Complaint Review: Sam Price - San Diego California

He offers unsophisticated investors an opportunity to have their investment funds managed for much better than average returns. The first hitch is that in order to facilitate ease of use he requires that the investors funds are placed in his account.

The second problem is that there are no better than average returns, or actually little to no returns.

After a significant incubation period of time he begins to weave a lavish tale of excuses in order to buy more time.

Below is a small example of some of the types of communications he has with his unsuspecting and overly trusting investors:

“Totally understand- was just thinking that it would be so much easier from an account management standpoint, and most importantly speed- as there would be no need for double entries/exits. And I could adjust the split from 65/35 to 55/45”.

Great- when would you like to start? And would you prefer a flat return? Say 20% per month? I would absorb any losses.

I have to think about it...”I understand your burden and the very small initial investment...i have to re-calibrate my expectations...so it would take 1 year without drawdowns to make $900 a month”

He requested more time and then made excuses:

“Message from Sam, Hey, Mike- I didn’t get approved for my request. They did not like that I’m self employed. What I can do is, I have a commission coming in later this month for a project I worked on this summer. I had planned on using it for my fund, but I will just give it to you. It’s about $9700, but I’ll just add the $300, to make it $10K. This is 100%, since the work is already done, etc. Like I said, I had planned on being able to use it to relaunch my fund, but since I haven’t made any significant progress with anything else, I’ll use it to get settled with you. Sorry to have let you down. But I will keep my word on the $10K as I said I would. Should be prior to Thanksgiving., Thursday, November 3 2022, 2:20 PM.”

“Hey, Mike- I didn’t get approved for my request. They did not like that I’m self employed. What I can do is, I have a commission coming in later this month for a project I worked on this summer. I had planned on using it for my fund, but I will just give it to you. It’s about $9700, but I’ll just add the $300, to make it $10K. This is 100%, since the work is already done, etc. Like I said, I had planned on being able to use it to relaunch my fund, but since I haven’t made any significant progress with anything else, I’ll use it to get settled with you. Sorry to have let you down. But I will keep my word on the $10K as I said I would. Should be prior to Thanksgiving.”

“Not necessary, all is on schedule. But was going to ask, if I increase the amount by $1.5K, could you wait a few more days? My family wants to get together for Thanksgiving, so need to pay for travel (flights, AirBnB), and everything. I get paid on the 30th. Will deposit at BofW on 1st.”

“Hey, Mike! Hope that all is well. If you can wait a bit longer, I can get you some more cash. Picking up some holiday work through January. Would look like this: 16 Dec: $5K 30 Dec: $5K 13 Jan: $5K 27 Jan: $5K So essentially doubling up. I’d be paying out of each check, every 2 weeks. Just got the opportunity for this, so it really works out well all the way around.”

“You’ll have the $500 Friday- that’s a promise. And then the two $5K payments in Dec; and the two in Jan.”

This man is currently in a custody battle for his two young children with his ex-wife who must have enough sense to not trust him with his children.