UPDATE: January 18, 2006. The WA Department of Consumer and Employment Protection is prosecuting Westpoint and its boss, Norm Carey, on a total of 23 charges relating to breaches of WA’s laws relating to door-to-door sales. Amazingly, despite their current problems, Westpoint still has its touts on the road.
After paying $150, we are now booked in for a “Finance Consultation” at their offices to assess our situation and offer strategies to help us be more financially healthy.
My question is this: Are they a legit company or are they just roping in buyers for their property developments?
What should we be aware of or should we run away at a 100 mph ?
Your opinion would be appreciated.
In my book, Don’t Sign Anything! I tell the story of Jane who attended a seminar hosted by a member of the First National Real Estate Group (Frank Facey). The First National office introduced her to a company called The Investment Institute who introduced her to Westpoint Corporation. Jane bought a unit from Westpoint Corporation. That was two years ago.Last month Jane resold this unit. Her losses exceed $100,000.This story appeared on ABC’s Four Corners on April 21 this year.
I contacted the First National Real Estate group and asked if they provide any form of compensation if any of their agents introduce people to companies and then these people lose money. Other than two ‘warning letters’ from First National’s lawyers, I have not been able to get a clear answer.
If Jane had taken your advice and “run away at 100 mph”, she would not have lost her money.