At Invsco, condo conversions rule

Full story: Chicago Tribune

By the time Nicholas S. Gouletas was 29, he had made enough money, he says. "But I didn't play golf and didn't play cards, so I couldn't retire," he jokes.
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1 - 5 of 5 Comments Last updated Feb 26, 2009
Fred Frazzetta

Henderson, NV

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#1
Dec 2, 2008
 

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Leslie Mann:

How much did Nicholas S. Gouletas pay you to write such a glowing article about the man that is a legend in his own mind? You certainly did not do much in the line of investigating Mr. Gouletas because if you had you might have uncovered some important information which would have painted a far different picture of the man.

Currently, American Invsco (AI) is in litigation in Las Vegas, NV over his "pet" project the Meridian Luxury Condominiums located on the Northeast corner of Flamingo Rd & Koval Lane, just 1 block east of the strip. There are 678 units which were converted by AI to condominiums by the so called "undisputed" conversion King. Below is a short list of how Mr. Gouletas screwed his investors:

Mortgage Fraud, which included collusion between AI (Koval Flamingo), the appraisers, the mortgage companies & the title companies involved in the project: failure to disclose just how CRS (another AI entity) funded the magical two year rental program - directly out of each person's very own mortgage, without any disclosure of this fact; SEC violations for selling condominiums as investments without being registered with the SEC - you can sell real estate with a rental program, but you cannot use the rental program as the hook, as the selling tool; Fraud against Freddie Mac & Fannie Mae - AI forged documents which were sent to these agencies - most of the buyers at the Meridian were investors as less than 15 people actually lived on property; ask Nicholas about the furniture packages that people paid for to participate in AI's illegal Condo/Hotel Program, which in some cases were never received ($25,000 -$33,000); maybe you should ask Mr. Gouletas about "straw buyers"; how about the fact that AI kept illegal control of the HOA, and in so doing comingled funds - used the HOA's money like their own personal bank account, they did this by having the Senior VP of Real Estate Michael Mackenzie as President of the HOA, and second in command was Michael Zink another stellar stand-up person (if you need a second opinion on Mr. Zink's character just ask the folks that were screwed by AI at Plantation Park in Florida); then we have all of the Nevada Revised Statutes that AI broke regarding the running of the HOA; what about the promises that AI made to the buyers as to what they were going to upgrade and do on the property - promises not kept...all the above is true and verifiable.

I am hoping that the FEDS get involved, that is if they are not already involved, and put these criminals behind bars where they truly belong! The truth is Mr. Gouletas's empire is starting to crumble all around him. Here's a short list of his minions: Steven E. Gouletas, Nicholas V. Gouletas, Jr., Michael Fish, John Cadden, Anthony Dibenedetto, James Schwark, Dale R. Campbell, Kenneth Morgan, Mark Goldstein, Michael Parke, Michael Mackenzie, Michael Zink, Scott Oelke, Mary Harvey, Rebekah DeSmet, Amber Morelli, Ron Aldinger, Tonya Aldinger, Bruce Peterson (Travilliant), and Brendan Bolger (United Financial Mortgage Corp. Rep from Chicago hand-picked by Nicholas S. Gouletas, who eventually got fired for not being able to close on mortgages)... and let us not forget Diane M. Sealey, who was with the Appraisal Team an integral part of the scam.
Kevin

New Lenox, IL

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#2
Dec 6, 2008
 

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Leslie,

I agree with the comments above, do a little more work. I have don't have knowledge of the above buildings of Mr. Gouleta but I have followed buildings he's converted in Chicago. To put it nicely, the buildings in Chicago aren't having the best of luck these days.
JRChidlies

Louisville, KY

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#3
Dec 14, 2008
 

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Yes, I believe Business Chicago ran an artcile stating that 1/2 of his condo conversions were in foreclosure, that would tetll me he is the "Joker" of condo conversions.
Ronsta

Staten Island, NY

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#4
Feb 17, 2009
 
1/2 of his condos conversions are in foreclosure but that just means that the investors can't keep up with the mortgages. That's pretty much what has been happening to the whole country. Regarding the Meridian condos I think AI tried its best to rent out the units so they could give the investors the promised return on their investment. The backtaxes they owe to the city for running the program as a hotel is a result of them trying to keep the investors happy. I am taking a wild guess here but if a unit was purchased not as an investment but as an actual residence for the buyer, would the buyer be affected by this fiasco? if not now would it eventually affect the owner/occupant?
GarlicKitty

United States

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#5
Feb 26, 2009
 
Ronsta:

Is there a reason you 'think' AI tried it's best or are you just guessing? Perhaps you are not aware that the rents were GUARANTEED (not promised) in the purchase contracts? Perhaps you were not aware that AI and their affiliates continued to rent the units for 4 additional months but did not pay the owners those rents. Their affiliates continue to rent and not pay owners to this day.

The $500k in taxes AI and their affiliates owed were due to the fact that AI collected those taxes from the guests but did not pay the county.

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