I am a filmmaker seeking funds for my next film project. Larry Bussy e-mailed me with a 100% financing proposal. He claimed that he is connected to a company named Arab-Anglo-American Holdings out of Dubai, United Arab Emirates, which has relations with top European banks.
Reportedly, these banks buy European Medium Term Notes off which the banks make phenomenal rates of return, enough to use the MTN's to fund the project AND still use them as collateral.
Thus, no collateral or ability to re-pay the loan is required, despite and contrary to what his loan application documents actually say, he verbally assured me after I pointed out that the only collateral I had to offer were the film rights to a currently un-made film and that I could not assure repayment because films are highly speculative ventures.
The only requirement for participation besides a legitimate project in need of funding is an ability to place a certain amount — in my case, $80,000 — into an escrow account in Nassau.
The sole purpose of the escrow, according to Larry, is to ensure that loan expenses are covered in case you bail out after they have gone to the trouble and expense of buying the MTN's and putting the loan in place. (Except, who would bail out of a 100% unsecured loan, especially after having travelled to Nassau and then to London to sign loan documents — the other requirement!!! Not to mention the fact that the banks stand to gain more by keeping for themselves the entire profits off the MTNs rather than risk some of the profits on a basically unsecured loan!)
He claimed to have funded "10 out of 10" projects in the last year. When I asked him for a reference, he declined. His response: "Would you want me giving out confidential information about your project to other people?"
My reply: "Larry, if you help me fund my film, I will be so pleased that I will happily call a prospective client of your's and verify you and your loan program if you ever call and ask me." Well, he won't bother his clients like that. "It's a numbers game, " he explained. Some people will take chances, others won't.
And that's why I'm writing this report. I didn't get burned by this guy, because I don't take these kind of chances — but others will! When I ran his name and AAA-H on the internet, I came up with nothing. This report rectifies that.
For further information on MTN's and scams involving them, go to www.hyip.netfirms.com, a highly informative site by lawyer and expert witness Robert Townsend.
And oh, by the way, while checking this guy out, I discovered that a Larry Edward Bussey did time in Ohio state prison in 1977 and again in 1981, for a fraud-like crime (forgery, to be exact). The Larry Bussey who contacted me gave me an address and phone number in Canton, Ohio; so, they are apparently one and the same.
0 comments