Complaint information
  • Author: Kevin
  • Date: 02.15.2008
  • 0
 (Votes #: 0)

Captial Source Financial Inc. - Complaints / Reviews / Scam Reports
Captial Source Financial internet fraud via potential loan

This is a Complaint / Review about Captial Source Financial Inc..

On 02/04/2008, I received via email a preliminary loan solicitation, which I completed in order to consolidate and eliminate my debts. On 02/05/2008, I received 2 indentical responses from the same company, Capital Sources Financial Inc., 866-699-3089, from Miss Gloria Spencer ext. 118, and a duplicate from Sherry Miller ext. 423. Both emails stated that after extensive review that was approved for a loan in the amount of $20,000.00. My immediate attention was required in order to maintain the priority of my approval. I contacted Miss Spencer, who informed me that her company, Capital Source Financial Inc, was a third party online brokerage company, that paired people with poor credit to investors willing to provide these loans. She informed me that Mr. Scott Lawrence Barron was one of these investors. Miss Spencer explained to me that this would be a:

Term: 6 years
Annual Percentage Rate: 9.25% and Monthly Payments: 365.22. Miss Spencer , also informed me, that a security payment in the amount of $1460.88 was required for the loan, and that after 4 months this security payment would be returned to me, and my first payment of $365.22 would not be due till July 2008. I told Miss Spencer that I would have to get back to her the next day, Wednesday, 02/06/2008, in order to obtain the funds, by borrowing from friends and/or relatives. On Wednesday, 02/06/2008, I was able to obtain committments from a friend and a relative for $1500.00, and at 4:47 PM EST, I phoned Miss Spencer and told her I wanted to go through with the loan. Previously, at 11:19 A M EST, I had received a copy of the loan documents for my review.

After I had told Miss Spencer, that it was a go, she informed me that I needed to scan the signed loan documents, proof of ID (my driver's license and Social Security card)and Bank Account number (voided check). I was able to complete these tasks at 5:38 P M EST, and called Miss Spencer at 5:40 P M EST to tell her that all of the documents and and required proofs of ID, residency, Driver's license and voided check were scanned and emailed back to her, There was no answer, so I left a voice mail. At 5:54 P M EST, I spoke with Miss Spencer, and confirmed receipt of all emailed items. It was at this time that I asked Miss Spencer,to email or call me, if there was anything wrong with the scanned documentation and attachments, that she was to call or email me.

It was at this time that Miss Spencer informed me, that the wiring instructions, via MoneyGram were going to be sent to me that night. Miss Spencer, said to me, that I was to call her before and after, I was to wire the funds ($1460.88). On 02/07/2008, at 8:39 A M EST, I called Miss Spencer asking for the wire instructions I had not yet received. She informed me that she would find out when the instructions were going to be sent to me, I received the instructions at 9:45 AM EST. The $1460.88 was to be wired, via MoneyGram, to Scott Barron, destination: New York, NY. Miss Spencer requested that I call her before and after I wired the funds. I wired the funds at 10:19 AM EST (ref#72100381) at a cost of $75.00, which was supposed to be returned to me. At 10:25 AM EST, I called Miss Spencer, giving her the reference # and told her that I had scanned and emailed her ([email protected])a copy of the MoneyGram receipt.

Miss Spencer informed me, that after the funds are wired , it takes 24 Hours before the funds are deposited into my account. At 1:47 PM EST, I called Miss Spencer for an update, that she had received the scanned copy of the MoneyGram receipt and that there were no problems. Miss Spencer informed me that MoneyGram had randomly put a hold on my wire transfer, "that this happens every so often" and that I had to call MoneyGram to have the hold remove. I called MoneyGram and had the hold removed and called Miss Spencer and informed her. Miss Spencer informed me that she would call me back within 5 minutes to inform me if the funds had cleared.

At 2:34 PM EST, after not receiving a call from Miss Spencer, I called her and she informed me that the funds ($1460.88) had cleared. She informed me that my funds ($20,000) would be 24 hours later, 2:00 PM EST, Friday, 2/8/2008. On Friday, 2/8/2008, I began checking my account to see if the funds were deposited, at 11:21 AM EST, I called Miss Spencer, to ensure everything was still a go, and someone else picked up her phone, and informed me that Miss Spencer was stuck in traffic and would not be in the office for an hour. Miss Spencer returned my messages at 1:08 PM EST, and informed me that the deposit of $20,000 was in probos (problem with transaction) and she had to find out why. At 1:50 PM EST, Miss Spencer called me and said that the account was in probos, because the wrong contract had been sent to Scott Barron and that his contract said that I was an existing client, not a new one. New clients receive an interest rate of 19.25%, I informed Miss Spencer, that if that was the case, the deal was off. She told me that she was going to have a conference call with Mr. Barron, herself and her supervisor to discuss this situation, and that she would call me with the results of this call.

At 3:34 PM EST, I began leaving messages on Miss Spencer's voice mail, as to the results of the call, and at 4:36 PM EST, Miss Spencer returned my messages, and informed me that after discussions with Mr Barron, I would be able to keep the 9.25%, if I wired an additional $500.00, to be added to the security deposit. After contacting my parents, I was able to obtain the $500.00, but I would have to go out to Long Island, pick up the money and find a MoneyGram office, in order to wire the funds. At 4:45 PM EST, I informed Miss Spencer of this, and she informed me that she would stay in the office til 8:00PM EST. I was able to get to Long Island and wire the funds via MoneyGram (ref#43111129) by 7:26 PM EST. I immediately called Miss Spencer, and informed her that the wire transfer was complete, I gave her the reference# and told her that I faxed a copy of the receipt to her.

Miss Spencer informed me that because of the mix up she would ensure that the funds would be in my account, within 8 hours. The next morning, Saturday, 2/9/2008, I called my bank, and nothing was deposited, I tried all weekend with the same result. On Monday, 2/11/2008, I tried the bank again with the same result, I left 7 voice mail messages with Miss Spencer, to no avail. At 12:12 PM EST, I received an email from Miss Samantha Gordan, from the processing dept. who informed me that Miss Spencer had an emergency and would not be in until Monday, 2/25/2008, and that, and that she was going to take care of my account. She also informed me that since she was in the processing dept, she was unable to make phone calls to clients. Miss Gordan informed me that due to unpaid administrative fees, totalling $386.00, the funds could not be transferred. I explained to Miss Gordan, that these fees were never explained to me, she said that they were explained to me at the beginning of all of this and that they had it on tape and that it was checked off on Miss Spencer's checklist. She also told me that even if I want to back out of the loan, I still had to pay the $386.00 to get the already paid funds back. I was able to obtain these funds and wired them via MoneyGram (ref#36612151) to Miss Gordan's attention at 4:32 PM EST.

I emailed Miss Gordan the reference# and faxed (212-918-9265)her a copy of the MoneyGram receipt. Miss Gordan emailed me that the funds would be available after 11:00 PM EST, Monday. The next day, I checked with my bank, and there was no deposit. Throughout the day I emailed Miss Gordan to no avail. I called the main # of the company repeatedly, and finally got the receptionist, Miss Krystal Stewart, who gave me the names of 2 supervisors and their extensions: Mike Keebler ext: 661 and Angela Lewis ext: 521. I called these extensions and they were not valid. My wife, stepdaughter and myself left voice mails on the extensions that we knew were valid, and Miss Sherry Miller returned our call with an Atlantic city area code that came up on our caller ID 347-562-2648. Miss lewis asked who she was speaking with, she heard it was me and put me on hold and the phone hung up. I have not had any sort of contact with anyone of this company since.

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Complaint author: Kevin

Offender: Captial Source Financial Inc.

Country: USA
State: Illinois
City: Chicago
Address: 1209 North Ashland Ave
Phone: 8666993089

Category: Business & Finance

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