“Is it Financing, or a Pyramid Scheme?”

Samuel Wilkinson Responds to Island Matters

Part 3 of a multi-part series

by Sarah-Victoria Lozano

The three-year-long standstill with SPI’s Med-Center project begun by Dr. Joe Ybarra is unfolding with unexpected dark turns after lead investor Samuel B. Wilkinson secured a loan from First National Bank SPI at the end of 2021 then vanished.

Dr. Ybarra admitted that although Wilkinson became more distant, he did not suspect anything until he became unresponsive at the end of 2021. Later an investor who was a client of Wilkinson Financial since 2011 reached out to Island Matters in Dec. of 2022, concerned about his whereabouts. Wilkinson Financial is no longer an existing entity.

Despite efforts from SPI Urgent Care owner Dr. Joe Ybarra and an investor to reach out, neither had heard from Wilkinson after repeated attempts to contact him.

“Usually when they leave the state, it’s cause they ran out of money,” said the investor.

New Developments

Previously reported by Island Matters, Exponent Ventures (EV) LLC could not be found on the Texas Secretary of State’s website since the LLC is registered in Wyoming. 

Construction Closing Certification and Affidavit 

According to the Secretary of State in Wyoming, EV-LLC is inactive - Administratively Dissolved (Tax) as of Jan. 9, 2023. Administratively Dissolved (Tax) means the entity has failed to file the required annual report.

New developments suggest that it may not be that Wilkinson ran out of money because evidence shows he secured a loan and left the state. The Cameron County Clerk’s office shows a record of First National Bank SPI loaning $650,000 to SPI Med Fac LLC and a construction certification signed on Oct. 28, 2021. Wilkinson signed off on the lump sum as an authorized representative of SPI-MF LLC’s manager, Exponent Ventures LLC, a Wyoming LLC.

Also signed on Oct. 28, 2021, was Construction Closing Certification and Affidavit between SPI Med Fac. LLC and Artec Integrated LLC. In the document, it states, “No construction will be commenced on the Property until Owner has received notice from the Title Company that all Loan Documents have been fully executed and all applicable Loan Documents have been recorded in the Official Records of Cameron County, Texas.”

Deed of Trust, Security Agreement - Financing Statement

Both the Deed of Trust and the Construction Closing Certification and Affidavit were prepared in the office of The Franke Law Firm P.C. in SPI.

Since 2020, the property remained untouched.

Looking Back

At the beginning of the Med-Center project, Wilkinson spoke to residents, City Council, and Dr. Ybarra in the community center and boasted of his ability to communicate though now he is radio silent.

Wilkinson’s previous interview in March used the same strategy. The same next step, since 2020, is finding funding and more potential investors. Wilkinson believes it’s the economic conditions of the entire world.

“It’s just harder to get financing,” said Wilkinson.

Are you there, Sam?

In May, SPI Investor Samuel B. Wilkinson, Wilkinson told Island Matters the project was still getting funded.

Wilkinson offered very little information in response to Island Matters’ questions and refused to give out the owners of SPI Medical Facilities LLC after concern over Wilkinson’s presence throughout the project.

“The owners are confidential. It’s not a public company. I’ll leave that for your study.”

Dr. Ybarra and one investor are shocked and disappointed in the ordeal.

“It’s unfortunate, but I still have to keep working towards more opportunities for the island’s medical needs,” said Ybarra.

While the owners of the Property/LLC are still unknown, Wilkinson signed off on a loan, a property, and left a community in dire need of a hospital.

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