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Home arrow Real Estate News arrow General News arrow Web becomes a brawling arena for Investors

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Web becomes a brawling arena for Investors
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Tuesday, 12 September 2006

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Despite news of law notification and enforcement that the government has been doing, the man investors deceived in a real estate scam believe stole their money is still freely operating.  Darin DeVoe is chased by these investors.

  Two of the victims who happened to be DeVoe’s former friends, Harris and Steve Short who live in Alaska, constructed a website dedicating to investors their stories, losses and other relevant information to help further their cases and find the culprit. 

DeVoe made headlines in November 2005, when area investors had had enough. Several had been meeting regularly at Harris' home in a support-group setting.


"We don't want other people to get hurt," said Rich Harris, a West Greeley investor who helped come up with the idea of a new Web site dedicated to bringing DeVoe down. "We want people to do a search on Darin DeVoe and find this Web site. We want to scare away business from him. We feel that is our civic duty."  "As long as it's all related to Darin, I don't care what people post," said Short, who designed the site and who vows users will remain anonymous. "I'm not going to make a nickel off of this. It's purely a matter of right and wrong and for (DeVoe) to walk away is just wrong."


Others filed lawsuits, but little has been done because DeVoe is on the run and can't be found to even serve a subpoena.

The investors said DeVoe induced them to invest in his mortgage business by buying distressed homes he'd picked out, then entering into agreements, whereby his company would manage the properties and forward small monthly profits to the owners.

The investors said the plan worked fine at first -- that was the bait -- until their initial success created a domino effect where they were investing in two or more homes -- then the switch.

They said DeVoe robbed the homes of their equity and failed to manage any of the properties. Homeowners were stuck with upside down loans and homes in disrepair, massive mortgages and no way out. Many of the homes went into foreclosure.

Investors' continued efforts have seemingly gone nowhere with law enforcement, which won't confirm or deny any investigations.


"I've gotten to the point where I've tried not to think about it and let some of it go," said Rosenquist, also a former friend of DeVoe. "You're not going to get your money back. All you can hope for is to see him in jail, but I don't think a Web site will do that."

Well, it can't hurt, the Web operators say.

"Maybe we're beating a dead horse, but at this point, we don't know if the horse is dead," Harris said. "One of the things we're trying to do is keep this story fresh. We can't let it lie unless we have results. We don't expect our money back, we just want justice to be done."


Edwina Baniqued

 

 

 
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