I, as many have been, was ripped off by Ryan Sumstad and his IEV scam. They took up front money from legitimate people seeking a loan and pocketed it. After almost a year, people figured out that the gig was up. These guys had quite a game going, with fancy webinars, fake funding letters, conference calls, lawyers etc. We lost a lot of credibility and respect in our business community because of these bastards, and I for one will probably end up finding Sumstad and putting him in prison myself.
The scam was actually quite simple. Sumstad apparently hired some desperate mortgage broker/loan types and had them collect loan packages from about 20 businesses seeking capital for the energy/mining sector. These loans were supposedly going to be syndicated by HSBC bank via IEV capital's Ryan Sumstad. One other kicker was that we had to assign the interest in our collateral to the actual syndication partnership, with was formed in NEVADA. We did this and sent in our money, not to mention had our lawyers speak with Sumstad's all the time. Money and funding dates were set, reset, and reset. These guys even had us to reserve hotel rooms for a funding party!
In the end, someone killed their entire family over this awful scumbag who ran off with close to a million dollars of nonsense fees. What the hell is the world coming to?
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