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Scam or real?

Posted: Tue Nov 01, 2011 9:20 pm
by tryingtobesafe
I was referred to this guy thru a banking broker that I have been working with for several months to obtain a traditional SBA loan. I have a fair amount of trust for my broker because I have been working with her for months, she is local, and we share some trusted contacts together. That being said, the broker has very little information on the individual that is trying to work this new deal.

It just sounds too good to be true to me (so it probably is). Essentially this guy is saying that there are some Non-Recourse funding solutions available as a feeder program to the new stimulus program that President Obama is trying to push thru Congress. The scenario is that you are buying a financial instrument. There is an $8K engagement fee with an NCND. Once engaged, they release a lot more of the details of the product. If I am satisfied with the arrangement I am to deposit $200k into escrow where it will stay for 25 international banking days. After the term is up, I essentially have bought the investment for the $200k and I am returned approximately $2.2M

He is saying that the money I am putting up is going to the bank to reseed their capital resources which will allow them to offer more traditional loans down the line, and that is how they will make their true profit.

I will share more info with one of you trusted admins via PM if you like. I’d rather not throw out names and details on this public forum in case by sheer magic this is something that is for real. I have done my best to research the individuals and the names of the institutions they represent but I have found very little information on either.

Re: Scam or real?

Posted: Tue Nov 01, 2011 9:30 pm
by Thule
Secret program + 8000 fee before you get more information + 1000 % return in a month or so.

I´ll venture a guess:

Image

Scam, scam, scam, wonderful scam.

Seriously, stay away from that guy. And have a little chat with your broker as well.

Re: Scam or real?

Posted: Tue Nov 01, 2011 9:44 pm
by Pottapaug1938
I think you'll have an easier time convincing the courts that income taxation is voluntary, than you will in seeing any of your money back on this "deal", let alone seeing any profit.

Re: Scam or real?

Posted: Tue Nov 01, 2011 11:23 pm
by AndyK
Stop.
Breathe.
Look down.
Say "Feets, time to show what you can do."

Do not even walk.
Run away from this one as fast as you can.
While you do so, ponder the value of your banking broker after having passed this information on to you.
Ponder the possibility of referral fees.

Re: Scam or real?

Posted: Wed Nov 02, 2011 12:07 am
by notorial dissent
OK, first screaming red flag, “Non-Recourse funding solutions ”, this is short hand for sucker money.

Second
screaming red flag, there is no such thing attached to any “new stimulus program” now or ever being pushed through Congress.

Third
really screaming red flag, “$8K engagement fee”, that is called, wait for it, ADVANCED FEE FRAUD.

So, already you have a fraud trifecta without even breaking a sweat.

Then they will only give you the super duper double secret password after you hand over the “$8K engagement fee”, which should be another warning. If this were on the up and up this wouldn’t be necessary.

Then they expect you to hand them another $200K when you are in fact looking for money to borrow. Does this not somehow seem a bit bassakwards to you??

So what, they are supposedly selling you is a $2.2M dollar piece of paper for the low low low price of $228,000, right???? What part of this does not shout crock at you in screaming red capitals????

See previous advise, only run faster. I would also seriously consider any and all contact you’ve had with your so called “broker”, and I would report both of them to your state AG and banking commission for advanced fee fraud.

Re: Scam or real?

Posted: Wed Nov 02, 2011 12:16 am
by tryingtobesafe
I’ve decided its way better for me to miss out on the deal of the century than to be left holding the bag on this, so I haven’t (nor will I) actually be losing any money here. I have spent some time investigating it, and have lost a little sleep mulling it over in my mind, but I haven’t really lost anything. I don’t really know that they are doing anything illegal, but it certainly sounds fishy. Having said that, does the AG really want to hear about my suspicions on something like this? If they do, do I contact my state AG or the AG of the state that the guy is working out of?

Re: Scam or real?

Posted: Wed Nov 02, 2011 12:36 am
by wserra
Tell me, trying - why did you pick the "Advance Fee Fraud" forum to post this?

Welcome to Quatloos. I think you knew exactly what this nonsense is.

Re: Scam or real?

Posted: Wed Nov 02, 2011 1:17 am
by notorial dissent
tryingtobesafe wrote:Having said that, does the AG really want to hear about my suspicions on something like this? If they do, do I contact my state AG or the AG of the state that the guy is working out of?

Yes, that is why they call it fraud investigation. Both AG's would be interested in it.

Plus what wserra said....

Re: Scam or real?

Posted: Wed Nov 02, 2011 5:17 am
by tryingtobesafe
wserra wrote:Tell me, trying - why did you pick the "Advance Fee Fraud" forum to post this?

Welcome to Quatloos. I think you knew exactly what this nonsense is.


Because of the deposit money they are looking for it seems to fit into this category. I'm 99% certain it's a scam, but I'm not willing to put my money into it to find out for certain. That being said, I'm very intrigued as to why I can't find anything negative on the people and companies involved. The only thing I can come up with is that they are stealing names that are fairly clean or that they are relatively new at the scam. I’m guessing it has to be the former, because they seem very convincing and confident when they speak – they’ve been to this dance before.

Re: Scam or real?

Posted: Wed Nov 02, 2011 6:04 am
by Arthur Rubin
tryingtobesafe wrote:That being said, I'm very intrigued as to why I can't find anything negative on the people and companies involved.
"The names have been changed to protect the ...."