Public Mediation

N.F. vs. Albert Aka Alberto Canales From A&L Property Investments, Llc

Albert aka Alberto Canales and A&L Property Investments, LLC default payments, seems to commit wire fraud & embezzle from business

NNT Financial, LLC vs. Albert Aka Alberto Canales From A&L Property Investments, Llc
26096 ForestCrest Ct, Hockley, Texas, 77447, United States
Amount Involved: $64,060.00
Complaint(s): Unfulfilled promises
    • Status: In Negotiation
      This claim has posted for public comment and negotiation. It will remain posted until resolved to the claimant's satisfaction. Suggest a resolution to help these parties reach a settlement.
       (seeking public comment)
    • Claimant Seeks: View.
    • Claim #: 8554485
    • Amount Involved: 64,060.00
    • Filed On: Aug 28, 2017
    • Posted On: Sep 08, 2017
    • Complaint(s):
      • Unfulfilled promises
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Statement of Claim
Complaint Involved (1) - View
Claimant says:
"Our case against Mr. Albert aka Alberto Canales from A&L Property Investments, LLC relates to his loan default during an investment real-estate transaction in Corpus Christi, TX and a wire fraud.

On this transaction my husband and I gave a Gap Loan as the second lien holder to Mr. Albert aka Alberto Canales from A&L Property Investments, LLC. Albert Canales guaranteed the loan personally and he defaulted after we were directed to wire the funds to his personal business account.

There were emails between Albert Canales and the hard money lending company suggesting we should wire our money directly to the borrower's account before they would lend their money. In the process, Mr. Canales copied us on these emails and claimed he needed the money on his account in order to get his Hard Money Loan from the first lien holder. He kept insisting the time was running out and he would lose his down payment if we didn’t get the money to his account by August 4th, 2017 closing date.

After receiving the money to his business account, for several months, Mr. Canales kept telling us stories on how he had to fire the contractor as he kept asking for more money and did not produce results as promised. He said he was going to have to do the rehab himself, so it was now taking a bit longer. All this time, in spite of our requests, he never provided us updates for progress, nor receipts of expenditures. Then it came time to begin paying us back for the Gap Loan, so we sent Mr. Canales a reminder to his address on file. This letter returned to us promptly unclaimed.

End result was, Mr. Canales never paid anyone for the loans, never produced any receipts to prove where the borrowed funds had gone and 6 (six) months later the hard money lender (first lien holder) foreclosed on the property, wiping our lien out. He also informed us that he was informed by the insurance company that Mr. Canales had immediately cancelled his insurance for the property, which was required to protect the loans. It seems to us the intent of Mr. Canales was to walk away with the additional money and not to complete the project.

We understand we should have received official notification via mail about the pending foreclosure which was required by law to be sent to the second lien holder. It was never sent to us and we never received it. We only knew about the foreclosure as we had connected with the first lien holder directly inquiring about the status of the project as Mr. Albert Canales had stopped communicating with us. The first lien holder eventually told us he was foreclosing. Unfortunately we had already wasted $40,000.00 into this project by wiring it to Mr. Canales’ account with no further proof he had used it into the project and could not “buy him out” any further.

With NO PROOF of EXPENSES, the funds that were wired to Mr. Albert Canales business account, one can only assume he has personally embezzled the funds that were sent to him for business purposes. By all accounts, there has been a WIRING FRAUD in addition to possible EMBEZZLEMENT from business.

Mr. Canales, it is criminal to commit wiring fraud and to embezzle from business. It is more serious than to just default in the loans. We are expecting you to contact us directly to settle the loan immediately. Being silent will only make the matters worse. Time is of the essence.
"
...
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Claimant timeline (15) - Hide
  • 08-08-2016 — Additional $5,500.00 is wired to Albert Canales business account
  • 04-04-2017 — The property was foreclosed on and Albert was sent final notice to pay up the Gap Loan that he has personally guaranteed. No response has been received from Albert.
  • 03-18-2017 — Albert claims he has
  • 02-26-2017 — Albert claims he never heard the property was being foreclosed. We reminded him the notice was sent to the same address we all had on file for him, and where we had sent our reminder, which returned to us unclaimed.
  • 02-07-2017 — First lien holder files for foreclosure.
  • 12-29-2016 — We sent once again an inquiry to Albert, what has been done to the property, if there are any receipts for us to see, what is left to do before property can be offered for sale. No answer was received from Albert to the inquiry.
  • 12-26-2016 — Albert sends email to all parties stating he has
  • 12-09-2016 — Certified Mail sent to Albert Canales returns back
  • 11-28-2016 — Loan due date reminder sent to Albert via email and Certified Mail.
  • 09-04-2016 — After requests to receive some updates and before and after pictures of the project, Albert sends a picture of him and his wife in front of the property gate...
  • 08-09-2016 — Albert Canales supposedly closes on the deal, a day late.
  • 08-05-2016 — $33,500.00 is wired to Albert Canales business account
  • 08-04-2016 — Albert Canales keeps pushing for the money to be sent to his account. Saying the deadline is coming due.
  • 07-28-2016 — Mr. Canales sends an email with a typed
  • 07-27-2016 — Albert Canales connects to request the Gap Loan and sends a copy of his offer to purchase real estate property in Corpus Christi, TX. We request to see the GC estimate. Mr. Canales says he will provide that in the morning.
Exhibits View
Additional Communication Between Claimant and Albert Aka Alberto Canales From A&L Property Investments, Llc Hide
  • Sep 21, 2017, Claiming party added:

  • Mr. Canales,

    You have not shown us in any way that you have “fully intended to make things right”. It has been more than a year that you show no accountability, nor interest to solve this matter in a timely fashion. Unfortunately, the compromise and payment plans we were willing to arrange with you in the past have long expired since you did not give those any regard to settle. Up to this date, you have not made any payment to show us that you are willing to pay us back, so this leaves us only one option, to demand the payment in full immediately, with the interest due.

    If and when you settle with REW as you claim, that will definitely be the time to show you mean what you say. We are certainly expecting your cooperation in this matter. Time is of the essence!

  • Oct 20, 2017, Claiming party added:

  • Albert,

    In your last communication on September 8th, 2017 you stated "I would like to come to an agreement on a settlement in order to close this issue."

    We do need your response as to HOW you have planned to settle this claim. Until we can work to get this problem solved, this public notice remains to be displayed.

    You should have settled with REW by now. No-one seems to have trouble negotiating their claim with them to settle.

    All we are asking is that you take responsibility and come up with the solution to get your debt to us paid off.

    Please contact us directly to open communications.

    Thank you.

  • Oct 31, 2017, Claiming party added:

  • Albert and Leticia,

    We are waiting to hear from you how you intend to settle. If you lost our contact information for some reason, reach out via PeopleClaim here.

    .... unless your statement "I would like to come to an agreement on a settlement in order to close this issue" was not true??

    Please advise.

  • Nov 25, 2017, Claiming party added:

  • This is how the funding request kept escalating from original $25,000 loan to $33,500 and MORE... With empty promises of large profit...

    Unfortunately Mr. Canales has not paid a penny to ANY lender and still keeps that trend, preferring to run and hide.

    This posting remains public until Mr. Canales comes out of hiding and faces the fact that he owes all that he has promised and the amount keeps rising as the interest is accruing as agreed from the day he defaulted.

    He has not agreed to ANY settlement to this date.

    Albert Canales albert_canales@yahoo.com Thu, Aug 4, 2016 at 1:53 PM
    To: Gap Lender @nntfinancial.com

    Good afternoon Tarja. Ok I have spoken with Chad and we have come to an agreement.
    In order to make closing date , he can only loan the $93K , with your gap loan of $33,500 that covers the price of purchase. leaving us at $14,500 remaining. We still need $5,500 to make the down payment not including the closing cost ,(which is only my part cause seller will pay his closing )
    Plus the rehab cost . Can you gap the rest ?

    Sent from my iPhone

    Albert Canales albert_canales@yahoo.com Thu, Aug 4, 2016 at 1:54 PM
    To: Gap Lender @nntfinancial.com

    We will still split the profit of approx $60K

    Sent from my iPhone

    NNT Financial LLC @nntfinancial.com Thu, Aug 4, 2016 at 2:12 PM
    To: Albert Canales albert_canales@yahoo.com

    What is the total needed? $33,5k plus $14,5k? here

  • Nov 25, 2017, Claiming party added:

  • Albert and Leticia Canales in front of the property used to borrow funds that were never paid back. This was the picture sent when we asked for rehab progress reports!

What Claimant Wants Hide
1. Damages: Minimum profit guaranteed Sep 08, 2017 $25,000.00
2. Recovery of Losses: Original loan plus wiring fees Sep 08, 2017 $39,060.00
3. Monetary items with amounts to be determined: 2% was due/biweekly for being late from December 8th 2016 deadline. Negotiable! Sep 08, 2017 TBD*
4. Other – Copy claim to regulators Sep 08, 2017 $14.99
5. Other – Pay for claim posting cost Sep 08, 2017 $14.99
6. Other – Physical delivery charges Sep 08, 2017 $14.97
Cash total : $64,104.95*
*Amount shown is not final: total will increase when pending amount(s) are known and entered.
  • 0
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Respondent's Counteroffer

There has been no response to this claim from Albert Aka Alberto Canales From A&L Property Investments, Llc. This claim will remain posted until resolved
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  • Question: by Fran Fellowes (2802 points) — Paralegal
    • On: 09-21-2017
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  • Was your lien filed at the appropriate courthouse?
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