Creditors won't see a cent from 'property guru's' liquidation
A property investment mentor who charged thousands for his seminars has placed his empire in liquidation and creditors probably won’t see a cent.
Massive Action and NZ Property Gurus, providing property investment seminars and advice, were placed into voluntary liquidation on November 4.
Director and shareholder Dean Letfus, of Pakuranga who coached people to be “property millionaires', also closed the door on at least five other property investment vehicles this month after Westpac called in the mortgages.
Liquidators Reynolds & Associates, say the chances unsecured creditors, including Westpac and the IRD, will see money back are slim.
Massive Action had no secured creditors. Assets of $43,000 were mostly goodwill and debts of $85,000 were unable to be paid.
Information about Mr Leftus on the Massive Action’s website said by 2008 he had amassed a portfolio of more than $20 million in buy and hold property.
NZ Property Gurus, which claims to have bought and sold more than $1 billion of property and educated thousands of New Zealand, was wholly-owned by Mr Letfus.
Massive Action is jointly owned by the four directors of trustee company Vallant Hooker Trustees.
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Comments and questions24
One of me mates rues the day he bought into his shonky seminars; In fact, he and a good mate paid extra to get personal mentoring, but didn't hear back. He said that, "Dean had leftus high 'n' dry".
I said, he's probably teaming up with that other property guru, Don Ha.
Cash flow is most important....not paper wealth!
Tee hee, I love it when dullard Kiwi sheep get parted from their cash in proprty scams - you cant go wrong with the property, no sireeee!
I have no sympathy for this crook who hid behind religion and helping the poor people of Fiji . We never went to any of his seminars. He bought a property off us and left-us in the lurch when it came time to settle.
This bankruptcy for Dean Letfus as for many who have been caught by downturns since 2008 unfortunate. There is a however behind Letfus also a trail of generosity and many people who have been made wealthy by his tutoring.
Given his and most other so called "experts" strongly advocated high leveraging to continue to fund purchasers I very much doubt many people actually got wealthy mainly short term paper wealth that evaporated once property prices declined and it turned out they had in a lot of cases leveraged over the value of the property's value.
Agree, and perhaps his followers should be more careful or ended up like him....
Lost a poultice, buying into his get-rich property seminars. I allowed myself to be seduced by the set of of his give-away steak knives.
You'll find they won't cut the mustard anyway. There is no substitute for doing your own research.
word on the street is he got taken for a ride himself by an internet promo guy he promoted...
internet promo guy?? Nigerian by any chance?! Do tell me more, sounds interesting...
And don't believe a word of that - they were all in the same boat. He blames them but he took the money.
Doesn't it make you wonder how this so called 'guru' offered this great so called advice and couldnt make it work himself.
Indeed, he left us
This outcome is not surprising as people who preach as loud and often as DL often dont know what they are talking about and he simply did not know property or the property business or he would still be here.What is a bigger concern is the accountants and professionals preaching on stage with him and no doubt their professional bodies are taking a good look because it was all most unusual.
Karma!! Sadly it doesn't get peoples money back.
I dont believe for 1 minute this man has no money. He is too clever. He will have it hidden in other places like the states where he has spent the last year.
DL thinks that company law is something that can be worked to your advantage while disregarding the fundamental morality of what he does. For example rather than face his responsibilities here in NZ he is in Fiji now before he loses his passport as a bankrupt.
He is a self confessed guru but the methods he espouses are get rich quick systems without any seasoning of the christian values he says he believes in. It is sad to watch another man sacrificing his reputation and integrity for greed.
Dean was like a kid in a lolly shop when he went to the USA and started buying houses for $20,000. His life will now shift but his ego has cost many much it seems.
http://www.landlords.co.nz/watch-video.php?video_id=15
The global financial crisis, tighter bank lending criteria and a depressed housing market have forced property investors to change the way they invest. High profile investor Dean Letfus explains what he has had to do to stay afloat.
How does he afford to fly to America, Fiji - Tambua class I might add? Was seen sunning himself at a Resort in Fiji?? Surely any christian, honest fellow as he portrays himself to be would stay in NZ, face his demons, and work to pay his creditors back! Come on Dean - be the honest christian fellow you portray to be or was this just a sham! How sorry are you really....then prove it? The banks and the IRD can afford the loss its the little people you have burnt who need to be repaid!
Dean was an inspiration to many, and circumstance has led to this unfortunate position for him, he had done a lot for the impoverised in Fiji, and that will never be forgotton,
Too many fingers in different pies, if he had just kept to basic rentals he would have done very well.
Hi Dean! Are you going to pay people the money that you owe them.???