Loan scammer turns to medical marijuana, opens Cobra Medical

[justpics]

Local News | Lender seizes desperate borrowers' homes | Seattle Times Newspaper

an excerpt..."Following Kandi's instructions, Marsh signed a promissory note for $170,000, even though he was getting only $17,000. Kandi later said he inserted the tenfold figure to protect himself financially and to pay for any future legal costs.

Kandi also had Marsh sign over his rights to the property using what is known as a quitclaim deed. According to the terms of the loan, if Marsh missed repaying any amount, Kandi could take possession of the house immediately, using the deed. This maneuver enabled Kandi to take the home without going through foreclosure, which includes a 190-day waiting period and several consumer protections.

Deb Bortner is director of Consumer Services for the state Department of Financial Institutions, which regulates banking and mortgage lending. She said making a borrower sign a quitclaim deed for a loan to save his house is a red flag. "That's a scam," she said.

It was common practice for Kandi to have borrowers sign quitclaim deeds...

...There are several unpaid judgments against Kandi, including nearly $1 million to the IRS."

His name is Emiel Kandi and according to the article, he started Cobra Medical Group in Tacoma.

justpics Reviewed by justpics on 11-15-2010. Loan scammer turns to medical marijuana, opens Cobra Medical Local News | Lender seizes desperate borrowers' homes | Seattle Times Newspaper an excerpt..."Following Kandi's instructions, Marsh signed a promissory note for $170,000, even though he was getting only $17,000. Kandi later said he inserted the tenfold figure to protect himself financially and to pay for any future legal costs. Kandi also had Marsh sign over his rights to the property using what is known as a quitclaim deed. According to the terms of the loan, if Marsh missed repaying any Rating: 5

[killerweed420]

Looks like just the kind of person we don't need in the movement. Keep getting the word out so that everyone avoids him. He's in it for the money only so he would turn on you in a second.

[nuglover]

he might also be doing it for the snitch reward.

[gypski]

what he's getting with a dispensary is peanuts for his loan sharking. :wtf:

[justpics]

what he's getting with a dispensary is peanuts for his loan sharking. :wtf:

I dunno, his modus operandi in the loan sharking was to get people's property.

someone with lots of scammed properties would be able to setup a lot of grows.

he claims they have 800 members, if he's got several grow houses going from all the houses he's scammed off people, he could easily meet their needs.

he might be pulling way more from the dispensary.

and he also would be attracting a lot less attention from the IRS in an all cash game that people are less likely to sue you over.

[gypski]

I dunno, his modus operandi in the loan sharking was to get people's property.

someone with lots of scammed properties would be able to setup a lot of grows.

he claims they have 800 members, if he's got several grow houses going from all the houses he's scammed off people, he could easily meet their needs.

he might be pulling way more from the dispensary.

and he also would be attracting a lot less attention from the IRS in an all cash game that people are less likely to sue you over.

He is right about one thing, the law is a train wreck waiting to happen and there is usually one a day with a patient. :wtf: It just needs for the plant to be freed and let the market work itself out after removing people like this, just like the banksters and mortgage bandits want it to be. Home gardens will pop up like mushrooms with true legalization!!

[WashougalWonder]

Home gardens will pop up like mushrooms with true legalization!!

And some will do well and others will not make it. There will be those that grow stuff that just knocks your socks off and those that grow good stuff. Each will earn a reputation for their specific good stuff and probably do well.

At least that is MY dream. :stoned:

[killerweed420]

Thats the way a free market system is supposed to work. Thats why I've always been against patents. If you have a good product people will buy it.

[ksnowmon]

justpics, nuglover,killerweed420 what are you doing for the movement?

Media sensationalism at its best..
If I told you that cannabis is pure evil, would you believe it?
If I told you that Bush was our greatest leader, would you praise him?
If I told you that .��?

Well this story is one sided brought to you by a vicious lawyer who coincidentally had a friend at the Seattle times whose only interest in writing this article was to discredit a foe before taking his clients to the courtroom and like sheep, others with a stroke of a pen lavished in this attack, Iâ??m not saying Emiel isnâ??t arrogantly selfish because that he is, and he is defiantly a wolf but a wolf doesnâ??t just prey on victims he also protects what he has. Its easy to shorten the story and leave out facts that express the big picture but the fact is these few people were looking for a last chance to save what they were loosing, took a hard money loan, missed there payments and lost their collateral. I hate to see it happen but thatâ??s how it works. Heâ??s not a crook, heâ??s just a person who sticks to his rules. Now what the article doesnâ??t say is all the people who, through a hard money loan from Emiel were able to buy or save their homes, started businesses, buy cars and enrich their lives. He does far more good than is given credit for.
As for cobra, itâ??s a business and yes money would be the bottom line but Emiel has struggled and worked diligently to help bring dignity and legitimacy to the cannabis co-ops and dispensaries in Tacoma. The staff at cobra are by the book, friendly and professional and are the leaders in what a dispensary should be. He has led the fight and was willing to be a media target to allow people safe access to the medicine they deserve.
Emiel and I may not see eye to eye on our morals and beliefs and to call him a friend would be stretching it but our beliefs to the cause are true and we are able to sit at a table together and fight for proper medical cannabis laws for the greater good of the patients.

Below are a few articles showing the side that has been left out.

Spew Blog - Weekly Volcano - The alternative newsweekly for Tacoma and Olympia

Tacoma backs down from threat to shut down medical cannabis clubs | Cannabis Defense Coalition

[RedLocks]

I love the rebuttal that because someone appears less-than-savory due to their actions doesn't necessarily means that the things they do are less-than-savory.. That argument seems to be a common tactic of the media, and the rebuttal trashes media sensationalism... Be careful my friends, too many paradoxical arguments like this might just rip a hole in the fabric of reality.