Pritchard Capital Partners Llc

Posted on November 18, 2011 by Admin
Pritchard Capital Partners Llc

Pritchard Capital Partners Llc

On Sept. 1, 2004, Gilmore Erickson created the Erickson Family Trust and then loaded it with assets worth millions. On Dec. 1, 2004, his family signed an Assignment of Interest, deeding several LLC's into the trust, including Willow Equities, LLC.

Erickson Family, Grandpoint Community Builders, Inc. and Northpoint Development

The Erickson's business, Grandpoint Community Builders, Inc. also did business in the names of Northpoint Development and Next Group. One of their ventures was to build luxury condominium high-rises in downtown San Jose, California. Though the family trust had assets that could have been sold to finance the projects, they chose to look elsewhere for funding. They wanted to raise $7,000,000 and pledged the assets in the Erickson Family Trust to anyone who would loan them $100,000 or more for a one year term, the time they needed before obtaining full construction financing.

On June 30, 2007, Northpoint Development had Jay Leite, a CPA and their accountant, write a financial statement listing assets in the Erickson Family Trust to give to people who were interested in loaning them funds for the condominium projects. Two complexes were in the works, one on Delmas Avenue and one on Fifth Street.

CPA Jay Leite States the Assets in the Erickson Family Trust

Jay Leite compiled the statement without any supporting documents to indicate where the numbers had come from, and he included in his cover letter to prospective lenders a disclaimer that he had not audited the financials, though according to his resume on www.spoke.com, "in 2006 he joined the Northpoint Development team as its CFO, and was in charge of Accounting and Finance."

In addition to note receivables of $2,271,000, the total value of all the LLC's listed was $36,723,050. The combined amount was $38,994,050. The LLC assets listed were: