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This profile was last updated on 3/29/12  and contains information from public web pages.

Mr. James A. Wynstra

Wrong James A. Wynstra?

President and Founder

Phone: (360) ***-****  HQ Phone
HOMESTEAD NORTHWEST INC
759 E Badger Rd
Lynden, Washington 98264
United States

 
Background

Employment History

45 Total References
Web References
James Wynstra, founder and ...
bell.vrvm.com, 29 Mar 2012 [cached]
James Wynstra, founder and president of the Homestead companies, described that firm as the construction arm of Homestead Northwest Inc. during a February 2012 creditors' meeting. Wynstra also said he expected the parent company and other related businesses to make their own bankruptcy filings soon.
...
Wynstra and Homestead Northwest Inc. companies raised an estimated $121 million from investors from 1989 until 2009, according to an April 2011 statement of charges filed by the Washington Department of Financial Institutions. Many of those investors were repaid over the years, but the state agency estimated that $60 million or more was still owed as of April 2011.
The company's finances froze up in April 2009, when Homestead stopped making interest payments to its investors.
The Department of Financial Institutions contends that Homestead's investment strategies violated state securities laws by selling unregistered securities and misleading investors about the firm's prospects. Wynstra has said he intends to contest those accusations and the $100,000 fine that the state agency wants to impose.
The company and its president and ...
www.bellinghamherald.com, 16 Sept 2011 [cached]
The company and its president and founder, James Wynstra, were the target of an April 5 administrative action filed by the Washington Department of Financial Institutions. DFI's investigation indicated that Homestead and related companies owe about $65 million to about 350 investors, and had not been making promised interest payments. The state agency also stated its intent to impose a $100,000 fine on Wynstra.
Bill Beatty, securities administrator at DFI, said Wynstra has requested a hearing to respond to the state agency's charges, but no hearing date has been set.
...
Wynstra and his company had played an important role in Lynden and the Pacific Northwest over the years. He spearheaded a variety of development projects that turned the town of Lynden into a Dutch-themed village and a tourist destination. He sold his Lynden centerpiece, Homestead Farms and Golf Resort, in 2010.
...
Attorney Lawrence Engel, who represents Wynstra, said the same.
...
Washington state regulators have levied charges against Homestead Northwest and its CEO, Jim Wynstra, which could spell the end for the Lynden development company.
The Securities Division of the Washington State Department of Financial Institutions plans to issue a cease-and-desist order and fine Wynstra, Homestead Northwest and its related companies more than $110,000 for selling unregistered real estate investments. Once the cease-and-desist order is in place, the company must stop selling unregistered securities.
More important, it's the first step taken by regulators in what could be the dismantling of the company, which has been in severe financial trouble the past two years. As of now, DFI's actions do not directly impact the day-to-day operations of the business itself, but it's unclear how the company will react. In attempts to reach company officials and Wynstra for comment after the announcement Tuesday, April 5, one business phone line was found to be disconnected and two others had a recording
Lynden Homestead's Jim Wynstra sued for legal malpractice
" tooltipId="mi_tt2">
Lynden Homestead's Jim Wynstra sued for legal malpractice
Lynden Homestead's Jim Wynstra sued for legal malpractice
James Wynstra, CEO of Homestead Northwest Inc. of Lynden, faces a lawsuit accusing him of legal malpractice in soliciting a $250,000 loan from a Lynden man who had been a longtime client of Wynstra's law practice.
It is the latest legal problem for Wynstra, who already stands accused of violating state securities law by selling unregistered securities and making untrue statements to induce people to invest large sums in his company.
Those charges were contained in an April 5 administrative action filed by the Washington Department of Financial Institutions. DFI's investigation indicated that Homestead and related companies owe about $65 million to about 350 investors. The state agency also stated its intent to impose a $100,000 fine on Wynstra.
...
Drawing on a sense of community in a small town and a we're-all-in-this-together attitude, Homestead CEO James Wynstra was able to prolong an investment scheme that has financially hurt hundreds of local residents.
That's the assessment of the Department of Financial Institutions in a detailed analysis of what has happened within the Lynden development company. On Tuesday, April 5, the Securities Division of DFI announced plans to issue a cease-and-desist order and fine Wynstra, Homestead Northwest and its related companies more than $110,000 for selling unregistered real estate investments.
...
Most investors contacted by phone and email have declined to speak on the record, saying they prefer to wait to see if Homestead CEO James Wynstra can make good on his promises and pay back at least a portion of the $65 million that the Washington Department of Financial Institutions contends the firm still owes about 350 investors.
Since then, Homestead owner Jim ...
www.lyndentribune.com, 21 Jan 2010 [cached]
Since then, Homestead owner Jim Wynstra has put all the holdings of the Lynden company up for sale, including development property across the state (some of which has reportedly been sold).
James Wynstra, CEO of ...
www.bellinghamherald.com, 29 May 2011 [cached]
James Wynstra, CEO of troubled Homestead Northwest Inc. of Lynden, faces a lawsuit accusing him of legal malpractice in soliciting a $250,000 loan from a Lynden man who had been a longtime client of Wynstra's law practice.
The lawsuit alleges that Wynstra asked to borrow the money from his client, Ronald Rietman, and offered 8.3 percent interest, and that the loan would be secured by first deeds of trust on real estate.
...
Lynden Homestead's Jim Wynstra sued for legal malpractice
" tooltipId="mi_tt1">
Lynden Homestead's Jim Wynstra sued for legal malpractice
Lynden Homestead's Jim Wynstra sued for legal malpractice
James Wynstra, CEO of Homestead Northwest Inc. of Lynden, faces a lawsuit accusing him of legal malpractice in soliciting a $250,000 loan from a Lynden man who had been a longtime client of Wynstra's law practice.
It is the latest legal problem for Wynstra, who already stands accused of violating state securities law by selling unregistered securities and making untrue statements to induce people to invest large sums in his company.
Those charges were contained in an April 5 administrative action filed by the Washington Department of Financial Institutions. DFI's investigation indicated that Homestead and related companies owe about $65 million to about 350 investors. The state agency also stated its intent to impose a $100,000 fine on Wynstra.
...
"We aren't done yet," said James Wynstra, president of the Homestead Group of Companies, responding to the latest disclosures about the dire state of the Lynden company's financial outlook.
For the third time in the past two years, those disclosures came in a letter from Wynstra to his investors that found its way to reporters. Among other things, Wynstra's Jan. 5, 2011, letter acknowledges that no interest has been paid to investors for the past 21 months.
Homestead is believed to have about 400 investors, mostly in the Lynden area, who have helped bankroll the company's growth and diversification from homebuilding to condos, golf resorts and the Birch Bay waterslides, among other properties. Investors were attracted to the company by their faith in Wynstra and by the rate of return on investments in his firm, which was 8 percent or more.
James Wynstra, founder and ...
www.bellinghamherald.com, 29 Mar 2012 [cached]
James Wynstra, founder and president of the Homestead companies, described that firm as the construction arm of Homestead Northwest Inc. during a February 2012 creditors' meeting. Wynstra also said he expected the parent company and other related businesses to make their own bankruptcy filings soon.
...
Wynstra and Homestead Northwest Inc. companies raised an estimated $121 million from investors from 1989 until 2009, according to an April 2011 statement of charges filed by the Washington Department of Financial Institutions. Many of those investors were repaid over the years, but the state agency estimated that $60 million or more was still owed as of April 2011.
The company's finances froze up in April 2009, when Homestead stopped making interest payments to its investors.
The Department of Financial Institutions contends that Homestead's investment strategies violated state securities laws by selling unregistered securities and misleading investors about the firm's prospects. Wynstra has said he intends to contest those accusations and the $100,000 fine that the state agency wants to impose.
...
Veltkamp handled the Jan. 18, 2012, bankruptcy filing of Homestead NW Development Co., one of several Homestead companies controlled by founder and president Jim Wynstra.
...
BELLINGHAM - Homestead Northwest's investors and other creditors had a chance to confront the company's president and founder, Jim Wynstra, on Monday, Feb. 27, as the company's bankruptcy proceeding got under way.
Few of the more than 50 people who showed up for the creditors' meeting at the Whatcom County Courthouse took advantage of their opportunity to question Wynstra in front of Virginia Burdette, the bankruptcy trustee.
...
In an April 2011 statement of civil charges against Homestead's president and founder, James Wynstra, the Washington Department of Financial Institutions estimated that, taken together, the Homestead companies owe about $65 million to an estimated 350 investors.
...
"Look at your glass," James Wynstra wrote his Homestead Northwest investors on June 27, 2008. "Is it half-empty or half-full?
Less than a year later, the glass was bone-dry. But Homestead investors who relied on letters from Wynstra, the development company's president and founder, had little reason to suspect onrushing disaster.
...
In a Chapter 7 bankruptcy document filed Wednesday, Jan. 18, the company and its founder-president, James Wynstra, report assets of between $1 million and $10 million.
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