State takes action against Plainfield investment company
By Janet Lundquist email@example.com May 1, 2012 5:04PM
Updated: June 3, 2012 8:14AM
The state has shut down a self-proclaimed “investment guru” who says his Plainfield company offers a “no money down” real estate investment system.
The Illinois Department of Financial and Professional Regulation ordered James Dralle and AlleWest Consolidated LLC in Plainfield to “cease and desist unlicensed practice of real estate” in March.
Dralle said Tuesday he had not heard about the state’s cease-and-desist order.
He said he spoke to someone from the state agency about a year ago after someone anonymously reported the company to the state. He sent the state copies of his contracts and other company paperwork at the department’s request.
Dralle said AlleWest’s method, the “Pass the Buyer” program, is not only legal but is a safe way to help sellers and buyers connect.
On his LinkedIn.com profile, Dralle wrote, “My experience as an investment guru let me put together a ‘no money down’ business model that worked like no other program in the country.”
The AlleWest company website, allewest.com, lists properties for sale across the country and says it works with lenders to ensure buyers have good credit as well as Realtors and sellers to compile a list of relatively new homes for sale.
Then AlleWest connects tenants looking for rent-to-own property with an investor who would serve as the buyer.
He is able to operate the company without a real estate license, Dralle said, because the company puts the property under contract by purchasing an option to buy before marketing the property.
Dralle said the company has not operated since his contact with the state and that the call from The Herald-News was the first he had heard of the state’s disciplinary decision.
“It’s news to me,” Dralle said, adding that he would notify his attorney about the situation. “I definitely would challenge it, because I’m pretty sure I’m right.”
The Better Business Bureau in Chicago gave AlleWest an F rating, saying AlleWest did not respond to requests from the BBB for background information and that AlleWest also did not respond to a complaint regarding advertising or sales filed against the company.