Watch out world, Fred Steinberg, is at it again... Steinberg formerly ran several companies in Florida and was a defendant in a number of investor lawsuits. His company is now bankrupt and investors claim they were defrauded and vendors have been stiffed. His criminal record includes three arrests for grand theft and one in which he was charged with a scheme to defraud.in 2004 he was charged with racketeering. His short-lived GovCom group was just another incarnation of the Dynetech B2G Institute and now he's left those clients high and dry. So here he goes again with GovSmart Acquisitions. We're not sure what the business model is yet but with Steinberg attached you can bet it's going to be a smart move to stay as far away as possible. Here's a few links about Fred you might find interesting... Http://www.whnt.com/news/takingaction/whnt-b2g-hidden-camera-investigation, 0,6269014. Story http://www.sandiego6.com/mostpopular/story/B2G-Get-Rich-Scheme-Targets-San-Diego-Business/naLrwamJG0yVGJpNkBaAfg. Cspx http://usacomplaints.com/Bait-and-Switch/B2G/b2g-lead-us-on-we-are-disable-5ef4a.htm http://cases. Justia.com/us-court-of-appeals/F2/551/510/43536/ See B2G Institute, Dynetech, Telligenix, GovCom Group, American Cash Flow seminars, mymediaworks.com, Creative Capital something else I found online about Fred Steinberg. Hold onto your wallets! Cape Coral: Businessman back in bankruptcy court - Published on: 6/29 Last Visited: 6/29 Fred Steinberg now teaches about money... Fred Steinberg made a lot of headlines in 1996 when his Cape Coral construction company went bankrupt and dozens of angry customers wanted him jailed. He's now going through the same thing again with a second business he started in the Cape. But neither the bankruptcies nor the outrage are stopping Steinberg, 53, from traveling the country as a self-styled financial whiz who teaches others how to improve their cash flow. "I have to work, " Steinberg said..."That sounds like good old Fred to me, " Robinson says... Not long before that, Steinberg had started Express Business Funding Inc., a "factoring" business designed to make money by buying unpaid receivables from other companies at a discount. The people who invested about $5 million in Express Business Funding and made an 18 percent return on their money until things went sour - now wonder how much they'll get back through the Chapter 11 bankruptcy in Miami. Local investors contacted by The News-Press didn't want to discuss the situation on the record. Some are embarrassed by their losses, which total as much as $1.2 million for one man and $400,000 for another. Others say they don't want to condemn Steinberg publicly, because they fear it may hurt their chances of getting what little of their money they can recover. Court records show, however, that the Express Business Funding bankruptcy case is full of investors accusing Steinberg of concealment and fraud. According to court records and correspondence related to the dispute, some investors believe Steinberg concealed his losses - claiming business was phenomenal - until his debt grew so bad that a bank demanded changes in the company's financial structure and Express' true financial status came to light. Records and correspondence show some investors also claim Steinberg is guilty of theft and fraud for allegedly spending Express Business Funding money on fancy sports cars for himself, airline fares for trips that had nothing to do with company business, attorneys' fees and a Miami Beach condominium they say he claimed was an office. "Those are all allegations, " Steinberg said. "I believe they have been investigated and there have been no charges." Steinberg was charged with fraud when Maxson went under, but the charges were dismissed by a judge, who said the accusations belonged in civil court, not criminal court.investors in Express Business Funding have taken their accusations to the FBI, federal prosecutors, the state Department of Financial Regulation and the state attorney's office. Records show the Department of Financial Regulation was investigating Steinberg as recently as April. But so far, no charges have been filed... When Maxson folded, Steinberg said it was because he lost focus on his business after the death of his son. He says Express landed in Chapter 11 largely because of the economic shock that came after the Sept. 11, terrorist attacks on the United States. "There was never any evidence of wrongdoing, " Steinberg says... Fred Steinberg gave a videotaped deposition on Sept. 12, in one of several lawsuits filed against him. When he was asked whether he told investors years ago that things were fine - when Express had already lost $500,000 - he took the Fifth Amendment on the advice of his attorneys and didn't answer. Steinberg repeatedly took the Fifth Amendment after that and answered many other questions with, "I don't recall." When Express folded, Steinberg closed its doors, sold his home and moved to Florida's east coast, where he now lives in Boca Raton and one more tidbit on Mr. Steinberg. The News-Press: Local & State - Ex-Cape resident hit... - Published on: 8/7 Last Visited: 8/8 Fred Steinberg, the flashy former Cape Coral businessman who teaches others how to get rich despite twice going bankrupt himself, has been charged with racketeering. Steinberg, 54, of Boca Raton, who was president of Maxson Construction Co. And Express Business Funding Inc.in the Cape, was arrested Wednesday in Palm Beach County. He was released on $10,000 bail Thursday and must face the racketeering charge in Lee Circuit Court. The charge revolves around Express Business Funding, whose investors say they lost about $5 million when it went bankrupt in January.information filed in the case says Steinberg sold unregistered securities and never told investors he'd been investigated by the state and signed a consent agreement in which he agreed to stop the illegal activity. Prosecutors say if Steinberg's investors had known the true status of his business, they would have quit investing or withdrawn their investments before losing hundreds of thousands of dollars.
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