FLORENCE, Ala. - The Alabama Securities Commission has ordered the CEO of the investment firm backing the proposed DreamVision amusement parks to cease and desist selling real estate investments.
Provident Global Capital CEO Bryan Robinson runs another company called Robinson Capital Investments LLC. The commission claims he reportedly sold securities to investors in 2014. The claims suggest he promised to buy houses, repair them, and in turn sell them for a shared profit. Robinson also promised investors 11 percent monthly interest. But those houses were never purchased, despite investors being given promissory notes.
The commission states that it is unlawful for any person to transact business in the state as a dealer or agent for securities unless he is registered agent. Robinson is not.
At least three investors reportedly received promissory notes totaling hundreds of thousands of dollars. Each note was allegedly secured with a mortgage on a property purchased with investor funds.
WHNT News 19 discovered the properties were recorded at the Madison County Probate Office. However neither Robinson, nor the investors had any stake in the property.
WHNT News 19 spoke to Robinson over the phone. He claims he purchased “bad mortgages” and filed the recordings prematurely. He admitted to not doing “due diligence” and claims he’s working with the commission to resolve the issues and pay back investors.
Meantime, detailed plans for the DreamVision theme park are still uncertain, even though plans were set to be released at the end of 2015.
Robinson says he’s still working with the big investors on the project.
He has 28 days to respond to the Alabama Securities Commission’s probe.
Read the Alabama Securities Commission report by clicking here.