What is an Advance Fee Fraud
An advance fee refers to an upfront payment by the victim to the fraudster, to allow the victim to take part in a much larger financial transaction which he believes will either bring him a profit or will result in credit being extended to him. This larger financial transaction is always bogus and the victim never makes a profit nor does he receive the loan...
Http://www.icclr. Law. Ubc.ca/publications/reports/coll_pa2. Pdf
Reference & Quote: Paul A Collier Manager Regional Security, HongkongBank
Suspicion of Advance Fee (Due Diligence) Fraud.
Wannabe big shot business man Sean Morrison, age 30, asserts being surrounded by associates/broker who claim to be global financing experts. At request and further research, his reference list contains people who either dont know him (or little) or prefer not to know him. He and/or his affiliates claim to have been involved in some two/three digit million US $ financial transactions. After having done thorough due diligence on ALGI these claims turned out to be false. An expert resume of Sean Morrison doesnt exist, and it is asserted by him in an arrogant fashion as such is not needed. A specific education background or CV of Sean Morrison is not available on his websites. One wonders why. Furthermore, it seems that Sean Morrison has a certain affinity to an anarchic lifestyle.in his past Sean Morrison has been arrested 4 times (2x). Sean Morrisons mug shot is available at http://florida. Arrests.org/Arrests/Sean_Morrison_4656029/ accordingly felony case is on record at http://www2. Miami-dadeclerk.com/CJIS/CaseSearch. Aspx Case # F06010398. Whether or not his peculiar history indicates a profound expertise in money handling on a big scale still needs to be seen, but it doesnt sit well for sure based on his criminal record. Accelerated Lending Group Inc. Company records show an address at 11943 Butternut St. Palm Beach Gardens, FL 33410, Sean Morrison resides presently at 4905 Midtown Lane Apt. 2207, Palm Beach Gardens, Florida 33418. He seems to be a licensed mortgage broker in the state of Florida, nothing more and nothing less.
Sean Morrisons new shiny website http://www.acceleratedlendinggroup.com/lendingcontact appears at first glance to be professional, an older one can be found at http://sample. Griffinadvertising.com/Careers.html ; however, the claims therein are far fetched & pumped up and lack of any substantial & verifiable proof. Any proof of successful business funding was rejected/denied and explained by privacy rules with respect to lending sources and its clients. Any reputable lender would be happy to deliver this on request.
Sean Morrison has recently (April 28th) published 14 websites (at least so far). Why those unfinished websites needed to be published can only be explained by Sean Morrison. But Accelerated Lending Group Inc. Appears BIG and pompous. As a matter of fact ALGI is basically a one man show.
Http://seanmorrisongroup.com/
http://acceleratedlendingseanmorrison.com/
http://seanmorrisonblog.com/
http://algseanmorrison.com/
http://acceleratedlendinggroupseanmorrison.com/
http://seanmorrisonacceleratedlendinggroup.com/
http://onlineacceleratedlendinggroup.com/? P=8
http://acceleratedlendinggroupinc.com/? Cat=4
http://acceleratedlendinggroup-ct.com/? P=9
http://acceleratedlendinggroupblog.com/
http://usacceleratedlendinggroup.com/
http://acceleratedlendinggroupcareers.com/
http://acceleratedlendinggroup-australia.com/
http://onlineseanmorrison.com/
Furthermore, Sean Morrisons Letter of Intent (LOI) without any commitment of course:
TO: XXXX
FROM: Accelerated Lending Group, Inc. C/o
Sean Morrison
DATE: XXXX
RE: XXXX
After careful review of the information provided by your firm, I have attached a Letter of Intent (LOI) detailing a scenario that Accelerated Lending Group, Inc. (ALGI) is proposing. Please note that the LOI has an expiration date of XXX. If you have not agreed to the terms by that time ALGI is no longer obligated to consider your loan under these terms.
If you have any questions please do not hesitate to call me at 407-712-3722.
Sincerely,
Sean Morrison
President
Accelerated Lending Group, Inc.
Company: XXXX
RE: XXXX
Dear XXXXXX
We are pleased to issue our Letter of Intent (LOI) with respect to a loan in the amount of $10,000, 000.00 ("Loan"). We ask that you authorize and contract Accelerated Lending Group, Inc. (ALGI) to direct the due diligence necessary to obtain a commitment for your loan request. Based on the information submitted by you to date, ALGI and/or its affiliates has reviewed your file and enclosed is an outline of the loan program we are proposing:
Purpose of Loan: Joint Venture
Borrower/Guarantor: XXXX
Loan Details: $10,000, 000.00 Loan Amount
5yrs Loan Term
3% Interest Rate
300 Months Amortization
Payments deferred 24 months
30% Joint Venture
5 year Prepayment Penalty
Security: A first lien against any/all real property/assets owned by XXXX
Documentation: Borrowers shall provide to ALGI, at their expense, all documentation list but not limited to Exhibit A, which is attached hereto and made a part hereof.
Due Diligence: Due Diligence Fee in the amount of $14,900.00 US Dollars is due by 5pm EST, Monday, XXX Due Diligence is REFUNDABLE* if funds are not secured due to non performance by ALGI.
* (minus costs associated with securing site visit accommodations, transportation, airfare, meals, staff hours, reports, legal, etc.)
Compensation: Upon the consummation of securing funding, Borrower/Guarantor agrees to pay ALGI a cash compensation of three and one half percent (3.5%) of the total funds raised, payable to ALGI in equal shares. This compensation shall be paid on the business day/at closing of the initial funding that the Company receives. This DOES include fees/costs paid to ALGI for due diligence.
This letter outlines the terms and conditions as proposed by ALGI and / or its affiliates. THIS LETTER IS NOT TO BE CONSTRUED AS A COMMITMENT TO LEND but is merely an outline of the intent of ALGI and/or its affiliates. Unless accepted prior to 5pm EST, Thursday, XXX, ALGI reserves the right to cancel or amend the terms and conditions of this letter without notification. Your signatures on this letter will indicate your understanding and acceptance of all terms and conditions and will grant ALGI authorization to perform any necessary due diligence. No changes of the enclosed documentation are deemed acceptable by ALGI without prior written consent and initialized by ALGI. If any changes are made by the Borrower/Guarantor without prior consent by ALGI, or if ALGI deems fit at any time for any reason, ALGI at its discretion can immediately terminate the terms and
conditions of this loan request.
Very truly yours,
Sean Morrison
President
Accelerated Lending Group, Inc.
ACCEPTANCE OF LETTER OF INTENT / BUSINESS USE AFFIDAVIT
The undersigned hereby agrees to be corporately bound by each and every condition and term herein. We also hereby acknowledge the funds are being used for the XXXX Project.
Signature (borrower)
Signature (lender)
EXHIBIT A (included but not limited to)
Last 2 years personal and business Financial Statements and Tax
Returns (Audited)
Current personal and business YTD P&L/PFS
Detailed Business Plan
Organizational Chart
Marketing Analysis/Viability Report
Appraisal
Use of funds/Pro-forma
Resume on principal (s)
Photos of subject property
Details on exit strategy - presales, preleases, customer list,
Etc.
Details on construction company - costs, timeline, etc.
Details on permits, approvals, etc.
Title and Payoff (s)
Environmental Report (s) Wire Instructions
Wachovia Bank, N.A.
Accelerated Lending Group, Inc.
Routing Number: 063000021
Account Number: 2000053917287
SWIFT: PNBPUS33
According to different sources Sean Morrison allegedly attempted defrauding clients in Canada & USA and it seems he plans The Sting very soon globally as well. Any additional positive & negative information on Sean Morrison (dubious) financial enterprises are welcome and much appreciateddont let fall others into the same mouse trap by being silent.
0 comments