze, as were his entities August Belmont & Co and Esquire Litigation Support under the condition they do not participate in any activity involving land trusts or the cancelling of mortgage debt. I am sure Larry will cooperate fully. He is an honorable guy. Both of those companies have been issued an “F” rating by the BBB. Yet, they seem to keep rolling right along . The AG’s office is as hapless as the consumers who get duped by these operations.

    • What you might find interesting is that Larry was forced to cough up all information to the AG regarding this scam including how much revenue they made. Larry claims he knew nothing about Fidelity Land Trust yet I got my hands on the Ed Cherry bankruptcy deposition and he clearly stated in it that the beneficial owners of Fidelity Land Trust Partners were none other than Larry Diodato and his wife. Cherry also claimed that he worked for Larry in that same deposition. Sounds like these morons are walking right into a well baited trap after all. We shall see.

  • I am a Fidelity client and I am worried.  However, I cannot understand many issues.  Why does everyone on here seem so confident this company is a Fraud? 

    I can tell you that in my experience everything that was told to me couldnt have been a more polar opposite of what is being reported in the paper.  I was never guaranteed anything, in fact I was told by them that they were sure that they would lose sometimes. 

    I have also spoke with the AG’s office about this and they told me that things are fluid and that Fidelity is currently being looked at because of their association with other indiviuals that have been barred from this type of business and that they are prepared to release them from the suit if they discover that what I have said is true.  Call them , they will tell you the same thing.  So, if it a scam then it’s a scam but as a real client I can tell you again that I was leveled with from day one.

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