Metropolitan Grapevine Now $300M In Debt, Operated Pyramid Scheme, Says Maryland Judge

The Free Lance-Star reports:

• Investors hoping Metropolitan Grapevine would soon resume paying their mortgages had those hopes crushed yesterday. A Prince Georges County judge said the company, which has an office in Spotsylvania County, was operating a pyramid scheme and is $300 million in debt. In his opinion, Circuit Judge Thomas P. Smith also said that Metropolitan Grapevine President Andrew Williams, his company and a subsidiary, POS Dream Homes LLC, both of which are based in Laurel, Md., were operating an unregistered promissory-note investment program under the guise of a mortgage payment plan.

For more, see Little hope for Dream Homes' buyers (Metropolitan Grapevine was running a pyramid scheme, according to a Maryland judge).

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