ComplaintsforAmerican Money Group, Inc.

• Initial Complaint

  08/30/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Im 2019 I invested $75,000 through a referral by American Money Group with a company called ********************. This investment was classified as a ********************** The agreement provided the ability to exit the investment with. 90 day written notice. In November 2020 I decided to exit the investment and sent a letter to PSG expressing my desire to exit the investment. I was told that due to the laws around the Covid pandemic I would not be able to exit the investment. In September 2021 I again contacted PSG requesting my money back. I was told that the investment was tied ** in a property and the owners were behind on their payments. The issue was headed to a foreclosure process and I would receive my investment when that process ended which may not happens until well into 2022. In January 2023 I received an update stating my investment had been reinvested into a completely new Trust Deed without my consent. *********************** from PSG sent me a message indicating this was an error and committed to refunding me my investment as soon as possible and in fact he was selling 3 other properties later in Q1 and would refund me from the sale of those properties. I have followed up several more times and am still waiting for my money to be returned to me.

  Business response

  09/11/2023

  We were taken aback when we discovered Mr. **************** made reference to American Money Group in a complaint regarding an agreement between himself and PSG Capital. 
  
  There is not currently, nor has there ever been any agreement between American Money Group and Mr ****** Mr ***** has never paid American Money Group for any services, nor has American Money Group ever indicated a financial commitment to him. 
  
  It is our understanding, Mr ***** made an agreement with PSG Capital, not American Money Group, due to the attractive returns paid monthly. And that he has continued to receive those returns through to date.  
  
  However, when ***** reached out to American Money Group for assistance to gain early access to his money from PSG Capital for personal reasons, and that it was allowable in the contract between them, Mr ***** was informed his agreement is between himself and PSG Capital. Additionally, American Money Group informed him that they could not speak for PSG Capital as to their financial commitments to Mr ****** and that no ability or authority exist with American Money Group that would allow control to early access to his money.  
  
  American Money Group agreed to assist and help Mr. ***** by reaching out to PSG Capital in addition to his own efforts. This occurred on numerous occasions when Mr ***** called and asked, which have been documented. So, one might understand then, after significant efforts to help Mr ****** why American Money Group was taken aback by the mention of its name.

  Customer response

  09/12/2023

   I am rejecting this response because:
  American Money Group referred me and likely several other clients to PSG. PSG is their partner! I have no leverage with PSG but AMG does. They should be putting pressure on PSG to help resolve my concerns. Dont they stand behind the products they sell? If yes then they should be leveraging their power to help me. I appreciate AMG responding to my concern via email but I would expect them to take a more significant action directly with PSG to resolve this issue. If AMG had not referred me to PSG I would not be in this situation so for them to claim the issue is only between myself and PSG Capital group is disappointing. 
  
  

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