Real Estate Opportunities - William J. McCorkel
Number of Customer Reviews for William J. McCorkel: 1
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His Cash Flow, Inc. was raided and shut down by the FBI, IRS, and USPS on 5/9/97 according to the Orlando Sentinel. The paper said the company had been charged with racketeering and that it was being investigated by the Florida Attorney General for deceptive advertising and unfair business practices based on more than 50 complaints about inability to get refunds.
The Wisconsin State Bureau of Consumer Protection published a Guide for Wisconsin TV stations, which lists several questionable infomercials, among them those of William McCorkle, a/k/a Cash Flow, Inc. and Fortunes in Foreclosures. Tom Brokaw did a Fleecing of America piece on McCorkle on 9/8/98. NBC TV Dateline did another longer piece on 5/19/99. It revealed that McCorkle lied about his background, used actors and friends to make false testimonials in his infomercials, rejected all deals brought to him by at least one of his customers, and rented for only a few hours the executive jet and yacht which appeared in his infomercial with his name painted on them.
A federal grand jury in Orlando indicted McCorkle and his wife on 90 counts of fraud, telemarketing conspiracy, and money laundering on 6/21/98. The indictment accused him and his associates of defrauding people out of $28 million including refusing to give refunds, failing to provide money for deals found by customers, and misleading customers about his true net worth. McCorkle's lawyer, F. Lee Bailey, argued that the refund pledge was mere puffing that was never intended to be taken at face value.
McCorkle and his wife Chantal were convicted of fraud and money laundering and are in jail awaiting sentencing. They got 24 years. They already forfeited their home, four cars, and $7 million in cash seized in a raid in May of 1997. The FL Attorney General's office says they have several similar investigations in progress at their Orlando office.
Florida Real Estate Commission Report dated Volume 3 Number 1 FY 2000-2001, page10. Disciplinary Actions Orlando: Willaim J. McCorkle; Broker revoked effective 12/30/1999; found guilty of a crime which directly relates to the activities of a licensed real estate broker or involving moral turpitude or fraudulent or dishonest dealing; guilty of being confined in a state or federal prison. Also wife named Chantal (sales person) had the same revocation and reasons.
Clearly, I do not need to go on any further.
For obvious reasons I do not recommend any of his past information. You can find plenty of good honest information in regards to real estate if you just look hard enough. If you are interested in investing in real estate then read the following paragraph:
I am a real estate investor and all I can tell you is that you need to develop a network of people that you work with who can make you strong where you are weak. If you are being mentored by another individual or group or have gone thru course after course and have tried to succeed but are finding it difficult, give me a call at 760-931-4770 or e-mail me at John@jcsbicca.com and I will discuss with you my program. I have money available for gap financing and fix up so that you can succeed I already have 40 students that I am helping. These are not my students but another company that specializes in mentoring. My capacity is limited so I am very selective. So contact me to see if you qualify.
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