Lawsuit: ‘Buying Summit’ Participants Tricked into Overpaying for ‘Sub-Par’ Properties

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A real estate firm has filed a proposed class action lawsuit against the organizers of Las Vegas-based “Buying Summit” events during which the defendants allegedly sold participants properties they didn’t own for significantly more than what the real estate was worth. Also named in the suit are a purported third-party lender, an attorney, and three law firms that the plaintiff claims were engaged in the “secret scheme” and helped control all aspects of the real estate “sales.”

The complaint argues that the defendants offered a three-day event known as “Buying Summit” during which participants met with agents and secured deals on properties in the defendants’ portfolio. Each sale, according to the suit, was financed by the third-party lender defendant and managed by the law firms named in the case – parties the plaintiff says worked together as “strategic partners” to deceive event participants. The suit claims the properties were marked up to 40 percent more than their actual market value and were sold to proposed class members before the defendants actually held the titles. After each sale, the defendants allegedly engaged in “secret self-dealing transactions” to acquire the properties at lower prices than the buyer paid.

As a result, the case alleges, the plaintiff and proposed class members paid more than market value for properties that were “distressed” or “sub-par” and will be unable to obtain refinancing for their “poor investments.”

The defendants in the suit, which also include two individuals, are named below:

• Nudge, LLC;
• BuyPD, LLC;
• Income Property USA, LLC;
• Insider’s Cash, LLC;
• Guardian Law, LLC;
• American Legal & Escrow, LLC; and
• Invictus Law, LLC.