We too have been defrauded by Real Estate Capital Management, Alan Daniels and Sam Copeland. We were introduced to them May 19th We flew down to Atlanta, GA to meet them at the Ritz Carlton in Buckhead where they were staying. They claimed to have the ability to raise capital for our firm through a Structured finance program and trade platform to which they had access to in Europe with UBS and LB Swiss. They told us that if we wanted to have access to the capital that we would have to engage them and pay a fee of $25,000. We payed the fee and on May 23rd 2010 we were officially engaged with their firm. We send over sensitive documents to them as well as proprietary information. The claimed to have ran Due Diligence on our firm and determined that we qualified for funding in their program. They told us we would be funded in 4-6 weeks.
On June 9th We received Structured Finance Documents ad well as a Master Draw down Schedule, which outlined how much money they were raising for us and how the money would be allocated to us over a period of 36 months... The documents also covered their fees and the cost of the capital. After that we had a few conference calls and they explained that there were some minor setbacks that needed to be overcome, to which I understood and no transaction is perfect and I was willing to be patient and work with them. On the conference call before we received any further documents it was disclosed to us that we would receive our first capital draw on Aug 1st however, when we received our funding commitment and term sheet on July 29thit said we would fund"no later than Aug 30th". This change without warning began to start affecting our business and some of our relationships began to question the validity of the capital.
Aug 30th came and went and there was no funding. From that point Alan Daniels and Sam Copeland offered excuse after excuse and verbal promise after verbal promise, none of which they performed on. Finally another client that was involved in this illicit scam was introduced to our firm by a mutual business associate. She had access to all of their documents "Bank Guarantees" etc... She released all of the information to me on November 21st Once I looked at the document I knew the transaction was fraudulent because the protocol was not correct on their "Bank Guarantee", I later found out (after a closer examination of the documents) that they forged bank officer signatures and created fraudulent documentation on "bank letterhead" obtained from the internet. On December 8th my firm officially in writing terminated our relationship with RECM, Alan Daniels and Sam Copeland and we cited the following reasons for termination: - Severe breach of contract PI05-1/US 10B-R2AC - Failure to perform on a binding financial commitment for funding
- Misrepresentation of your status as an Investment Bank (No such application had been made to the United States Security and Exchange Commission, nor to any other financial regulatory body with competent jurisdiction.)
- Fraudulent documentation to include:
- Fraudulent MT-760/Bank Guarantee Security Instrument drawn on the Royal Bank Of Scotland
- Fraudulent Loan Term Sheet drawn on Standard Bank Letterhead
- Fraudulent Irrevocable Conditional Pay Order drawn on Lloyds TSB Letterhead
- Fraudulent Irrevocable Conditional Pay Order drawn on Barclays Letterhead
It is now January 23rd 2010 and we have yet to receive our $25,000 back and they refuse to take our phone calls. We also learned that Alan Daniels owes a person whom he was trying to get to work for him $10,000, we further learned that RECM has never paid any of its employees and that Alan Daniels owes Cornerstone bank the sum total of $249,716, Midway Rent A Car the sum total of $23,084, Bogart and Bogart PC the sum total of $4,500, The Internal Revenue service the sum total of $3,618 and the State of Georgia the sum total of $1,208. Alan Daniels also has a warrant for his arrest in the State of California for a Failure to Appear on a traffic ticket and now he, Sam Copeland and RECM are under investigation by both the FBI and the Security and Exchange Commission.
These people and this company are BAD NEWS... Alan Daniels and Sam Copelandwill be in jail soon I have no doubt, in the interim however, avoid these scammers at all cost!!!
* If you are a fellow victim and would like access to any of the information that I have access to for your records please feel free to email me at: *
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