It's been over two years since the "Legacy Knowlton" project—a 36-unit apartment building developed by Strategic Legacy Investment Group (SLIG)—was sold. Unlike many of SLIG's other projects, which nosedived into foreclosure and caused millions in investor losses, "Legacy Knowlton" was completed and successfully sold, generating approximately $1,000,000 intended for investor returns. However, investors not only never received any distributions from the rental income but also have yet to receive their share of the proceeds $1,000,000 from the sale, as agreed upon.
On July 30th, 2024, Knowlton Investors formally demanded their money from SLIG President Pedram Abraham Mehrian. who has remained silent, ignoring their requests.
See demand letter #1 July 30th, 2024
See demand letter #2 August 9th, 2024
Investigations reveal that around $1,000,000 was diverted to cover debts from other projects and personal expenses, leaving the Knowlton bank account nearly empty. This has led to growing mistrust regarding Mehrian's ethical conduct and estate of mind.
"
What's the point of investing, taking all the risks, and waiting patiently for years, only for someone else to take the profits?" said a Knowlton investor.
By simply ignoring emails and calls, sponsors like Mehrian have historically worn down investors until they become exhausted and give up their pursuit. However, this time, Knowlton investors are determined to unite, utilize all available resources to seek a forensic investigation of the financial dealings.
"We never received a penny from the rental income as Abraham promised. Then, he sold the building and kept the proceeds, leaving us with nothing," the investor stated. "You need to be proactive and take action. All investors should get involved."
Mehrian excessive control over all entities involved in the project created significant conflicts of interest, enabling him to operate without oversight. The failure to provide rental income and returns not only breaches fiduciary duties but also suggests a continuos pattern of financial misconduct and fraud.
Mehrian current record includes:
1- Dozens of lawsuits in Superior Court of California, for fraud, breach of contract etc
2- SEC complaint
case 2:23-cv-08009.related to a Ponzi scheme
3- A criminal Indictment for Five Counts of SBA Wire Fraud,
case 2:24-cr-00084
4- Few years back allegations of
raping three women, and impersonating a police officer.
Despite all these serious allegations, Mehrian has maintained his innocence, denying wrongdoing in all the above, asserting that he is the victim of a conspiracy and somehow he will recover all the money lost.
GET INVOLVED
SLIG Victims is a coalition of investors, each contributing in their own unique way, standing united as one collective group and with nothing to hide. Our primary goal is to disseminate public and factual information about our investments, If you have information to share, please reach out to us. We can maintain your anonymity if you prefer.
Comments
Post a Comment