Maryland-Based Metro Dream Homes Offers Refunds

(original post 8-27-07)
The Free Lance-Star reports:

• "Fredericksburg-area residents concerned that troubled Metropolitan Grapevine won't pay off their mortgages as promised can ask for a refund. Chief Executive Officer Andrew H. Williams offered to return the investors' money during a meeting at the Washington Plaza Hotel on Aug. 18. It was held mainly so the officials could respond to reports raising the possibility that the company, which says it can pay off investors' mortgages in five years, could be operating a pyramid scheme."

• "Virginia's State Corporation Commission is investigating Metropolitan Grapevine ... and its affiliate, POS Dream Homes. Earlier this month, Maryland Attorney General Douglas F. Gansler ordered the companies and their officials to stop soliciting new investors in that state until a hearing can be held."

• "Metropolitan Grapevine and POS Dream Homes are both based in Laurel, Md. Officials of both companies issued a statement late Thursday saying Maryland's order is "unconstitutional," and that the attorney general "rendered an arbitrary and capricious decision as it relates to our companies." The officials have filed a petition with the court to have the order lifted, according to the statement."

For more, see Dream Homes Offers Refunds (Metropolitan Grapevine fires back at the Maryland attorney general's order to cease operating).

For Andrew Williams' response to The Washington Post (no longer available online):

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