REEDEN targeted LATINOS - accused of fraud by investors, millions allegedly “lost”.

[carra...@aol.com]

 

HISPANIC COUNCIL/CONCILIO HISPANO

237 Robin Lane   Wood Dale,  IL  60191

630.  546.  5081

E-mail:   Hispani...@aol.com

FOR IMMEDIATE RELEASE  
Contact: Luis E. Pelayo 630/546-5081

                                                                                               

 

HISPANIC COUNCIL ASKS FOR FULL INVESTIGATION OF REEDEN

• Commercial Real Estate firm accused of fraud by investors, millions allegedly “lost”.
• “We smell rat”: Luis Pelayo “hundreds lose their lifetime savings: “It cannot go unpunished ”
• Council documenting 71 complaints, will contact the Securities Exchange Commission

In what seems to be a fraud of large proportions, reaching almost 9.5 million dollars and involving hundreds of unsavvy investors, mostly first generation Hispanics from the Chicagoland area, the Hispanic Council has fired up a letter to the Securities Exchange Commission in Washington, requesting a full investigation into allegations of serious legal anomalies on the business deals involving Reeden, a commercial real estate firm.

 

Luis E. Pelayo, founder and president of the Hispanic Council, has received dozens of calls from distraught investors claiming the company is threatening with going bankrupt.  The founder of the company, Raul Marrero, was ousted from his CEO post last April and the current acting President, Juan Cahue, has refused to reach an agreement with them and dozens of people have claimed to be strong-armed  into signing over their promissory notes into  a new company stock.

 

“We have hundreds of lives destroyed, many of them elderly people, we have all contracts signed in English and without being fully afforded the chance to seek proper legal advice.  We call on the Secretary of State to conduct a full investigation in conjunction with other state and federal agencies.  This act cannot go unpunished and the law must be changed to avoid this presumptive predatory behavior,” concluded Pelayo

 

Bernardino Estrada, one of the plaintiffs who lost nearly $ 700,000 dollars is among the people whom have sought the assistance of the Council. “My lifetime savings are gone.  They said they were experts.  How did this happen?” Another man, whom lost nearly $80,000.00 was found by his wife, gun in hand, last week.

 

A demonstration of investors is scheduled for tomorrow at 9:00 am, meanwhile, the company has been placed on a 30 day hold on their license to trade commodities and/or stocks in the State of Illinois, while an investigation is concluded. Meanwhile, top Reeden representatives are being interviewed by the Secretary of State investigators, including Mr. Marrero.

 

The Hispanic Council is a non-profit community organization dedicated to serve the community and address their legal needs.  It was founded in 1987 and based in Bensenville since August of 1992.

 

END OF COMMUNICATION

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