+ Reply to Thread
Results 1 to 2 of 2

Thread: FDP is a SCAM

  1. #1
    Join Date
    Jun 2006

    FDP is a SCAM

    In summary, I was seeking approx. $3,000,000 (actually $5,000,000 but the “analyst” referred by FDP who came out to site visit my acquisition list apparently couldn’t add - more about that later) to acquire 2 exceptionally clean and well run and profitable firms. I was instructed by FDP to wire $5k to A-Z Investments in California, and did so. This was supposed to cover ALL up-front expenses and get me a financing commitment, with ALL other costs coming out of closing. But that ain’t the way it worked out ………………………………..................................

    I did send the money, and then some, and have had nothing to show for it but frustration with FDP (from a consultant up thru its Prez), A-Z and it's CEO Don G.

    I did receive, in writing, a "commitment letter" from some Anglo Irish Bank in Tokyo, Japan. The “commitment” only lacked a Bank address, phone number, fax number, closing date, conditions precedent to closing, and a few minor details like that (please excuse the sarcasm). The closing officer spelled his name 2 different ways in this same letter, but I’m sure that was an honest mistake also as he was ONE WHO WROTE IT!!!.

    Now, however, I was asked to pony-up $75k as an "escrow fee", which I said no to. But, alas, Don G said i could get a SLOC (Standby Letter of Credit) for only $4,500 from some guy named Michael Carpenter in London., via MLC Capital. Mr. Carpenter was not at the address he claimed to run MLC out of ( I verified this with his ex-landlord), would not provide any references, said he never heard of Anglo Irish Bank and knew nothing of this deals financing specifics - yet he would gladly issue an SLOC in the amount of $5M - sound fishy to you?

    Well, the escrow agreement was laced with typos and references to exhibits which did not exist, the letter head from Anglo Irish Bank was from a Japanese economics magazine (yes, it really says buy this rag for the price of 500 yen on top- in Japanese of course, which I hired somebody to translate!) and every time I confronted Don G and/or FDP folks about these concerns, they told me i was "not letting them do their job" or "interfering in the process" or “acting like an attorney”. Wow- that was a low blow!

    My FDP highway ran right through Gary “look at my wedding picture and think I will be here for you forever” Willis (who evidently is out looking for ReRun, if you are of that vintage of TV show) who referred me to Ray “The Big Easy” Gomez (who put in writing to me last November that "my loan was approved" - a lie, of course). After catching Mr. Gomez in that un-truth, I was quickly shoveled off to Ray‘s “Boss“ Vanessa “Wheel of Mis-Fortune” Carthron ( a Vice Prez of FDP, no less). When my questions about the legitimacy (let alone literacy) of docs and Don G’s lack of answers got to be too much for Vanessa, Mac Mcwhirter, (aka Mac the Knife) arrived to save the day- or perhaps better said to prolong the agony. Mac sounds really sincere and professional, and I guess his wife is ill a lot because he seems to blame delayed returned phone calls on her health, but he just lacks the ability to move the process forward. Now Mac will tell you - and even put in his salutation - he is “US Army- Retired”. I guess that is supposed to mean he represents something special. My Dad, Uncles, Cousins and Brother served this great country and never had to try and use that fact to impress anybody in business!

    When i told Mac i needed a written doc stating i had been approved with a FIRM closing date and FIRM conditions or that i would go public with my bad experiences, Mac said he was going to "pass" on trying to help me anymore, and that I was on my own in trying to get my money back from Don G. He did, however, say that he called Don G and asked for my money back - but (guess what? - he said NO!)- Mac probably figured out during the call at some point that he would have to refund his share of the Don G back-door kickback and passed on any legitimate assistance for me.

    I see FDP as a groping, bumbling, mismanaged, misled and VERY loose knit mosaic of "consulting" finance wanna-bees who don’t know which end is up. Ms. Carthron says she has commercial banking experience, which i do not doubt, but she is clueless about discerning what an authentic commitment letter or other such doc looks like. Mac freely admitted that Don G / A-Z were "new to FDP" - the only problem was he told me that 60+ days after i sent them $5k. They now said I was in-fact “approved" by some XYZ Capital firm, but that approval is just a “Letter of Interest“, whatever that means, and a request for another $2,500. The black hole named FDP was about to suck me in for another $2,500 when I decided to have Mac put in writing where we were (see above paragraph), but instead he turned tail and ran, forgoing $120k in commissions in the wake of his speedy retreat.

    They are scavengers blindly trying to rope the wind, all the while looking for 4% of whatever happens to come together when others might someday get something right on their behalf. The Keystone Kops of Korporate Finance, the lot of them.

    As for Don G he is a foul-mouthed and mostly confusing person who does not wants to be confronted by facts - or legitimate questions. But he does have 40+ years “lending” expertise which he will mention every time you have the mis-fortune to call him- hard to find a guy like him with that much experience outside of Fulsom.

    I would be happy to do a 3-way, 4-way or more-way call with anybody and/or everybody from FDP, A-Z or whoever and validate all this mess. I have written docs including letters and e-mails to fully support everything I assert herein.

    Sorry to sound so morbid, but if they had come through for me or not have just given up like Mac did i would certainly be singing their praises for sure. I just don't want anybody to waste their time and money like I did.

    FYI- another FDP "client" paid the escrow fee to Don G (funny how due diligence, borrowers performance bonds, escrow and all other fees funnel through Don G), and was promised to be funded by Anglo Irish Bank by mid Jan - then got a letter stating her loan was "too small", and last i heard she is still waiting to get her escrow fee back.

    Also, did I mention that I had to pay a $485 “Borrowers Performance Bond” fee (whatever that is) to - you guessed it - Don G before he would get me the error-plagued escrow agreement? I challenge you to find that financial instrument (“Borrowers Performance Bond”) in ANY finance dictionary- except Donny G’s.

    Beware the FDP scam- it appears they are in this with Don G and MANY MANY others on the kick-back side. Avoid them like the plague that they are- heck, they give used car salesmen a GOOD name!

    Let me know if you find any legit financing sources, and I will do the same.

    Paul Choman aka “The Lawyer”

  2. #2
    Join Date
    Jun 2006

    Re: FDP is a SCAM

    A-Z Investments in California is known on this board.