LYND COMPANY WRONGFULLY WITHHOLDING DEPOSITS SCHEME
Following our initial letter Jan 2oth, 2016, LYND has returned our call citing an oversight and states that they will issue a check immediately.
A refund check was received by our client.
How do the wealthy remain wealthy? Using other people’s money. Such is the case with so-called conscious real estate, (referring to their tagline) giants, LYND Company who Vickie Gordon says swindled her out of a deposit she placed with their Stonehouse Apartments back in May of 2015. Gordon, a retired, disabled military veteran was attempting to relocate her mother to the San Antonio. She says she placed the money order for $189.00 with the company to secure the apartment. Because it was a government subsidized apartment, the transfer had to be approved by the subsidy program, (Section 8) The application was subsequently denied because it was an out of state transfer and Gordon, was informed that she would receive a prompt refund. She has yet to receive the refund after multiple visits to Stonehouse Apartments managed by LYND Company, as well as to the corporate office on IH10 in San Antonio.
She claims that she has faced nothing but road blocks since her continued quest for the refund and she isn’t the only potential tenant that has been unable to receive a prompt refund. In fact, The highly popular consumer advocacy websites, Complaints board, and RIPOFF Report, has dozens of postings of similar cases from wrongfully withholding the refundable deposits, to a plethora of other money gouging antics that seem to be the common business theme for LYND Company.
Gordon says, “No matter how small and insignificant $189.00 seems in the eyes of LYND millionaires or billionaires, to members of the shrinking middle class, the $189.00 is substantial. These people are arrogant and think that they can get away with it because most people will just give up and take the loss. I will never give up on what is rightfully mine.”
With the amount of properties the LYND group boasts about, including the new development The Bowie in Austin, Texas which is underway, you would think a refund in the amount of $189 is quite doable.
Initially, she was told that the refund was never processed due to a former employee that had been terminated for failing to follow through with his duties. Then she was told it would be expedited by staff members at the LYND office following several visits, follow up visits and phone calls to the property, Stonehouse Apts. In a recorded call (Legal in Texas as long as you are a party in the conversation) with LYND staff member,redacted Gordon sounded calm and professional, but made the mistake of referring to them as incompetent when she learned that after all of her visits to the property at Stonehouse, that they are now saying they located the money order and that it was never cashed on their end, but had been in a drawer for months at the Stonehouse location.
However, the supposed money order was never sent to her and she finally had to leave SA for a lengthy visit with family. She is still waiting on her deposit refund after many tall tales, and multiple follow up phone calls even after she’d reached her destination out of town.
Imagine LYND Company routinely pulling this stunt on every applicant due a refund yet willfully withholding security deposits from potential tenants, or on behalf of potential tenants. The certainly constitutes ‘unjust enrichment’. This is also tantamount to an act of conversion. Because LYND promises a refund to applicants that do not simply cancel the agreement themselves, but are simply not approved for an apartment, then intentionally withholds refunds, it is clearly a false and misleading statement, violation of the (TDTPA) Texas Deceptive Trade Practices Act.
“This is pure unadulterated GREED,” says IATD, case worker, Wendy Shells. They must be stopped. They must be held accountable for the interest on victims monies as well as the frustration and emotional distress these victims endure attempting to regain what is rightfully theirs.” She adds, “Judging by some of the complaints on other forums, it is a very deliberate thing in which they never intended to make any refunds to these unsuspecting applicants at all.”
Therefore, we at IATD believe this case is just ripe for a look see by “Ken” Paxton, Jr., the Texas Attorney General, and we are asking that he investigate the LYND company for its blatant violations of the Texas Deceptive Trade Practices Act.
According to its website, the LYND Company manages approximately 35,000 multifamily units across 14 states. Founded in 1980 by Michael J. Lynd Sr., who currently serves as President of The Lynd Company, the company will be celebrating 30 years in business in 2010. The Company was formed originally as an apartment management company for the purposes of managing syndicated multifamily investments. Lynd Residential Properties was founded as the multifamily investment affiliate in 2003 by Michael J. Lynd Jr. and Adam David Lynd, sons of the founder, along with partner Samuel Kasparek. To date, the three partners have acquired (through Lynd Residential Properties) and/or developed (through Lynd Development Partners) approximately $1 billion in multifamily properties. In 2009, the company bought a 50% stake in Easton Lynd Management, a commercial property management firm based in Miami, to continue to diversify into the management of commercial facilities. In the same year, Lynd Commercial Properties was formed to focus on the acquisition of office and industrial properties.
One other tidbit noted at their website is the statement under the about tab that gives one a little tickle is, Integrity, “LYND does the right thing even when no one is looking. It’s the only way we do business with our residents and clients.” Laughable, right?
This group also partners with another San Antonio, company, Automobile Giants, Red McCombs. This is relevant why? Because any business in partnership with a company that routinely pulls such heists from a community it purports to serve should be aware of its partners’ actions. Red McCombs and any others that partner with LYND are in bed with thieves. Moreover, it would behoove any company that promotes social consciousness to ensure that they are partnering with upstanding companies that claim to be socially conscious and represent the community well.
We are encouraging you to reach out to Red McCombs at the contact information provided below and let them know that they are partnering with an unethical company whose owner sets the tone of his companies patterns and practices. Also, reach out to their other partners as well as their board members and let them know how LYND mistreats the citizens in their community.
January 15th, 2016
McCombs Partners
755 E. Mulberry Ave., Suite 600
San Antonio, Texas 78212
210.821.6523 Phone
210.731.4740 Fax
Please call or email the Lynd Company and let them know you do not appreciate them ripping off others and essentially becoming even richer off the backs of middle class citizens.
- The Lynd Company
8000 Interstate Highway 10, #1200
San Antonio, TX 78230 - Email Lynd Company
- 210.733.6125
- 210.733.6178
