Govt. Sues Russ Dalbey “Winning In The Cash Flow Business” “America’s Note Network”


A company named RMI Associates has been claiming it can help people get refunds from Dalbey, but first the company wants a fee of several hundred dollars. The FTC believes that this company is attempting to defraud you. Neither the FTC nor the Colorado Attorney General is working with any company.  Two courts have orders against RMI Associates.  Under these orders, RMI is not allowed to claim that it is working with the FTC or that it has a track record of having obtained refunds for consumers.  RMI is also not allowed to ask for or accept payment to assist consumers in seeking money from the Dalbey companies’ estate and in filing a claim in bankruptcy court.

If you are contacted by someone who says they can help get your money back for a fee, do not believe them and do not give them money. If you are contacted by any company making such claims, please file a complaint with the Colorado Attorney General’s Office at You may also file a complaint with the FTC by calling 1-877-FTC-HELP or 1-877-382-4357 or by going online to

For more info:



Russ Dalbey — you’ve seen him for years pitching get-rich-quick by being a “cash flow note finder” in his late night “Winning In The Cash Flow Business” (a.k.a. “America’s Note Network”) infomercials  — is being sued for fraud by the Federal Trade Commission and the Colorado attorney general.

Someone who says he was a “coach” for Dalbey posted at the Denver CBS-TV website:

“We were the instructors for the program — the sales team essentially sold our ability to work with the customers (students)…I routinely worked with people who purchased $15k-$45k worth of products and services from (Dalbey), and if you spent less than $1,500 you didn’t spend enough to speak with me. One customer had (spent) nearly $75k, and I am fairly certain that the majority of folks (who spent) upward of $30k in products and services never made a note deal.

“….The program can work, but it is not cost-effective for the vast majority of students who lack the skills and character traits to make the system effective… Simple “note finders” spend time and money and get little result.

“In addition, the coaching staff worked very hard to fulfill the lies of the sales team, but we really didn’t make a wage comparable to the amount of “soul selling” we had to go through on a daily basis due to the questionable ethics all around us in the company policy and behavior.

“All in all, I think a fool and his money are easily parted, but there is some valuable information to be had – for a very limited amount of money, not the levels that I frequently saw.”


“I used to work for Russ Dalbey when the company was called America’s Note Network or ANN (the company has changed names multiple times, for reasons I’m not privy to)…(I) accessed and evaluated the recorded calls between the sales team and the customers to make sure nothing was ever said that could be legally used against ANN. (We) could IMPLY that there were riches to be had in the note-finding business but never actually promise that the customer would see any.

“I finally quit when I could no longer morally justify to myself the flagrant fleecing of the uneducated and elderly. For every “student” who actually managed to flip a note, there were literally hundreds, if not thousands, that were bled dry of thousands of dollars for “additional coaching.”

From “Jonathan Ripepi”:

“I am also a former (Dalbey) employee. Initially I was hired “off the street” as a “fronter.” A “fronter” is the sales person who first cold-calls on Dalbey’s “leads.” A sales lead is anyone who has purchased anything from the infomercials. The fronter’s job is to find the person’s “hot button” or motivation for purchasing any product. This information is passed on to the “closer” who exploits this hot button and up-sells to additional products or services (thousands of dollars). The sales tactic is used to exploit anyone that has fears (of the future, of the poor economy, of steady work, not enough income, providing for a family, paying for college education, etc). So you see it is not limited to widows and old ladies but to anyone who is honest enough to reveal why they purchased or showed interest in Dalbey’s program.

“Not only are they scamming people who purchase the program, (because so few of their clients make any money at all), but they are also scamming the employees. Fronters are not told much about the program or what they are selling. In fact, during the years I spent there, Dalbey’s closers and management were proficient at keeping new hires in the dark about how the program worked, how “students” made money, or how realistic the “education” material prepared you for this industry…If you believe in “truth in advertising” then you will be happy to see Dalbey go out of business.

“…As for me, I would willingly testify against a Dalbey “education.” (All you have to do is Google “Russ Dalbey” before you throw money at his program).”




FTC Charges Promissory Note Pitchman With Deceiving Consumers

Infomercial Falsely Claims It’s Easy to “Find ‘Em,” “List ‘Em,” and “Make Money” Agency Also Settles Charges Against Consumer Who Gave Allegedly Misleading Testimonial

The Federal Trade Commission has charged Russell Dalbey, the CEO and founder of the company behind the “wealth-building” program “Winning in the Cash Flow Business”, with defrauding consumers, in some cases out of thousands of dollars, with phony claims that they could make large amounts of money quickly and easily by finding, brokering, and earning commissions on seller-financed promissory notes.

The FTC’s complaint against Dalbey and others involved in marketing the program, filed jointly with Colorado Attorney General John W. Suthers, alleges that the defendants misled consumers about how much money they could make using the program and how quickly and easily they could make it.

“‘Winning in the Cash Flow Business’ was a real loser for hundreds of thousands of consumers nationwide,” said David Vladeck, Director of the FTC’s Bureau of Consumer Protection. “When someone is selling a program designed to help people make money, they have to accurately describe how much consumers can expect to make and be truthful about how quickly they will be able to do so. None of that happened in this case, and people who bought the program paid the price.”

Millions of consumers nationwide saw infomercials for the “Winning in the Cash Flow Business” program, which were hosted by TV personality Gary Collins. The program supposedly teaches consumers how to find, broker, and earn commissions on seller-financed promissory notes – privately held mortgages or notes that are often secured by the home or land that is the subject of the loan.

The FTC complaint alleges that consumers spent approximately $40 to $160 on the initial program, and were later encouraged to spend hundreds or thousands of dollars more on additional products or services, such as multi-day seminars, coaching sessions, and promissory note holder lead lists. Few of these consumers made the money that Dalbey promised them. The FTC and the State of Colorado seek a court order to stop Dalbey, his wife, and the corporate entities they control from making the allegedly misleading claims, and to obtain money for consumer refunds.

According to the complaint, since at least 1996, Dalbey has used various corporate entities to market his program. Beginning as early as 2002, he has done so mainly through a 30-minute infomercial. Along with pitches on the Internet and through direct mail, the infomercial claimed that consumers could successfully earn substantial income brokering promissory notes in three easy steps – “Find ‘Em,” “List ‘Em,” and “Make Money.”

“[Y]ou’ll be amazed at just how easy it is to generate a stream of extra income every month. Build financial freedom and a better quality of life in just minutes a day. Or even retire earlier than you ever dreamed possible. Order now and you’ll be ready to profit in minutes,” an infomercial allegedly claimed.

These claims allegedly were supported by “testimonials” from consumers who claimed to have made “$1.2 million in 30 days,” “$79,000 in a few hours,” and “$262,216 part time,” for example. “In less than 30 days, I closed two transactions and I netted 1 point – a little bit over $1.2 million,” a testimonial by “Don B.” from New York stated.

Unfortunately, according to the FTC and Colorado Attorney General, this was far from the typical consumer experience. The complaint charges that Dalbey and the other defendants violated the FTC Act and Colorado law by making false and unsubstantiated claims that consumers are likely to quickly and easily find, list, and broker promissory notes and earn substantial amounts of money; and that defendants’ additional products and services, such as coaching programs, workshops, seminars, note holder leads, and other resources, will meaningfully increase the likelihood that consumers will succeed in the note business.

The complaint also alleges that while Dalbey claimed he has earned substantial money finding, listing, and brokering promissory notes himself, most of his note-related income for the past two decades has come from marketing and selling products and services supposedly to teach consumers how to find and broker such notes. In addition, the complaint alleges that consumer testimonials in the defendants’ advertising are inaccurate and do not reflect the results that customers are likely to achieve if they buy the program. For example, some testimonialists, the complaint charges, stated earnings claims that were total earnings figures accumulated over several years, rather than in one year.

The complaint also charges the defendants with violating the FTC’s Telemarketing Sales Rule by making similar misrepresentations to consumers during sales calls.

Finally, the FTC and Colorado Attorney General charged Marsha Kellogg – one of the consumers who provided a testimonial in an infomercial – with falsely claiming that she earned $79,975.01 from one promissory note transaction using Dalbey’s program, and that her total earnings were more than $134,000. The complaint alleges that Kellogg made this statement even though she earned $50,000 less than what she claimed.

Kellogg has agreed to an order settling the FTC charges against her. The order is the FTC’s first against a consumer charged with making misrepresentations in a product or service testimonial. It prohibits Kellogg from making several types of misrepresentations in the future. In addition, Kellogg has agreed to cooperate with law enforcers in their case against the remaining defendants.

The Commission voted 5-0 to authorize the staff to file the complaint and to approve the order settling the charges against Kellogg. The complaint was filed in the U.S. District Court for the District of Colorado on May 23, 2011, and names Russell T. Dalbey; DEI, LLLP; Dalbey Education Institute, LLC; IPME, LLLP; Catherine L. Dalbey; and Marsha Kellogg.

Information for consumers about how to spot and avoid investment fraud, “get-rich-quick” schemes, and other types of wealth-building scams can be found here, on the FTC’s “Money Matters” website.

NOTE: The Commission files a complaint when it has “reason to believe” that the law has been or is being violated and it appears to the Commission that a proceeding is in the public interest. The complaint is not a finding or ruling that the defendant has actually violated the law. The case will be decided by the court. A consent judgement is for settlement purposes only and does not constitute an admission by the defendant that the law has been violated. Consent judgments have the force of law when approved and signed by the District Court judge.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s Web site provides free information on a variety of consumer topics. Like the FTC on Facebook and follow us on Twitter.

Mitchell J. Katz
Office of Public Affairs

Michelle Rosenthal
Bureau of Consumer Protection
Alysa Bernstein
Bureau of Consumer Protection

(FTC File No. 092-306)


190 thoughts on “Govt. Sues Russ Dalbey “Winning In The Cash Flow Business” “America’s Note Network””

  1. Never bought into his program… Did see it many times on TV. It was just too good to be true and glad I passed….

  2. Man I would LOVE to get some or all of my 3 grand back! did not work, and was a continual now you need this and now you should fly out here……

  3. I bought the program and think that it was a waste of good money.
    The advert on the late night TV was very good, so I bought the program but I never
    managed to get any milage out of tha program.

    Errol Lawson.

  4. I was given a free website. I called people on a list and/or sent them a postcard inquiring about possibly selling their note. I would even look in the classified ads and make phone calls. It was very difficult to even get people to talk to you.

    I got very little response on my website. This cost me a great deal in the long run!!!!!

    Laurene Bishop

  5. This Dalby program cost me thousands and brought me zip…they lie cheat and pretty much steal your money while pumping you full of crap

  6. michael schmidt

    I was one of Russ Dalby’s victims. I also was told that I could make large sums of money by finding notes by following his teachings. I had also received calls from his so called coaching staff that if I invested so much money they would show more in detail how to make more money. At the time however I had just moved to a new state and looking for work and could barely afford to purchase the program. Once his coaching staff realized that I would not be able to invest further monies they instantly became disinterested and just wished me luck.

  7. The Russ Dalbey coarse is a coarse just like all the rest of the coarse out there, if you are smart enough to follow the instructions and work consistently and be persistence you will reap some kind of benefits from it. I didn’t make any money but I could see that the concept was good and if I had a little more hands on help from the Russ, I believe I could have been very successfully and if their is any chance of Russ contacting me and giving me more help I would invite the help, other wise I have no complaints.

    Thank you
    Don Grant.

  8. Yes, I spent several thousand dollars, went through the program… I had even signed up to attend a seminar for several more thousand dollars. as time progressed I realized that I could not pay the extra money (as their note business was not measuring upi) so I had to cancel. When I cancelled they said I owed th money anyway and suspended my services on their website… Obviously a lot of hype… and definately a scam to get into my wallet.

    I should have used my better judgement, not that I thought it was a get rich scheme, but it is not even a break even scheme. I perceive that they built their business during the haw day of mortgages, and when the market started to soften, they realized they could still make money by selling their idea on the internet knowing that the market and industry was going to cease to operate as their business plan indicated. Now in 2011? how many note buyers are left? Many have went out of business or refocused their business on buying bank notes instead of private notes.

  9. Yes, I bought several of his programs hoping that more knowledge/guidance would help, but just could not make it take and payoff.

  10. Our company always knew Russ Dalbey was a fraud. To my knowledge, he never bought any notes himself. We NEVER work with brokers who are associated with Russ Dalbey’s organization.

  11. The 1-2-3 steps are a bit of an oversimplification of how to make money doing this but this is a legitimate way to make money. If his employees used deception or high pressure tactics, get him on that but don’t shut him down claiming the product itself is a scam; it’s not.

  12. I also purchased the several programs with the understanding that if I closed 5 note deals within a year I would get all the money I have invested back.

    Did not happen in 3 years and yes I would love to get my money back. I was just looking for something to supplement our income and save for retirement.

    Everytime I would talk to coaches or staff and inform them I had not closed a deal and had purchased several program, I was told that I needed to attend one of Russ’ one-on-one coaching session in Colorado and learn from one of their top coaches and students.

  13. Don Grant, you MUST work for Russ Dalbey or your real name is RUSS DALBEY!!! If not, how much did they pay you to get on here and say something positive??!?!?! Come on now!!! I made money in the cashflow business; I went through another source and bought Russ’ program as well. Russ’ was BOGUS!!! They would call me back to try to get me to invest in more and would try to use my hot button issues to coerce me. I THANK God I never bit.

  14. No matter how much effort and due dilligence I put into the Dalbey program, it is not what they proclaim on the infomercial nor in the educational programs. To date I have spent $16,200 in Dalbey education and have learned exponentially more throught the hard knocks of the business. They prey on your desire to succeed.

    The notes business is lagit but Dalbey is not.

  15. I’ve invested $14,000 + on worthless programs, Boot Camp (where I was promised at least one note deal before I left, but received nothing), Protege Programs, marketing materials, etc.

    Nothing I was told ever turned out to be true. The infomercial made it sound so easy.

    I am a retired senior and need this money back.

  16. I have seen Dalbys stuff for years. I recall when he first started in the business and I always thought his bids on notes were terrible.

    My rub with his organization was the constant up-sale of their mentors programs, etc, etc. Extremely expensive , his coaches were very aggressive and frankly promised a lot but really delivered little in return. The $135.00 for his info pack is pretty much worthless but the fact is you will never learn this business by reading a book, taking a course or talking to a mentor on the phone. You have to do the work and get bloodied..if you want to become successful. If you looked at his program or ANY program of ANY kind and you think you are going to get rich overnight then you have no one to blame but yourself. Outside of inheriting money people get rich because they work their A** off. No other secret too it..

  17. I did buy his program. Would not recommend it to anyone! all you ever got out of them phone calls and emails telling you that you needed to buy this or you need so much money for their one on one consulting. Once they found out you could not invest a lot of money they didn’t want anything to do with you. If I had time to do over, I would never spend my money on their program.

  18. “…infomercials for the “Winning in the Cash Flow Business” program, which were hosted by TV personality Gary Collins.”

    And what about Gary Collins?

    Is he off the hook?

    Anyone who uses their celebrity to promote bogus programs should also be held accountable.

  19. Delbert Ashby

    Fortunately, I was in the business long before Dalbey come onto the scene. As such, I saw it for what it was at the outset.

  20. I can’t believe people actually buy this crap!! All these people could have been buying investment properties with the money they were spending. WAKE UP!!!

  21. I watched his video and was getting excited about the note business when I checked him out on the internet and read horror stories of people who had bad experiences or could not get refunds on “money-back guarantees”. Too many people had said too much about what did not work with Russ Dalby programs. I walked away from this and sought other sources that operated with integrity.

  22. I quickly realized that the affordable “information” Dalbey offered didn’t provide much actual information at all. The entire enterprise appeared to rest upon marketing teasers, almost rising to the level of bait-and-switch, in order to sell more expensive “information.” Fortunately, I bailed after my initial purchase.

  23. I purchased the Dalby’s program and I am still trying to figure how to get the Mortgagor
    name from any private note.(No response) only e-mails-mail- to purchase more products.People that worked for Dalbly and producers that promoted this scam all should be held a accountable!

    I want my money back.

  24. I agree with Trico. What about Gary Collins? I didn’t purchase Russ Dalby’s course, but was tempted because I trusted Gary Collins. How many more people were led to believe that the program was legit because of Gary Collins?

    Maybe we all need to beware of celebrity endorsements…….

  25. Luckily for me I did not get ripped off for nearly as much by Dalbey Education as I’ve been reading others have, largely because I didn’t have that much to invest. But I did buy the course, so I was ripped off a little. Never saw any results. Never saw any evidence that I was going to see any results anytime soon.

    I had a note deal in the works a couple of months ago. Not surprisingly, the deal didn’t go through. Quite frankly, I was suspicious of the so-called “buyer” I was dealing with. Didn’t seem legitimate to me. When I called the Note Network to ask about him, all they would say is their “buyers'” information was confidential.

    Thank God one week before I almost convinced a family member to lend me a few hundred dollars for their mentoring program, I received an email informing me that the so-called “Dalbey Edcuation” was really a scam in disguise, and being sued by the federal government, That email saved me from becoming an even bigger victim than I already am.

    In retrospect, people always looked at me a little funny when I told them I was being “educated” by Dalbey Education, and nobody ever seemed to have confidence in the Note Network. Truthfully, I think that website they gave me probably lost me some potential note sellers, especially if potentials clicked to the part that reveals the site is from Dalbey Education.

    I’m still confident about creating success in the note business, just not through Dalbey Education. I recently found a well respected LEGITIMATE mentor, who’s been in the mortgage business for over three decades.

    But even though Dalbey Education only ripped me off of about $150, which is much less than some people were scammed out of, I still fully support any and all legal action taken again Russ Dalbey and his scam operation, on behalf of myself, and on behalf of a nation full of victims who were looking to get into business but ended up getting deeper into lies and deception.

  26. Columbus Jude, Jr.

    I have been ripped off 3 times by them and it resulted in me loosing time and money over 28 months…………..

  27. I never bought any of Dalby’s courses because he sounded like all the rest of the late night “self proclaimed Gurus”.

    He gets what he deserves.

    I however, let my guard down and purchased a program from another marketer selling a money making note program. Her name was Michele Robbins. She was located on the eastern shore of Maryland at the time.

    I purchased the “Easy Private Mortgage” program which was a “how to” promote sellers to sell their homes fast by offering a home buyer, seller held financing so buyers who couldn’t qualify for a traditional loan could buy the property. In turn, the seller benefited because they sold their home for full price and the sellers privately held note would quickly be purchased a note investor. Often, it would involve a simultaneous close so the seller would get their money immediately.

    Unlike some programs out there (which “supposedly” teach folks how to make money independently of the program seller), the “Easy Private Mortgage” program was based on the buyer of the program (The Easy Mortgage Consultant), sending in what was called the “Easy Private Mortgage” loan application to loan counselors at Michele’s office for approval. If approved, either Michel’s company would buy the note or it would be farmed out by her company to other potential note investors.

    Unfortunately, within weeks after purchasing the “Easy Private Mortgage” Michele sent her “Easy Mortgage Consultants” (her program buying customer) she was closing shop due to the implosion of the market.

    She didn’t answer or return calls. Her voice mail was full so no more messages could be left and she most definitely did not refund my purchase price. I wonder how many others out there never got their money back?

    Bottom line: I would never buy another thing from Michele Robbins if she ever resurfaced.

  28. I bought Russ’s program, I did buy two notes which I made money off of but not from following the program. I bought them from someone I met on, Russ did help me by telling me what to bid on one, but that was it. The note contacts I paid Russ for were so old the phone numbers were bogus, people no longer living, and have been called so many times before they were mad at me for bothering them.

    My big complaint and reason I would have never bought this program or dealt with Russ was because of what happened when I tried to make a website to market my note business. His program wanted me to have a website and to be affiliated with the ANN site, but very little guidance on how to do it. So I created a site very similar to ANN which would provide data from the database I paid monthly to use. I thought it would be a way of showing people an large inventory of notes, then which ever ones they where interested in, I could get between my customer and the note seller.

    I sent Russ a link to ensure he was okay with the site. His response was that if I didn’t remove his proprietary data from my website immediately he would sue me. I was devastated, I risked so much just to have my mentor, the guy I was trying to please and had paid so much money to, was so mad at me. I felt like if the only thing that makes me a note broker is the guy who is saying he is going to sue me, I’ve made a big mistake getting into this business. This new business direction and all the investment I made in it was falling apart.

    I immediately deleted the webpages and told Russ they were removed. However FrontPage (which was the tool that I used to build the site) held some internal copies of the pages as an archive version in case of loss of data. Russ never understood this, just that his reports showed the data wasn’t removed from my site. I didn’t know FrontPage did that and the threat of lawsuit finally caused me to remove the entire site from the hosting account. At that point Russ closed my account saying that he repeatedly warned me of the violation and I didn’t do anything about it.

    I complained and the help desk told me to just reapply for another account. But I didn’t want to have anything to do with Russ. I felt like my mentor had betrayed me. As far as I was concerned he was so paranoid, he didn’t check into it enough to realize I was a good guy and wanted only to get the website done right, that he assumed I (the guy who sent him a link to approve what I was doing) was trying to hurt him. It was as if the king of notes world had to snuff out anyone who he thought was a threat (even if I wasn’t). I was out, after all it was his world.

    I’ve had nothing to do with him since. I meant to do nothing wrong and would have continued to spend money and work with him, however I guess I was lucky that he did this to me, because I got out of his world before wasting more money.

  29. This is a program just like any other program, and you can make money with it. The problem was, and is Russ Dalbey and his team. In my opinion they are like fitness instructors at a health club; they aren’t really their to teach about fitness, they are their to sell memberships.

    Dalbey and his team don’t care if you learn or not, or about your success (provided you had any with his course). They wanted one thing and one only, to seperate you from your money, and as quickly as possible. I was always taught that the way to be successful is to help others get what they want. Evidently Russ and his people never heard that, as they easily took me for over a grand … “Winning in the cash flow business, and a coaching course.” They kept coming back for more, without any luck. Feel bad for some of the people who lost thousands. Russ Dalbey is convincing.

  30. Yes, I purchased his program several years ago for around $40. I never pursued any further education of his because I did research on his program and was concerned about the negative reviews I found online.

    However, what his course did do for me, was open me up to the world of note investing. I since have taken other courses that I believe are very reputable and I have met a number of successful note investors. I am not currently investing in notes, but I do believe it to be a legit business if done correctly. I would buy Russ Dalbey’s initial course again because it introduced me to a world I knew nothing about and gave me the initiative to pursue further education into the note world.

    I believe many business introduced through infomercials have huge upsells to build their business. That is why one needs to do their due diligence before investing further. I believe there is always a thin line between good sales and potential fraud in promising results that do not or cannot exist when trying to achieve those sales. Do all those made for TV products live up to the expectation they proclaim? Most not….the consumer is responsible for doing his or her own research…..and at what point is the line crossed?

  31. I remember being up late one night when I saw Russ Dalbey’s infomercial for the first time. I started yelling at the TV – LIAR! As an experienced cash flow consultant, it really rubbed me wrong to see him telling people how easy the industry is and promising people the moon. This is the kind of ad that would suck in my elderly mother and her friends to fork over their social security checks. It is shameful to extract people’s money this way.

    The truth is that the cash flow industry is an awesome and rewarding area to work – but ONLY if you have the aptitude for it. You have to work diligently, educate yourself, and learn from your failures and successes. It takes time, hard work, tenacity, because no one is going to throw valuable notes at you.

    Russ Dalbey and his team scam people into believing that this is EASY MONEY! Maybe it is – for them.

  32. Unfortunately, I somewhat bought in to the scam and got taken for over a grand but not nearly as much as some of the other people who invested thousands in hopes of fulfilling their dreams. Fortunately, like the previous poster, I didn’t have much to invest and was trying to do this basically on a shoe string budget. Something I later realized was quite difficult. Especially out here in the L.A. area where note name brokers were even involved in taking the names from the county system and wanting you to give send them $700-800 minimum for their ‘owner carry back’ lists. When I attempted, the county office would not even allow you to check out their files and just referred you to the broker in another office.

    I did attempt to make the website system work but got little or no response, just alot of hits. I always wondered where they went. Although I am sure some people make it work or just get lucky, It just always seemed like Russ and his staff were doing unethical stuff behind the scenes. Like maybe even somehow taking your potential leads off of your website. Never got any proof of any wrong doing but always thought that their customer support was a bit shady and just pushing for more cash and not too much assistance. If they really wanted to assure that you did a deal, and you’ve already invested quite a bit, you would think they would walk you through one deal at least and then take their cut at closing. Sorry, I never wanted to invest in the flight/travel expenses out to Colorado. Instead it always seemed like baiting or teasing you to buy more stuff.

    I still believe that the business model is legit and know that there are some ethical note business trainers out there, as a few have mentioned who don’t give you the whole ‘pie in the sky’ thing, and I have begun to study their stuff. Although I’ve put this on hold for now, I still believe that a person can make it in this business if they just get the right knowledge, tools, and do the work. I don’t think it’s as easy as Step 1, 2, & 3 put it, unless you get lucky or know the right people. I never saw it as ‘Get Rich Quick’ scheme even though some people have made it out to sound that way. Ultimately, I do hope the Dalbey Institute is made to pay some restitution to the people that were innocently defrauded though.

  33. The left hand doesn’t seem to know what the right hand is doing. I was not given instructions that I needed to obtain a domain name through them, so I obtained one on my own through GoDaddy. I ordered business cards. It was after that that I learned I was call the Russ Dalbey team to advise them of my domain name. They said they needed to see if it was taken and said that it was, indeed, taken. So, I changed my domain name on GoDaddy, revised my business cards to the printer, and then learned that the “taken” name was my original domain name! I have placed telephone calls and have not received return calls. I became so frustrated that I have not picked up the course materials since. I would LOVE to have my $3,000+ money back.

  34. My story is the same as most of you. I paid for the program. Once they new I could not invest more the quit calling me. I stll received more e-mails to become a student in new programs with a request for more money. This program was for California ,and this is where I lived. They needed me to help a big demand for help with all the notes here. They asked for more money when I called in with my special request number. I did not have that extra thousand dollars. He needed 25 people on a team in california. That number got me a spot on that team.

  35. Very poor upfront instructions that caused me a lot of time. I have placed several telephone calls to them and have not received return calls. I became so frustrated that I have not picked up the course materials since. I would LOVE to get my $3,000+ money back.

  36. Diane Barnette

    I, also, spent several thousand dollars and many hours on this business. I really thought it would be good. I feel terrible that I wasted my husband’s hard earned money when I was just trying to help us. I feel really stupid now and should have seen it wouldn’t work.

    Gary Collins was one big reason I thought this was good. I always thought of him and his wife, Mary Anne, as very nice people. Looks they were just out to scam people of their money, too.

  37. My story is the same as most of you. Paid for the program and that all I got. I did not have more money to invest in training. He Kept sending me e-mails to become a team member for California group. He was putting together a group of 25 to find notes in
    California. A thousand dollars I believe it was to be on this team. I was given a special
    ID number. That number got me on this group. With all the notes in California I would make my investment back fast. Someone from his office would walk me through my first couple deal and I would have people calling me daily after that. The deals would be on
    my phone everyday.

  38. Wow, after reading the article, I got off cheap! Only the original course and $800 for Protege. I was told the wouldn’t let me fail, and they made me promise to share my story after my first note sale, in exchange for the discount from $2000 to $800, lol! I was encouraged to submit a Note I later could tell was garbage, but at the time didn’t know what made it so. I got verbally abused by the only buyer who ever contacted me. Also, you have NO way of knowing who is getting the listings of the Notes…You just fill out a form and hit send. It is “automatically” emailed to the “network” of buyers. I have since listed a couple of really good notes, and not one single nibble from the “network”…

  39. I too purchased the original $135.00 package and then spent another $1000 for the newsletter which I was supposed to take to a printer to get quality copies to mail to real estate lawyers, banks, etc.

    Since my day job has not quite ended, I haven’t had the time to spend getting everything set up. I know the printing and mailing alone would have been a costly venture.

    I guess it’s a blessing in disguise that I procrastinated on this venture. I’d sure like to get my money back.

  40. I’ve invested about $10,000 in the courses and haven’t made a penny! The last course I bought was the master marketing course. Then, shortly after I finished the course, I called them for copies of the course and she said OK. Then, in about a week, I checked for the copies and found out that I received the 24/7 internet marketing course. Right away I called them up and asked them if I had to pay for this new course and she said NO! How about that? I haven’t finished this last course which is very interesting and I will learn a few things but I do agree with all of you that the Dalbey I. is for the large part a SCAM!!!

  41. Alex Quinones

    Wow, don’t feel bad, I was tricked too. He lives off of others by deception & lies. He sold his soul for money & he is going to have to give an account for everything he had done to us all, I want my money back too….

  42. I did not invest directly in any Dalby groups. I have invested in others over the years. One of my favorite (second only to W. J. Mencarow, of course) internet mentors is, where he rates the various gurus on his website. I agree with his ratings, as he is brutally honest. In my opinion, his series of books and the newsletter does not conflict with “The Paper Source”, but compliments it. I heartily recommend both, as both are realistic regarding your return on effort..


  43. Sandra Ramsrud

    Yes I purchased the program, found notes and listed them. Never made a penny. Did not hear back from anyone. It is a scam.

  44. Hi all,

    I did purchase the the whole “kit & kiboodle” from the Russ Dalbey folks. I believe I did get everything that was promised, but like one writer here said, I received a list of “contacts” that were so old that it didn’t do me any good. I then started sending out post cards to those on the list as well as post cards to local people I found, and didn’t come up with much success because I had to spend more money to make everything look very professional….and ended up not doing everything I was supposed to be doing. I think the saying, in my case anyway, is “you need to spend money to make money,” and I sure didn’t have it to spend in the first place, except the bucket-full I spent to buy the books. I think, in theory, it might work, but I sure didn’t get as much out of the books as I thought I should. I still even have all the forms I printed out and copied, and hope maybe some day someone can use them, but I fear it’s not for me.

    Thanks for asking!

  45. william seminario

    Mencarow, Your a spineless weasel for email blasting this info.

    You really are. Mind your business and don’t try to capitalize on others misfortune.

    william seminario

  46. I bought the Dalbey program back in 2005 and immediately found it to be a fraud.Through further investigation I found the best source for learning note investing at the “” and it was for FREE. If you are really interested in note investing;check it out , it’s the real deal.

  47. Kathi Yevtich

    This proves that “pay it forward” works…”Google” Pay it Forward and Russ Dalbey…and you will see why. I am Kathi Yevtich. People did report and the FTC did respond. Together, we can.

    During my nightmare, I did correspond with true professionals: Mr. Mencarow of Papersource, Norman Litton of Mortgage, Jeff Armstrong-who was the editor of the Noteworthy newspaper at that time and printed my story, and Lorelei Stevens-who sympathetically contacted me. I want to thank them all for their help and support. I would also like to thank Kelly Crow, who helped me tremendously after I contacted him. I had gotten his information from the true list of note buyers from NoteWorthy and Papersource. The note business is real, and legit-just not as Russ Dalbey portrays it to be. I enjoyed the 2 Noteworthy conferences that I attended.

    I would also like to note the irony-Rip Off report and Ed Magdeson started “pay it forward” for me…Dalbey staff called within hours trying to get me to remove-telling me that ‘Ed’ was a criminal and extortionist….then they joined his C.A.P. program and proved they were right. I contacted them when they both promised to make things right and contact people within 48 no response. No more negative listing since. Dalbey must have thought paying thousands would save him millions…happy to report that it did not work to cover up. I hope that “rip-off report” is next..:)

    Pay It Forward…

    Kathi Yevtich


    Well, I joined the same4 croud you did. I spent like two grand and never got the first customer. It all sounded real good but it never worked for me either. I was wondering why my website was taken down, now I know.

  49. I knew a bit about the note business prior to deciding to try Russ Dalbey’s system – spent $5K on the bootcamp – they supplied 200 leads (which weren’t very good at all) but when you figure they do 2-3 bootcamps per month at about $5K – $6K per student and 20-25 students then you can do the math that Dalbey is making BIG BUCKS on that alone – and then they badger you to spend more on various marketing, coaching, etc. I’m awaiting my refund from the lawsuit!

  50. I would NEVER spend over 1200 bucks on a program, yeesh! HOWEVER… i wholesale real estate in Chicago AND I buy programs/products from “gurus”. I dont do it through their sales pages or websites, I go on ebay and get it for like, 100 bucks. After spending 1000 on a online marketing program and 500 on a wholesaling program. I put it together and generated a little bit over 30K in the last year or so, thats a bit over 1K a month.

    While this is good and dandy, its these SCUMBAGS like this douche and Karen Hanover who are hurting the good name of others. Now trust me, there are some AMAZING programs out there, but those are not being sold via infomercial.

    Final thought. If you feel like you got taken, i know the feeling. HOwever if you TRULY want to be successful, get more money and have atleast 1K extra a month, DONT STOP! We all have bumps along the road, but you must keep going. Nobody said it would be easy, Forget real estate, try something else, just keep doing something. If you spent “good money”, then you are still serious about making a change, if not, you will sit there and bitch, the decision is yours.


  51. I just didn’t know enough about the note business and it never connected with me so it was a waste of my money and time. Expensive too.

  52. Yes, I paid for and attended one of Russ Dalbey’s $3000.00, three day seminars. It was a total waste of my time and money.

  53. Michael Murray

    What goes around usually comes back and sometimes its whiplash. I know people who have paid for his services, in one case was instrumental in a divorce over the $ spent.

    Good to weed out the ones who give the industry a bad name

  54. Christina Carter

    I just read about the lawsuit against Russ Dalby’s Winning is the Cash Flow business and it is really not a surprise. My mother purchased his program and wanted me to get in the business with her so I agreed. She showed me the materials and we both began following the program. Before we could even get through reading the initial materials and completing the 1st steps of the program I started receiving various emails and phone calls from Dalby Education about purchasing a website, leads, coaching sessions, seminars, and various other materials. I found it odd that before we could get half way through the initial materials we were being solicited to purchase various other items from Russ Dalby. Some of these additional items and services cost thousands of dollars. Before we could finish with the materials we already had my mom received a call from Dalby Education and they were able to convince her to purchase another program called Protege. I was not aware she was doing this. After I found about that the program she purchased cost over $1000, I instructed her not to purchase anything further from Russ Dalby until we were able to read through all the materials we now had. She agreed and I continued to receive various solicitations from Dalby Education. What was really the last straw was when my mom received a call from Dalby Education offering for her to take a trip to seminar so she could be in the “Millionaires Club.” To cover the cost of this seminar she would have to use all of the money in her retirement account. They kept promising her that she was guaranteed to make all her money back just by completing a few note deals. I was just totally shocked and appalled when I heard about this. After hearing of this I decided that we would not be spending any additional money for Dalby Education. I spent small amounts of money here and there for leads and other materials but it was no where near the amount of money my mother has spent. I just want her to get her money back. I just don’t understand how a company could, in good conscience, try to convince an over 70-year-old women to spend her entire retirement account.

  55. James Oscarson

    I purchased Dalbey’s initial $40 program, but decided not to go further with his program. Lucky me. I never asked for a refund of this amount. But the phone calls and emails came for a very long time. I still have some of the emails saved in my computer. Guess I won’t worry about the $40 bucks. To hear he is being sued makes me smile. I knew something was wrong.

  56. Lester McKenzie

    Imade no money and find no notes for sale from the listof notes I give up.

  57. Concerned Citizen

    You too must be an employee or some other kind of paid representative. What a load of crap you have posted.

  58. Unfortunately, I invested in The Russ Dalbey program. I was lucky that I did not spend a lot of money. I didn’t have any. I was desperate to get help with business and they had a strategy. I tried to follow it, and still believe that the note business is legitimate.
    However, they kept soliciting. I admonished them that, If they believed in their system, they should allow people to pay for their program as they earned money. So they made me a deal. They gave me a “scholarship” for $250, for which I was to receive guidance in setting up my business. They do answer their phones but the help is pretty superficial, and keeps pushing you to buy more products and services from Russ Dalbey. Their materials do define the note business. They also indicate that to find real estate notes a finder would have to contact a large number of potential note holders, and launch an ambitious marketing program. The ever escalating “programs that they offered had to do with buying marketing materials, and more guidance. I began to contact other real estate note professionals who were very honest and helpful in providing practical advice and counseling on the “realities” of note finding. Jeff Armstrong of NoteWorthy and WJ Mencarow of the Papersource were extremely helpful and honest. Jeff Armstrong will contact you directly by e-mail and phone. Both of them were a bit discouraging but also very practical and realistic. It is a real business and a niche can be developed by making more real estate sellers aware of their option of carrying back their mortgage and note. Mr Armstrong said that rather than waiting for notes to be “seasoned”, note “brokers” launched into contacting note holders as soon as their names are published. Mr. Armstrong also said that to earn about five thousand dollars a month would be possible after a year’s worth of aggressive marketing. Finally, Mr Armstrong alluded to a list that he called “the list”. Working as a note broker is research and labor intensive. Like any other business, it takes patience and careful development. Good Luck everyone.

  59. Took the 3 day boot camp with Russ Dalbey back in May 2011. They give you 200 note holders names the first day and tell you to start calling them using a telephone script. Lots of people in the class were very uncomfortable doing this as was myself. Cold calling is a hard sell. We were given 200 more note leads the next day and told to call them as well. Most of the class is spent on calling leads. The last day is spent on some calculator steps, and other leads sources. You can get all this in the $39 course he offers on TV. Then on the last day each attendant is taken from the class and offered a so called better course that costs between $7,000 and $10,000. This is where they tell you that they will help you advertise more to have note holders coming to us. I paid $4,200 but some in the class paid as much as $6,500 for the same course I received. Whats up with that. It is a great sell on TV, but no one really knows the work involved to make a living at this business. I have taken it on myself to learn the real tactics of finding notes and making a profit.

  60. jeffrey vandunk

    i spent over $2,000 after being told, over the phone, that the more money i spent on the “system” the more money i would make. turns out i never made a dime. in fact, even though i bought into the spiel the dalbey employee gave me over the phone i did’nt even get a complete course. when i called them back i was told that what i received is what i paid for! $2,000 for an incomplete program. i tried to get a refund but it was explained to me that the “initial” 30 day refund period had expired and it included the additional part of the program i purchased so i was simply out of luck. i thought about trying to sell what i had but decided that i did not want to be part of the dalby scam by pawning off what i had on someone else. a class action suit would seem to be in order. if it happens count me in.

  61. This is July 7, 2011 and this guy’s infomercial is still running I see. I guess there’s a good reason for this, people are still getting sucked in to this nightmare.

  62. I tried to get a refund for an advanced expensive program before its expiration dates, but was convinced that I should keep it and got a “free” program to go with it. I tried to get a refund after the expiration date and was told that no, it wasn’t their policy. It is a much more complex program than the phone callers and TV ad imply, and I have been very frustrated. I think I deserve a refund, though I am trying to start the business to see if I can make back the money I lost.

    Is there really a chance to get money back, as stated in the first line of the 6/18/11 article of “The Paper Source”?

  63. W. J. Mencarow

    Hi Linda,

    You should let the FTC and the Colorado Attorney General know you want a refund. The contact info is in the posting on our site.

    — Bill Mencarow

  64. Do not trust these people!!! This company is very clever and sneaky in the way they have set up every aspect of their business! They lie to you to get you to spend money and I have written down pages of documentation about my experience with these people and I spent thousands of dollars. Just like many, I paid good money to go to their Boot Camp. During that class that I paid good money for, I was taken out of class to endure a “Hard-Sell” for thousands more dollars. I was also lied to about how many boot camps they have a year and how many people would be in my class! The phone experience was the worst. In a “Do Not Call List” world, they put you on blocked phones so that they people you are calling can not see where the call is coming from. I had so many people tell me that they have received many of these calls before and no one calls them back. I know that if Russ Dalbey’s name showed up on their caller ID’s there would be thousands of complaints about this! Whatever you do, don’t be taken advantage of by these people like I was!

  65. Hi I got taken too and did not get what they promised and I want to gert a refund but don’t know who t Can anyone help

  66. I got suckered in also. I even ask what their percent of success was and some other opportune questions. I am not even thru the web course and they have taken ALL the websites down as well as access to the lessons. I did file a complaint with the FTC as they did not fulfill their part of the contract with me since I didn’t finish the training. Should I file also with the Colorado Attorney General? Since they are not answering their phones and all the websites are in-operative, I am assuming they are not conducting any business as of Monday. Is there a class action suit against them other than the FTC/Colorado Attorney General?

  67. I was also taken in by the promise of money money. I realized it was that I purchased a job that has been impossible to do. I spent over $8000.00 on different courses that Russ Dalbey had to offer each promising results that over the last four years has not panned out. The last purchaed that I made was their 24/7 program. They promised that it would have hundreds of deals coming to me within 30 days . The way they told me, they made it sound like they were to do marketing for me but to wy surprise, it was another course on marketing. They kept telling me that I was doing something wrong and that the new course would prove different results. I have tried for 4 years now to make it work. Found some deals, listed them but with no surprise none of them have made it to closing. The buyers on the note network always found something wrong with the deal to back out of them. I wonder if they close them leaving me out in the cold now that I see this website. Anyway I hope that they do make him refund our money to us that have honestly tried to do what he taught to do with no results at all. This business is one of the hardest thing that I ever tried to do. Russ’s representatives always told me that I wasn’t doing something right and that the new class would help me get it done.

  68. Also contact the Attorney Generals office of Colorado in Denver. They will tell you what to do and how to do it. Also contact your AG in your home state. Russ milked me for $3000 and I’m glad the website is down. I hope to see my refund as well.

  69. Bought years ago and set up website,sent out cards to list of leads provided,advertised on search engines,free ads,payed for tageted ads and traffic etc,etc.
    After three years received one note listing through website and never got an offer.
    My response was minimal ,did’nt make any money all total spent around $200 plus and lots of time.
    I kinda was skeptical when I purchased the course and there are plenty other programs available at way more cost up front.
    They bombarded me with special up sales messages the whole time.
    Glad I did’nt bite on the $1000 of dollar upsales.
    My website that I payed for is now down and I’ll wait and see where this business opportunity ends .
    scam or legitimate still questionable ?

  70. I bought into this trap, havecontacted FTC. At the beginning of my realization this was ans is a scam, I refused to pay my credit cards. They said they would do an investigation; they claim they did – I copied everything and even taped his infommercial. They said they read over everything. Dalbeys response was I attended the boot camp and gave a good rating for their teaching the bootcamp. I primarily signed onto this program to hopefully earn enough money to take care of my 87 year old mothers expensis, file for divorceand make sure I had plenty of money to live on. I need my money back not just that I hope the courts have their eyes wide open and relize many of us were planning futures there fore weshould also me compensated for the financial hardship; especially in todays difficult economy

  71. I also bought winning in the cash flow in was conviced that I could make money off it. Shorty after I recived numberous of calls telling to buy more things to make more money, when I told them not until I make some money the calls won’t stop. I would explain over in over I’m at work but it didn’t seem to matter! Eventually I had to change my number. Its sad what people would do just to make money,espically when your taken from the poor.

  72. I feel like such a fool, yet they were sure convincing. $5kon a boot camp, I never got to attend due to work load. another $8K on a website that would do all the work for me..Ha not one response from it..FTC please put the screws to these crooks and I desperately need my 13 grand back

  73. I saw that same show, where Dalbey and new people where on a tropical Island.
    Russ introduced each couple and as they sipped their Pina Coladas, they gave their testimonies.
    I am handicapped, wheelchair and house bound, and I also was Caregiver for my ailing Mother @ the time who suffered a severe Stroke, and left with paralysis.
    I had access to a computer and I enjoy searches and telecommunication, and Russ reeled me right in!
    I purchased the initial $39.99 package and of course you are guaranteed all of your money back. Well that morning also Russ offered a whole bunch of goodies just to buy
    “Winning In The Cash Flow Business”. He said you don’t have to even leave your house, my Specialist will give you full support and guide you all the way, we will give you a list of leads and so and so…..
    I was very uncomfortable because I really couldn’t afford to spend any more money other than the initial cost of $39.99 Russ never spoke about the hidden expenses; he just enthusiastically gave his pitch. I never opened any packages and when I called for a refund(within 30 days), I was told it was too late! I lost $1539.99 and still paying it off.

  74. I bought the “Winning In The Cash Flow Business” course back in 2007. I wonder if I can get my money back? I paid full price for the program. Russ Dalbey was supposely a professional cyclist. Russ Dalbey got rich selling information and coaching programs.

  75. I also was sold a bill of goods for $10K+. Has anyone gotten refunds? Is there a class action suit?

  76. This guy, Russ Dalbeyis an adept trick-star. I bought his program in June,2011 and I have not being able to make a dime. His latest tactics (probably, same as old?) is to frustrate you. The websites are up today and down tomorow, you are never able to get anything done. He has also perfected the art of talking with the banks and credit card companies to deny your charge back request. When I asked him for a refund, the staff rudely refused me. I told her that I would get in touch with my credit card company and request a charg back, she said they were already talking to banks and CC companies about that. Truely to her claim, when I requested a charge back from my CC company, refused despite that I forwarded them all the evidence and indicated that he was scam and being sued by the Colorado DA.
    I think there is a way one can make a CC company do a charge back, even after 12 months post transaction, but one would have to involve a Lawyer. Check out Chris Malta at

    I think instituting a class action against this Russ Dalby will be a good idea and we can also impress on the DA and the Colorado Consumer Protection Agency for help in this direction. THIS GUY MUST BE STOPPED.

  77. “The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices”. Should anyone with any sense believe the federal or state governments would do anything other than talk about Mister Dalbey’s recent violations are in for a surprise how ones use their tongues. The federal government and state AG’s are good at operating their tongue, but are very far from actually putting anyone in jail who have created issues against everyday taxpayers, he is not a player.

    The FTC called me to verify my connections as a former student of DEI. I said I would comply when you all really are serious and will really protect consumers in this country, stop the rhetoric and do something for a change. By that, I mean put him in jail for a very long time or shut your mouths because all you fed and state boys do is talk trash to the public of what you are going do, but never do it. I am tired of listening to promises of how you all are going help Americans, but you rather help others at Americans expense. When ones are in jail we will talk, otherwise your wasting your time; he said, I could subpoena you…I said, go ahead. I never heard from the person who called again. See folks all about tongues…wasted hot air.

    Anyone who thinks this man or others involved spend one night behind bars will be disappointed. He will be back in business before the ink dries. Remember your losses and move onward with your own careers. Dalbey does not have enough money to be a player with those who want you to think your Rights are protected. Continue watching the Russ Dalbey story, ones shall learn what I am saying…Russ Dalbey will never be incarcerated, not in this country for any crimes related to his Winning in the Cash Flow business opportunity. It is a Smoke Screen…

  78. 100% Dittos on every word you said, Ed! I bought the protoge class which provided no new info or direction from the original manual I had purchased in the beginning. Every time I talked to a coach, they wanted me to purchase the next level saying it would guarantee me the leads I was looking for. Every time I would get a lead on my own, post it on the note website and get an interested investor, they would always find something wrong with it, whether it was not seasoned enough or the appraisal was not good enough, it was always something. Another thing that started to make me suspicious of Dalby was the fact that he wouldn’t provide me with the names of other people, like ourselves, who were taking these classes so I could start a support group. If there is a class action suit, I would like to participate.

  79. I just googled Russ Dalbey class action lawsuit as I did the same as Linda F. did. I purchased the program and then got talked into purchasing the Protege program for $3000.00. I tried to cancel before the expiration date but was convinced that I should start the program over again that I would be crazy not to take advantage of the money I could earn using this program. I then tried to cancel again and was told no it was not their policy to refund after the protege program had been started a second time even after I was promised a full money back guarantee both times. I was really upset even questioning if there was something wrong with me.. now I see it was not only me. I do still have a website up with them that they created on my behalf.. it looks bad and I want it down and my money back!!! Someone please point me in the right direction.. I just left a msg with the FTC.

    Mariah Sanchez

  80. Some wise comments here! I just want my money back, and am hoping there will be a way to do so. . I was called so many times by the Dalbey Institute and promised success and pressured until I gave in, I cant believe I fell for it!.. but I did. I made a complaint with the Denver BBB. I will work harder on getting my money back than I did on trying to find a note for the last two years! I have a long road ahead of me to get this debt paid off.

  81. I spent $1.500 in the program. mailed postcards, the leads provided did not work.
    looking for my refund.

  82. I spent thousand plus dollars and great deal of times , mailed out postcards, the leads provided did not work never make a penny.
    looking for my refund.

  83. I have spent 12k with the company for training modules that are now not available to me since they are out of business. A portion of that money was spent on newsletters directing people to a website that is no longer in operation. Not only did I spend that much money, but I also invested a lot of time in the business and never made a cent.

  84. Hi I have spent 10k trying to get a note deal done.
    waised time and money . I wish there was some way to sue and get my money back.
    I also found when you get a note that is good the investers dont want to buy the note
    for every note there a reason why they dont want to buy and if they do they only want to pay 50 cents on the doller or less.

  85. Wow I am just now hearing about this. I am one of the Dalbeys big purchasers. We purchased all the Schooling programs as well as contacts and coaching. We have upward of about 45,000$ in trying to get to get our business going to no avail. Because of the housing market, the investors are not willing to purchase notes. Now Ive found that there is no notenet work and my website is gone. Is there any help for me I have been working this business for 4years hoping to at least break even. Please contact me.Thank you Connie Reynolds

  86. Connie,

    The note business exists, just not the way Dalbey sold it. We have investors for decent notes, most of whom we’ve worked with for years.

    Bill Mencarow (The Paper Source, Inc.)

  87. I bought the initial course then was sucked in to the $995 course.It has been 1.5 years now of bogus leads and mailing post cards with $0 profit. Now the phone # and my website no longer function . I want my $1200 investment back. Russ Dalbey is very unethical and dishonest. Antino Gravante.

  88. I invested nearly $10,000 in Dalbey’s system, and never made a dime. My BF at the time, Jody Sparks and I took the trip to Denver for the workshop, and later took his “Protege” course. At the beginning of the course, it was stated that all who finished the course would get a trip to California to be in a later infomercial. Jody and I broke up during the course (partly because of stress from not even making my money back), and they gave him and his new girlfriend the trip, and I’d been the one footing the bill. The $10,000 does not include the costs of buying “lead lists,” at least another $4000, plus me and my family’s time, office supplies and postage. The man takes advantage of people who are desperate to make some money, when he’s making his millions off of them (us), the victims of his scam! I would appreciate any help you could give me on recouping ANY of my losses. Thanks, Cheryl

  89. I too was scammed into the Protege course and Marketing course for the tune or 3500.00 dollars and was promised the moon and stars but truthfully the coaching is nothing more than a glorified review of the 40.00 home course and the coaching was non existant. How can I get my money back.I have called and emailed but with no avail. PLEASE HELP!!!

  90. Dalbey steels people for his own benefit without any consideration for credit limit and how people can handle the situation from his teaching which is too expensive.

    This is abusive and unacceptable !!

    Good luck to all as they say !

  91. It is sad to see that as many of us got milked for our hard earned money. I got soaked for in & around $6000.00 for the protege program & the website that no longer is there. I wish you all the best & hope we all get our money back. He will soon see what it`s like to try & make extra money to get by, if he`s lucky enough not to go to prison.

  92. I have contacted the FTC & will be contacting the names above. I will let you`s know how things turn out. Sincerely.

  93. Wow, I really felt stupid! Im glad to know that there was nothing wrong with me trying to invest in my future! Although my investment doesnt hold a candle to the very unfortunate amounts lost! I thank you all for the courage, support and confidence to come forth! I lost $2500.00. I at the time,A single mom trying to put my only child through college! RUSS DALBEY, I still did it without your help you COWARD! GRADUATION MAY 2012!! Lesson learn..If it sounds to good to be true..then it must not be!!

  94. WOW,

    I just heard about all this. I worked for DEI as a “Senior Business Development Manager” for about a year. I had been a professional sales person my entire career (25+ years) and found myself out of work. A friend suggested I come to work for DEI because the $ were big. I started out as a fronter. This was in a boiler room of some 100+ fronters in cubes. When we got a “live one” that is to say, someone with a credit card with money, we did a turn over to a closer. We had to present a case to the closer, that these people were ready to buy and had money. The job of the closer was to increase their purchase with additional product and services. These closers by the way, would use any tactic to squeeze every penny out of your resources with NOT promises of success, but implications of success. Russ used to say on our Monday morning meetings that we had the best sales people on the face of the earth. The “hard sale” tactics used were, absolutely, the best in the business. There are no used car salesman that could compete with these people. They are more suited to work for the CIA in extracting information from potential terrorists. We had phone monitors that would listen to these communications to make sure that we did not represent any solid promise of income. Often, the closers would comment that the customer didn’t really believe they could spend $39.95 and become a Millionaire???!!!!! The response was always, of course not. So, let’s move to the next level that will increase your chances of success. Often times, we were instructed to tell the potential customer that we were looking at Russ Dalbey, sitting in his office, and while we can’t make any promises, they sound like the kind of student that Russ would like to have in his next personalized “Boot Camp”. Let me transfer you to my boss to talk about your commitment to the business, and in the mean time, I’ll go talk to Russ personally on your behalf to see if he will allow “One more person” to an already filled class. In every case, they were approved…….duh??? There was never any meeting with Mr. Dalbey. They merely had to come across with their credit card number. “WOW, I feel special!!!!!” I did what I did, because I’m a single dad that had to make a living. Every time I left my shift, I felt like I had to take a shower. I knew I was leading lambs to the slaughter and did it anyway. I’m ashamed that I did that.

    I remember one of my peers had convinced an elderly widow to take a mortgage out on her paid off home to invest more than $30k in the program. She did it and he was a big hero in the sales group. Can you guess how much money and coaching she got from her sacrifice? Just another call from DEI that she needed to invest another $7K for a personal mentor to walk her through how all this works.

    The toughest thing in life to deal with is regret.

  95. Hello

    My name is Orlando Newman, I to purchased the Winning in the Cashflow business books, then went forward and purchased the bootcamp along with more training, in short I spent close to 15-20K on everything and never made a dime, can you help me towards taking the proper steps to recovering some or all of my money.

    Thank you

    Orlando C Newman

  96. Hello

    I to purchased Russ Dalbeys winning in the cashflow business, and was promissed to make allot of money. In the end all I have to show for is a lost of $10,000 dollars minimum, that was not even my money. All charged to many different credit cards, that i signed up for to purchase the dream of financial freedom. I feel so bad for all of the people that have been scammed out of thousands maybe even millions, especially the seniors that they prayed upon. I hope that justice is served and everyone who purchased the Winning in cashflow course and all of the upsales be rewarded with a full refund. Not even the refund can account for the relationships that were damaged and the emotions that lost hope. If there is a will there is a way.

    Thank you

  97. Johnny Best/JLB Notes

    Hi. I’m Johnny Best, owner of JLB Notes. I ordered Russ’ program over a year ago and I do understand about Russ’ guys wanting us to spend a lot of money for the coachings and materials. Fortunately I never spent a dime on the coachings or anything else Russ offered in hopes of helping students to flip a note and make a dollar. The main reason I didnt spend money with Russ is simply because I didn’t have it to spend. But also because I felt like I could find notes on my own if only I tried. And with Russ providing the buyers, I couldn’t lose. So I followed Russ’ advice on how to find notes, and now I have two deals that are in the closing process. I’ll profit 16k from these two deals. So brokering notes really does exist and it really works. Unfortunately some of you were scammed out of a lot of money that you certainly couldnt afford to lose. My heart goes out to all of you. I know the feeling of getting scammed. Its very painful. Fortunately with the note business you can turn your losses into gains. If you were given info to help you with the note business when you spent money with Russ, it will be a gain for you. Because now all you have to do is get online or use another method, and find notes. The notes are out there. I’ve found many notes online just by doing keyword searches. And if you already have buyers to send the notes to, that’s half the battle won. My buyers are actually from Russ’ team. Actually finding notes isn’t difficult. It just takes patience and persistance. Don’t give up on finding notes. Russ taught that in his manuals. So again, I’m very sorry for everyones loss with Russ but all hope is not lost. You can still turn that bad experience into a positive one. Your glass should always be half full. The first few times I tried Russ’ program, I made mistakes. But I kept at it. I sent out postcards but contacted the persons making the payments instead of the persons receiving the payments. Well I kept at it. Then I began to search for noteholders online and BINGO! JACKPOT! And all that I’ve been through, I never gave up on finding noteholders. Since I’ve purchased WITCFB, I’ve been homeless sleeping on my car, my mother has been murdered, my electricity has been cut off in my current apt, I’ve been shot twice (once in the head), been fired from my 9-to-5 job, etc.. but I never gave up on my business. I kept my faith in God and continued to look for notes. And now I’m about to close two note deals with a profit of 16k. So if I can make the note business work, SO CAN YOU 🙂 !! Just don’t give up! I love networking with other note holders so if anyone wants to network and motivate one another, im all for it! contact me.

  98. Oh I like that Russ brought out something for the people, if his greed beat him to teach the same materials that I purchased for 50 dollars for 30 thousand dollars he truly had himself some eager to make a fortune with him, so we let him help those people so he can make it right, and judgement ought to be he change the name to Winning in the Cash Flow university, or something for sake of putting greediness away.
    I purchased “Winning in the Cash Flow”, and never was made aware of the spend $30,000.00 to get smarter because the material was simple, but I never had the $14,000.00 to try as dear Russ did for the success, but I did obtain a business license, and the law of California does state that in order to accept a profit from helping another in a transaction one is to have their a Real Estate license, though no license is required to purchase notes as an investment for profit. So with that clear and the fact that I need money all the excitement cost me years of confusement.

    So I believe Russ became overwhelmed and ignorantly wanted. Though not a bad man.

    Free Russ Dalby, set him right. The note(contractment) business is a trillion dollar industry! If your going to punish him then put a wrecking ball to Gold’s Gym for creating a confusement in order to contract persons money.

  99. Connie Nobles

    I spoke with a representative in Colorado about getting involved with Russ Dalbey and Cash Notes. He tried to get me to pay $5,000 and I consistently told him I could not afford that much of an investment. He negotiated to $3,000 and I told him I could only do a third of that even. He made arrangements for $1000 and I started working the program. The bottom line is that you don’t get buyers because unless the sellers just want to give the house away do you close a deal. The buyers want 50 cents on a dollar. I know that is the truth because the reps started calling me like they were going to strong arm me into thinking less of myself because I was not producing any sales. when he asked, “Why do you think you are not closing any deals”. I answered, “Because the buyers want 50 cents on a dollar”. The line went dead and I have not heard from anyone affiliated with Russ Dalbey again. I would like to have my $1000 back and put it to better use in an existing business that helps families educate themselves about their finances. Thanks

  100. I ordered the beginning part of the course which is a $250 value. But when it came to being able to get onto the I was blocked 95% of the time saying that it was not a valid web page. I would like to get my money back. I just don’t know how.

  101. Carolyn Murray

    I also got the course in 2005. I was going through a bad divorce and subsequent had to file bankruptcy. I bought coaching and extra names list which I thought cost me $3000, but it hs been so long I,m not sure about that figure, could have been more. Anyway, I was not able to do anything with it until last year. And, also the coach I had was also going through a divorce and we agreed to stop for a while due to our circumstances and it was hard to work out times to get together, by phone. I never got my list of extra leads, so last year I called about them and the woman I talked to was very mean and told me that my leads had been in the leads file since I joined. Since I couldn’t find it I asked her to send me a hard copy of it which she did. They dated back to 2000 and some were even older. I called again and told them the leads would not help me since they were so old. Of course, no help unless I wanted to buy more leads! Well, I went through the list they sent and could not use them. So, I tried using the disk and the online training how to look up different states’ Register of Deeds records. I got some names but had a hard time with it. After numerous calls and told numerous times just call us back when you have a problem and we will help you. That is what we are here for.! Never got enough help just pep talk and never made any money. I too seen the informercials late at night and also Gary Collins and loads of other people testify. I went through a lot of hard times since I got a divorce and I haven’t recovered fully. I could really use the money I spent to get ripped off, roughly $3-4,000. I have filed a complaint with the FTC. Hope everyone on this site did, if not, you should.

  102. Hi,
    I just came across this site and I was taken for a ride too. I am going to file a complaint with the FTC. I was promised that if I did 5 sales in one year I would get all the money I spent back from Dalbey in addition to the fees for the sales. Well guess what It did not happen and that is why they could make such a claim, because they knew it wouldn’t happen.

  103. Hi Jonny,
    I would appreciate it if you could give me a call at your convenience.

  104. Bought this initial program in Jan 2009 ($400.00) right after getting laid-off from a large Bank in NYC

    I don’t know how I resisted the bombardment of phone calls urging me to buy in to some Protege’ plan, for thousands of dollars. If my wife hadn’t taken control of our finance, I would have blown a few thousand bucks on this scheme!

    I tried very hard to make it work, for I had nothing else to do since I was then unemployed. I sent out hundreds of form-letters to potential clients, and did get a few responses, but there were zero support system from the Dalby people. So my clients simply drifted away. My net profit/(loss) is : $ (5,000.00)

    The business itself has potential, but it should have been sold with more honesty about its requirements, and its refund policy.

  105. My husband is retired ( disability )and I still work 24hrs week. Well with the airplanes we used $34,000. of money we had for retirement. We do not have hardly any money left and this is how retirement should NOT be. I guess that is why we got into this.
    Even our two sons got involved to help us out. One son was born a salesman and this is a first he could not sell something. They even let him come to our last class because they would not refund our last $15,000.
    Right after we needed some of the help they gaurenteed and no one would call us back…………never did get another call. So one month later this company was out of business. We got robbed…… much for making more money than what was invested. We are contacting the office of the attorney general of Colorado and they have sent us information for the better business bureau also. This is not the stress we need at our age or health. What a sad situation that a man (Dalbey) can injure sooooo many people. We asked many questions before getting into this. What a horrible thing to have happen to many good people. This man gives Christians a BAD name……it still hurts. We are going to do our best to put as much information as possible together to try and get something back . One thing I remember is being told not to exchange phone numbers but do our own business. Sure is hard to trust. Sad and we sure hope he has to be held accountable for what he has done to so many people. Garry and Kathy




  108. It appears that i’ve been taken by a smooth operator. But I can’t help feeling some sense of hope. Though i’m only a minimum cost investor, take it from me. ” Finding notes easy ” is to hard. In all fairness to the dalbey institution, thats the opinion of minimum cost inexperience. Lets see what happens in the court room. Who knows? Russ Dalbey might start the first edition of winning in the court room buisness. sign, sad but hopeful.

  109. Carolyn Murray

    I still have all the material the company sent me with the out of date list of leads. I wonder if the Colorado Attorney General office would like to have for evidence or ? If so they can contact me at the email address and we can go from there. I sure hope I can get my money back because I really need it.

  110. I purchased the $135.00 with Russ Dalbey Winning in the Cash Flow Note Business. Going on BootCamp. I lost money on Training Books, News Letters, post cards. etc I just want my money back. This is a scam. I hope he go to jail.

  111. This is the last time leaveing another Reply on this website. I have proof I lost $5,000.when I purchased Russ Dalbey Winning in the Cash Flow Business. I was riped off like the rest of you. Going to bootcamp losing money News Letters, Training and more books. I just want my money back. I hope he go to jail.

  112. I too bought his “system” and thought it was very strange that every c.d. was not informational, just more hype from the chosen few who made money.

    Shame on You Russ Dalbey for screwing the little guy. If you want to rob someone rob a bank. It’s still wrong but at least some poor hard working slob won’t spend his rent money thinking its now or never to make money.

    I’m sorry what he did to you and me. I wonder how does this guy sleep at night, knowing he hurt so many people.

    I’m still sending out postcards and have yet to get the first response. Maybe we should just start singing on a bus like J.G. Wentworth. Maybe thats the ticket 🙂

  113. William Carroll

    The fact that one “could make large amounts of money quickly and easily by finding, brokering, and earning commissions on seller-financed promissory notes” is a true statement, whereas stating that one “Will make large amounts of money quickly and easily by finding, brokering, and earning commissions on seller-financed promissory notes” could and probably would be considered fraudulent.

    If one finds fault with “Find ‘Em,” “List ‘Em,” and “Make Money”, then be equally as cynical with “It’s YOUR money! Use it when YOU want it!” Russ only wanted to teach you how THOSE guys actually do it. The concept is actually rediculously simple – A promisory note is a written “IOU” or promise to pay a debt that is secured by something of value and details how, in case of default, how that “something – of – value” will be used to satisfy the balance of the debt.

    The cashflow industry offers a REAL business opportunity for those with patience. Granted, working this business gets frustrating at times, especially when you find yourself having to explain the concept to those professionals who seemingly should understand the nature of the note brokering industry – real estate agents/brokers, especially! I’ll be the first to admit that this fact, alone, was enough to discourage me. As a result, I put my efforts on hold. I am NOT, however discounting any of the information in the course as I have no doubt that “Winning in the Cashflow Business” is a legitimate opportunity based on the author’s real world professional and time-tested experience.

    As for the coaching, I think it should have been in the form of free lifetime support. That is not to say that I would have objected to the sale of any supplemental or “specialty” courses. But coaching should have been a free courtesy

  114. hi. my wife and i lost over $5600.00 with the dalbey program. every assest he has should be sold and all of us honest people need every dime of our money back. i contacted my state attorney general with a detailed letter about dalbey. i am from n.c. and contacted state attorney general: roy cooper. i get a letter 2 months later from his office and the essence of that letter was: we can find no wrong doing in his business practices. that really speaks highly of our attorney general. they are really on the ball. so we set here, the real losers. this man and his associates should all be imprisoned. where is irs while all this is going on? we need our money. thanks to the dalbey investment, my credit card is maxed out!

  115. Garrett S. Alston

    I to bought the course and updated versions as well. I talked with the staff and never felt comfortable getting involved with additional sales tactics…THANK GOD. I feel the earlier versions taught the business alot better then the newer versions that I have. I am really pissed off that my website no longer works and I have to point my domain name to another note buying replicated website… any suggestions of legit notebuying trainers?? Russ also took away a radio interview message from the website that really explained to customers about the note business. I have to say it was really good. When I called “the staff” and asked what happened, they had no explanation and just said, “Russ decided to take it off the site and it will not be placed back on. I knew then I would not invest my hard-earned money with these people. They were very short and abrupt and if you weren’t spending any money with them then they would quickly usher you off the phone. I am sick of these so called “professional gurus” ripping good people off like the people on this forum. I pray all of you can somehow get your money back and he and his company can wither away and never come back to hurt anyone again. He reminds me of that Jacka#$ Don Lapre who was a huge documented scam artist!!

  116. I also fell into Russ Dalbey’s program. I purchased his program and got nothing in return. I wasted alot of time, money, and got nothing in return. I never even got response from my classifieds and postings. No one even viewed my web site.
    Every time I made contact with The Russ Dalbey office I always was told that I needed to pay more money to be able to get this program working for me. I needed to take their classes, which they wanted more money for that also. I didn’t have that kind of money. So I wasted my time trying to do it on my own and got no where.


  117. Michelle Surles

    I to bought it back in 2005, had never even got a bite. Found out that you had to have a license in some of the states just to even work the program. Tried the leads and no response. Didn’t have the time or money to go further than purchasing the initial program as the Colorado course needed me to go there and with being the only provider for my household & a single mom, that was not going to fly. I went to try to access ANN today and see if there was any new info and I kept getting “not found” Now I know why.
    I spent better than $100 on the program. Listed one place for a friend and never got a response back.
    I will keep an eye out for further outcomes of this. Thank you.

  118. I bought Russ Dalby’s course back in 2005. I paid 39.99 for the basic course. paid an additional 300.00 for a grading and appraising course where I received 4 months of online Via e-mail) training. Lots of info and I practiced grading and appraising notes and had lots of emails with an instructor guiding me. That part was good. This course was originally offered to me for 1500 told them I don’t have that they brought it down to 1000. said no I don’t have that. kept going down till I got to 300 then i said ok. Wonder how low they would have gone. bet there were others who paid much more. I also stupidly bought News Letters with my name and number to send out. Paid 1000.00 for 1000. Mailed out a series of 4 diff ones. I reveived a number of calls from Dalby institute trying to sell me an expensive pkg deal to work one on one and even fly down and have someone walk me thru my first note deal (4,000) No did not do it. I actually had two real estate brokers call me. Now I had listed the 1st one on america’s note network and got other note finders trying to take it and get there cut. Stating they would clean up the note for me. Did not need it. Then I was contacted by a legitimate note co. They said don’t list anymore of your notes on America’s Note network, you won’t get anywhere with that. I was actually working on a deal and appraisers were sent to the property. Problem was that the appraisal did not match what the seller said the place was worth. So this real estate guy turned out to be a crook and sold this place to the people at an vastly inflated price. the second note deal almost went thru I was beat by local note co that offered the real estate agent $50 more for the note. The note buying co told me they would meet or beat the other co. offer too late. Because the Realtor said he would have went with my offer had he know that. So I almost had a sale. I got busy with college and did not keep at it enough after that. About a yr and 1/2 ago wanted to give it another try and when I typed in the personal website that I had with this course it was no longer up Do I think the course was worth it. No! If people just bought his basic course it wasn’t enough. The note grading and appraisal was good but not worth 300.00. I assumed something was shitty when my website was gone. Is anyone getting there money back from this course?

  119. I too bought the WICFB program back in 2006. I spent a lot of money with Dalbey and actually went to Denver three times for different “courses”. Boot Camp, Executive Fast Track and Triple Crown. I found Boot Camp helpful in getting over the fear of talking to people on the phone but the last two courses were the same shit only in a different pile. Really gained nothing from them. I found that listing notes on ANN was a waste of time and hardly ever got an offer from an investor on this site. During the time I did work in the business, I found two people to be very helpful in finding note buyers for the notes I did find, which wasn’t a lot by any means. Marc Faulkner at Creative Funding Service and Arlene Moss at Value Capital Ventures. These two people also helped me learn the note buying and selling business moreso than Dalbey ever did. With their help, I was able to close five note deals and make the following on each note: $5,572.50, $1000, $500, $500, & $500 = $8,072.50. This all sounds good but two things; I spent more then that with Dalbey and by the time I closed my fifth deal of the “Five Note Deal” where Dalbey would refund the money that I spent with them, they were out of business. This really sucked since I tried very hard to do my end of the deal but Russ failled to hold up his end of the deal. I never thought that it would be an easy business like their ads portrayed but I also didn’t think that it would be next to impossible to find people who wanted to sell their notes. Although I’m out a fair amount of money, I don’t consider myself a failure. I met great people along the way like Marc and Arlene but as far as Russ Dalbey, he can kiss my ass and I hope he rots in hell. This would be after the Federal Trade Commission takes care of him.

  120. I started in the business 2006, and attended camps, got online programs, ordered so much thinking that maybe I will get it if I continue. My last order was in 2010 for just under 4000 bucks, maybe just before the business was sued and the Westminster building closed down, in October, 2010 If I remember correctly. Found out about it over a year later thanks to an email from one who was at a camp with me. I put in thousands, and thought it would never end. I was promised a complete payment of what I put in if I reached 10 deals. Thought I had all the time in the world. And look what happened. I am a senior and need to get a refund. I tried to go on line at the Colorado state’s attorney email showing the suit against Dalbey and company and Marsha Kellogg. Never did get any response. The questions remain: What happened to the suit?; Will any one get a refund?; Will I get a refund like others who put in way too much, 44 thousand? We live and we learn the hard way. Does any one have the answers and is willing to share them to us all? Carolyn Murray did the right thing. I have all the data sheets and old out of date leads. I bet I have the same leads that Carolyn Murray has! Sure would like to compare data. Carolyn’s last entry was in May 2012. And this is Oct 2012. Well, my next call is to the FTC complaint numbers. See them somewhere on this website. My 2nd call is to the Colorado Attorney General. I There must be a number to call online. Now I keep numbers handy and don’t lose them. So should we all. We chose this. Now let us see if we can unchoose it.

  121. Carolyn, I just left my info on this website. I bet we have the same old out of date numbers. I kept everything after I found out about the suit, thinking maybe some of it can be used for evidence. I will get back to this site in the next few days and see if you have gone online again. I will post some names and dates and let’s compare. OK?

  122. Tracy, I just added my tale of woe to this site. No contact from the “network?” My bet is they went to the “source” and went around your input to avoid paying you a fee. They knew how to manipulate the program. After all, it was created to be negotiated as you can see when programs priced at 2000 were dropped to 800 bucks to see what a student investor was willing to pay. Of course, I was not thinking of that kind of profiteering applied to Dalbey’s programs. I can see it now in retrospect.

  123. Jeanne,
    I have been in contact with one of the attorneys at the Federal Trade Commission in Washington DC a number of times to share my stories and such with her. As much as all of us would like to get our money back, she told me not to hold our breath. Since the company filed bankruptcy, there probably won’t be any funds to distribute. I’m sure there wasn’t a personal guarantee from Russ to his company since he knew what he was doing and wouldn’t want to be held financially responsible for it. I too hope that there is a good outcome to this for all of us. I feel your pain but I’m not “holding my breath”.

  124. wow i didnt know all of this was going on… i had the product never made any money for years and i spend over 1000 dollars. i hope its not a scam… funny because all this time i thought it was me. maybe i wasnt doing it right!

  125. I’m glad I did my due diligence, but very sad to see how it turned out. This is what happened: Over the years, I’ve received Russ Dalbey’s mailing a couple of times, and always put it aside for “later.” The concept seemed sound, and I wanted to try it. I’m a very youthful 63 in an industry where my fellow supervisors are young enough to be my grandchildren (if I had any), and I am still searching for a second income stream so that I can retire in dignity in a few years. Had no desire to become rich; just be able to live like an American citizen until the game’s over. This last time I received the mailing in July. I listened to the CD in my car. MANY times. I was psyched! I was gonna do it! Somehow, though, I lost a box in the move, and the CD was in it. Just now I came across the paper part of the mailing (which had become separated). It’s almost 4 months later. I was psyched all over again, and was ready to start. I called the phone number given in the mailing; 1-800-714-6199 and I was told “just for calling in” I could enjoy a 2-day, 2-night cruise to the Bahamas, with only port charges of $59 to pay. Thinking it might be an add-on bonus, I listened a bit more, but it seemed the call would now lead me to an agent to arrange my cruise. So I figured I’d misdialed. I hung up and dialed again. THIS time the SAME VOICE was telling me about Grocery Card Hotline, where I could qualify for a $100 grocery card. By this time I figured there was a typo in the letter. It happens, right? So I went online to contact Russ Dalbey and tell him I’m ready to start. Sadly, I found only one person who said something positive about him, and it was only one sentence. The rest is like this website. I didn’t read the whole thing; just scrolled and stopped periodically, and it’s all the same. I am so happy I did my due diligence and didn’t waste time and money with this clown. I feel very badly for those of you who got sucked it. For me, I think I may still look for that second income stream, but I am starting to believe it just doesn’t exist. There are too many scams out there. Be careful.

  126. I spent $3,000.00 and went after the training like gangbusters. I followed every instruction and talked regularly with the coach, they even asked me if I would be interested an joining the coaching team after I had a few transactions under my belt. I was really into it. (now I realize that was probably sarcasim). In the end I spent a lot of TIME and money and never made one transaction. The list they gave me was all dead-ends and none of the people were in the least bit interested in talking about thier home mortgage with a stranger. Stay away from this scam

  127. I bought the program for $40 and saw I couldn’t really continue and was talked into buying a mentor program for $2000 which I could not afford, but they offered me a scholarship and had to pay $750. It still sits on my credit card and other bills fell behind with my attention towards this program with no beneficial outcome.

  128. I wasted $2500.00 dollars by thinking that Russ Dalbey’s program was legitimate . After seeing the infomercial on TV ,for so many years ,I thought that I would give it a try . Wish I never had. All I received was several DVD’s and Booklets. Every time I called for assistance , their was always someone waiting to try and talk me into investing more cash . Always stating that I need to do this in order to really make the program work .

  129. This jerk conned my father in to purchasing his programs…including DVDs/CDs….he was in his mid eighties and didn’t even own a computer!!! None of the discs have even been opened, the books have not been touched either! This program is nothing but a fraud!!! If you call the number given 1-877-215-1446 ext 880 you will quickly find out that they do not know who or what they are!!!Would have been nice to have some of that money for the great grandkids…..hope all these get rich quick schemers get what they deserve in the end!!!

  130. I also purchased Russ Dalbey’s information after watching a late night infomercial. I knew note-selling was legitimate and he made it sound so easy. His organization did immediately call and try to get me to buy more “help”. I really worked this hard and had some people interested, but nothing every came through. I wound up paying more and getting on the Protege program, but this extra material did not help at all. I never expected this to be a get rich quick thing, but it was not at all how it was portrayed. Not at all! It was all, get rich for Russ Dalbey!!

  131. I don’t know exactly what others would like or want to say about your luckiness of not having been ripped off or bled to death like myself and others, Ms. Sara Lackey, but I like to say that I’m very glad for you as well as praise you for it. I would even be more glad and praise you even more if you marry me, but that’s a different issue, for I don’t know if you’re already a married woman. I myself have been ruthlessly done by Russ and his evil executive emissaries for $5,400.00 (plus the initial purchase of $39.95 for the 1-2-3 getting started material), and they would have bled me for more had I not turned down their officious offer for more “coaching to make my note business work.” The officious second phone call for more “coaching” and thus more of my money through my credit cards in which nearly all of them have been maxed out was the turning point in making me finally and forlornly see the light that I have been maliciously done in by this money-grubbing, Hell-bound SOB Russ Dalbey and his evil executive emissaries. I can halfheartedly say that it was a case of “fool me once, shame on you,” instead of “fool me twice, shame on me.” But I’m really already feeling shameful of having been fooled once though, given the fact that I have been bled for $5,400.00. I admit that I made the $5,400.00 investment during the time when I wasn’t emotionally stable, that I was unhappy of my living and financial condition, but still I should have known better, should have used my better judgment, even my common sense. I’ve tried to work the business by going to the county courthouse and see the bulletin board of information on people who need to sell their homes and hence their promissory notes, as the first of the 1-2-3 instruction manuals told me to do; but when I made some calls on those people, they all said that they already have had their real estate brokers taking care of things for them. I even went into real estate offices and asked the realtors there if they have people who have promissory notes to sell their homes, and all the realtors said that they are the ones who take care of things for all the people selling their homes and promissory notes, not some secondary agents like myself. The only thing I didn’t do in trying to work the business was looking for note sellers on the internet, but I believe they too would have had licensed real estate brokers work for them already. What more can I say about this Russ Dalbey creep, but that he would and did have the utter, neurotic, psychopathic temerity to have mindlessly sold his birthright of a respected cyclist athlete that he once was (and would have still been) for the corrupt potage of filthy lucre, I swear! Before there was Lance Armstrong, there was Russ Dalbey. This Russ Dalbey bastard should be stripped of all his trophies and/or medals that he has won, both in sport and business, like Joe Paterno got stripped of all his football wins from 2001 to 2012 for his silent involvement in the child sexual abuse scandal at Penn State, thus there is no such thing as before Lance Armstrong there was so-and-so, for there was never any so-and-so ever lived. The guy should also be stripped of his money too. The banks should not give him bankruptcy for his morally and monstrously bankrupt act, I swear! Thank you for you Ms. Sara Lackey and all you not so lucky people to have taken the time to read my long message/comment here.

  132. I purchased into this and am just finding about all of this. I will be asking my attorney what options are available to get money back from all money spent. If you ask me the scripts are good but I would not purchase further unless I made money from the program. Any information on how I can get my money back would help. You can contact me through my website. It will be greatly appreciated. I just do not see how you can put all of this together and not actually want to help people. It is funny how his commercial never changed after like five years, what a joke and a shame. Back to square one.

  133. I feel you guys I lost a grand to a scam samilar to this, fortunely i only bought the book from these guys and that was still to much. I actully tried the program and was embrassed when a note holder, who was an attorney sent back the forms that Russ gave with corrections made to the contracts spelling. His products were not even legally binding just image the legal problem that could follow for such poor doc.

    Russ is still tring to sale me his products but to no avail.

  134. Russ Dalbey was a scammer for as long as we’ve known him. In the 80’s when he was racing bicycles on the track (velodrome) he was the nastiest most dangerous rider. Cutting off riders in sprints causing crashes. He got DQ’d more times then we can count. He also talked people into doing fundraising for him so he could “afford to go to the Olympics (1984)”. He never had a chance of making the Olympic team. And you don’t do it by fundraising, you do it by race results and qualifying. He was a kiss ass to the coaches and still that didn’t get him on the team. He used to get into fights with other riders and then when he’d get DQ’d he’d start crying (he did a lot of crying when he didn’t get his way). Any record he says he’s achieved in cycling weren’t records. Russ’ world record was in the human powered IHPVA bicycles and that so-called record has been beat multiple times. (Men’s 1 mile flying start speed trial). His time was 41.21 miles an hour. It is has been beat over and over and the record stands at 78.64 mph. The speeds they go now make him look like a rookie. He was a total jerk. But he has definitely squeezed out any notoriety he could muster in order to make himself look better. You can always tell the person’s character by how they play in competitive sports. He could never crash my husband when he raced with him on the track because he was bigger than Russ and he never let Russ get ahead of him.

    So sorry so many people got scammed. When we saw his first informercials we were troubled and disappointed that no one saw through his scams. It’s too bad Gary Collins got conned too. Dalbey’s probably hiding somewhere with his thumb in his mouth.

  135. I just had to take the time to read, your long message. However, I do wish I had seen all of this before I invested so much money, attend his booth camp and listen to the bunch of garbage that he instilled in myself and my husband. At the time I was just looking for some extra money, and did this cost me. Even after all that they kept on trying.


  137. Actually being Realistic. I Spent More than 10K on this Load of Crap not including the trip to Colorado and Hotel stay and Supplies that they didnt help out. Hate even thinking about it still til this day on How Much I Lost on this BS. Unbelievable! I Want A Refund and some Action taken on behalf of US. Thanks

  138. I spent the $39.95 on the 1-2-3 Course and that is all I spent. I studied those 3 books, mailed out a couple thousand (yes thousand) letters and landed one note deal which netted me $5,000.00. Yes, I got several calls from pushy salesmen at Dalby telling me I NEED to go to the seminars, etc etc. but I hung up on them every time they called. Since I already had some success, why should I listen to these clowns on the phone to spend more money? It worked for me and just stuck to my system.

    Trust me folks, I have bought a lot of get-rich-quick schemes on tv and nothing ever worked. But somehow I can’t complain about this one, since I did actually make 5 thousand bucks. It’s a numbers game, so if you mail out enough letters, you will get people to call you and you WILL make a deal. 🙂

  139. I signed up with Russ Dalbey back in early 2005. I paid around $1500 to get into it I believe. This is my honest assesment of the program.

    1. While you can make SOME money at this, espeically if you have the salesman mentality (which I dont). Their claim that note holders will gladly sell you their notes for pennies on the dollar is total BS.

    2. They did repeatedly try to get me to sign up for additional “trainng” which I of course refused. I think everything you are given with you inital investment is adequate.

    3. Usualy the note holders I had called had already been called dozens of times by other note brokers looking to get them to sell their notes. Some of them I spoke to were pretty well ticked off at the number of calls they had to deal with .

    4. All in all I do believe you could make money doing this but it is NOT a get rich quick scheme, and you will have to put in a TON of work, usualy in the form of making cold calls.

  140. I did the same with no return.
    So I was stupid enough to invest more “to get a better chance of making money.

  141. I never received support as promised from Dalbey,was always confronted with spending more money. Fortunately, i only spent the initial 164.00 dollars Would i like my money back? ABSOLUTELY.

  142. I got suckered in back in 2005, I don’t want to know how much money I wasted on this. I worked it hard to get nothing. I sent out thousands of postcards to “noteholders” Most would never give me enough info to give them a good quote. Most wanted full price of their note. None ever had the credit score of the payer.

    I still get an occasional email from other “at home” business hawkers, addressed to my old email wanting to sell me something else. I just tried to go to my old “website” to see if it still existed but the whole network seems to be down, Thank goodness!

    It seemed like a good concept, but i just could not make it work for me. Glad I did not, ( at least I don’t remember) pay for any of the “extra” training. I know I got plenty of emails from “Russ” wanting me to spend more money with him. I think that is how I finally came to the conclusion that it was all a big scam.

    If only I had that wasted money now……………..

  143. yea i was told the same thing wasted my money and time and yet when u ask them about thing the put u in a circle around and around bs lost 2000 and my house and my car i believe it was honest and true all it was is a big lie

  144. Daniel Demaree

    Same I was ripoff with this cash flow sist. that never worked, I paid first the book course with cd’s and then $2000 for supposedly the couching “protégé program” that was a few calls from them to me but nothing worked I didn’t made a cent. I need my money BACK! I did sent them emails and call them and they never did nothing to solve it

  145. I bought the program once I received it.I was told to call the 800 in packet to receive free website and other.
    so I did then I was told I had to pay 2000.I told agent that wasn’t possible and the packet I was to get all this free..
    they said they were sorry and wished me luck.
    now I’m very skeptical about ordering further deals..
    they may be the real thing and I’m losing out.
    Deb from Virginia

  146. Marla Koelsch

    I called and ordered the program from the infomercial , that came and then calls started coming relentlessly, high pressure sales wanting to me to come to colorado and take the course all expenses paid. but I had to pay 6,000 dollars. I had just recently got over cancer and cured myself naturally which insurance did not pay for so I was desperate for money. I bought into it, stupid me…they promised that we would have our first note deal done before we left the school and that would pay for our school.. That did not happen. After I got home I called for help and they were very short with me and refused to help me out and basically left me hanging. never made a cent.

    Marla Koelsch

  147. Barbara Green

    Yes I fell for the trap also in 2008, I purchased the program and really started trying to make it happen by marketing myself as much as possible and making calls which really discouraged me. It was difficult to get prospects on your own and they (Dalbey’s Instit) knew that. It was was embarrasing trying to convince some one to sell off their notes at a rate under the value or a percentage of partial value. I had called a prospect who told me he was not trying to sell his note for land at a discounted price. He wanted to know how much was the discounted rate, I was told it depends on the type of note and usually note holders will get 80% – 85% for their note is that the truth i would never know. The goal was to prosper withing 5 yrs time is up and I have not profited from this program. Waste of dreams and hopes to accomplish. So glad I did not give no more money into this besides buying it.

  148. Lost over $3000, can I get it back. I heard on the news today that the FTC won and Dalbey has to pay $330 million.

  149. I spent over $5000 on this program. I was promised to close at least one note deal at the educational seminar , unfortunately that never happened. That was the sale pitch that made me max out two of my credit cards. What a rip off

  150. I want know if I who bought into this Dalbey’s Note Business program can get any of my money back?? I feel almost ashamed to admit I got taken in by these people, they sounded so genuine! I put in and lost a lot of money.

  151. After reading most of the replies I am not surprised, I paid more than a college education into this program.I closed 3 deals but I am still in the black. The info DEI provided was and is solid it does work like I said at one of those workshops it is not for everyone. We all don’t have great personalities to sell ourselves or the concept of getting a lump sum for monthly payments to the noteholders. Who most of which are well to do and educated people, why would they want to get 50 cents on the dollar for a somewhat sure thing, if the payor stops paying foreclosurer is next . Russ Dalbey called me personally and told me about the lawsuit, I told him the infomercial was misleading making it sound like anybody could make money with this system, I tried and made it work but spent a lot of money on marketing to make it work. I told him It may have been easier to close deals when he did it in the 90’s,but with the economy in 2008 people who held notes a lot of foreclosurers went on and those who were getting payments did not want to sell. The problem is those who did not see it as a possible source of income did not comitt to buying into it as an education did not prosper, I saw it and still do but it does require work, it is a number game finding noteholders who are motivated to sell is the key, not being greedy and expecting to get 5000$ on first deal. Looking at as a realistic service. I’m not getting paid to say this and still paying the credit cards off I used to get educated into the cash flow system. Some people like calling others names like scammer,and accusing people. Do I wish I have the money back on this sure, I learned a lot mainly about myself and of course about owner financed deals. Sometimes you have to take a chance in life to make a change. My life is not over and I still can close deals or at least use this education to find a way to make some money.

  152. I bought the program…unfortunately i was sucked to….in the information have just read…they were charging people for this program $40-$150…well im here to say that they really ripped me off because they charged me over $250+…the question is how can i get the money back…because i broke my money that could have been used for my new born…so what can i do…????

  153. $330,000,000 settlement!!! How much did Dalbey make?? How horrible he scammed so many good people. I’m surrprised he was married. But I guess when you’re good looking scum you’ll find a hussy ready to move in.

    Russ Dalbey was a scammer for as long as we’ve known him. In the 80?s when he was racing bicycles on the track (velodrome) he was the nastiest most dangerous rider. Cutting off riders in sprints causing crashes. He got DQ’d more times then we can count. He also talked people into doing fundraising for him so he could “afford to go to the Olympics (1984)”. He never had a chance of making the Olympic team. And you don’t do it by fundraising, you do it by race results and qualifying. He was a kiss ass to the coaches and still that didn’t get him on the team. He used to get into fights with other riders and then when he’d get DQ’d he’d start crying (he did a lot of crying when he didn’t get his way). Any record he says he’s achieved in cycling weren’t records. Russ’ world record was in the human powered IHPVA bicycles and that so-called record has been beat multiple times. (Men’s 1 mile flying start speed trial). His time was 41.21 miles an hour. It has been beat over and over and the record stands at 78.64 mph. The speeds they go now make him look like a rookie. He was a total jerk. But he has definitely squeezed out any notoriety he could muster in order to make himself look better. You can always tell the person’s character by how they play in competitive sports. He could never crash my husband when he raced with him on the track because he was bigger than Russ and he never let Russ get ahead of him.

    So sorry so many people got scammed. When we saw his first informercials we were troubled and disappointed that no one saw through his scams. It’s too bad Gary Collins got conned too. Dalbey’s probably hiding somewhere with his thumb in his mouth.

  154. Bought basic course back in 2006 for $165.00 Found it to be a scam when they wanted 6k for seminar in Co.If others are being compensated from F.T.C how can i get my money back ? Could really use it.On Social Security and broke. Whats $165.00 from 330 million ? Would be most grateful for your response. Will call F.T.C. complaints next week

  155. I bought into Russ Dalby program well over 9 years ago.

    I bought the basic program.

    I was contacted and they tried to up sale me to other programs. I always declined.

    My 1st deal, I made approximately $1,300.

    The person who bought my note was also a note buyer/broker and he became
    my mentor.

    Well over a 100 notes later, I have made well over $90,000.

    I don’t do this full time but if I need to score a large sum of money, I go find and sell a note.

    Now my fee average between $2,800 – $7,500 per transaction.

    If you cant learn from the basic course any additional money spent is a waste.

  156. I also bought this program back in 05, for $250. I didnt have much money because my current job wasnt bringing me in what I needed with 4 kids, 2 not mine. I would call and ask questions to get a better understanding of how to do this properly and the woman who answered the phone said, We offer mentors and are you able to fly out to Colorado. I asked her how much was a mentor and said it wasnt ever mentioned on the infomercial. She told me $1000-$2000. I told her I dont have that kind of loose money. With an attitude, she said if you want to make a change in your life for financial freedom, you need to take chances. I said I did. i took a chance with my $250 which wasnt easy to just blow away. She ended up referring me to the online website modules. I then told her, I dont have constant internet access, but Id see what I can do. Im surprised I never got a word from the FTC because they would have records of banking transactions. How can I go about getting my money back?

  157. Leslie,

    Have you gone int doing note deals on your own with all the knowledge. I cant believe that kind of cash flow you got. That would have paid off my student loan debt at $50,000. I read the books and think I still have some of them. Can you do these note deals today legally? Let me know.

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