Accelerated Lending Group

Accelerated Lending Group, Inc Sean Morrison ALGI Sean Michael Morrison Due Diligence Fee Scam Palm Beach Gardens, Florida

8th of Jun, 2011 by User544673

I can provide all documents, emails and phone calls from him. He is a con-artist. I paid him $14,700 to get me a 100% funded loan to build self storage units. He promised me a full loan or a refund. I got all my docs to him and he asked me for an additional $38,500 for a feasibility report that all other companies charge $5,500 for. So I paid CBRE to get me one for $5,500. He promised me all fees up front were paid and I would be out not another dime. That changed real quick but I have all his emails and documents saying he would cover it. All of this took 3 months to find out before he told me I needed anything else. I was willing to pay for what ever it took but he kept trying to get more without providing a loan. He has a criminal history. He was arrested 4 times, and has published more than 21 web sites under different names. He uses other aliases too. His whole family is in on his ALGI crap making it seem as if he has other partners with other businesses. He isn't a real professional. Swears non-stop and fights. You can never reach him on the phone. His company tells you he is on the phone and he will tell you he was in the hospital. He has medical issues and uses that as an excuse. He has a drug addiction too. I got an SBA loan no thanks to him and now have my business. He tried to tell me it was because I had no money and wasn't willing to do anything but I did. ALL WITHOUT HIM and he refuses to refund my money. I turned him in to the FBI, BBB, State Attorney General in FL, the FTC, FL State Financial and a couple others. I also filed a police report on him. All of which he isn't willing to work with. They had to serve him papers. DON'T PAY HIM UNTIL YOU TALK TO ME!!!!

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4689 days ago by Accelerated Lending Group, Inc

I am only addressing this to point out the fact that people are accusing financial professionals of being scams and it could not be any further from the truth.
Regarding the alleged drug use, I do not use drugs.
Regarding the alleged arrests and felony- I have never been convicted of a felony and the only convictions I have are reckless driving.
I have owned the company for 4.5 years. Visit www.justia.gov- type in my name or firm- the only litigation regarding myself was a case where I was forced to sue an ex employer for nonpayment and a case I ultimately won. The FBI, Florida Office of Financial Regulation, attorneys or any other regulatory body have never sent my firm anything regarding any complaints.
Regarding the hospital- 4/19, Palm Beach Gardens Medical Center (ER) - saw Doctors R.S. McFarland and Neis S. Ozar. 4/29-Saw Dr. Jyoti B. Mohanty. 5/6- ER again. Saw Doctors Da Huh Le, Sion W. Carter, Richard J. Price and Manuel G. Martorell. 5/11- ER again. Saw Doctors Brian J. Young and Jaime T. Snarski. Diagnosis was heart palpitations, hypertension, shortness of breath, profuse perspiration, heart pains and chest pains. Let me tell you how much fun that was. Thankfully I now have a clean bill of health.
An LOI was issued to the client on February 4 for a loan amount of 4.1M dollars with an expiration date of 2/18. Payment was received on 2/22, four days after the proposal expired. Mr. Trahan initially sent documents to my firm on February 3, 2011 at 3:01pm. Additional documents were submitted on February 15, 18, 21, 23, March 8, 17, 21, 22, 27, 31 and April 5. Client become confrontational with threats and asked for a refund on April 7. On April 26, a purchase contract was submitted (over 60 days after payment was received)-it was executed on 3/28 and expired on 4/25, the day before my firm received it. May 4, the client claimed they hired an attorney to sue my firm. On May 5, the client asked for a proposal to give to the seller. Also on May 5, the client began posting false claims online.
The loan did not close for the following reasons-in 2008, client made $19, 966 per tax returns, 2009 was $10, 883 and 2010 client reported $18, 557. Client’s personal financial statement showed cash of $1, 500 and credit card debt of $11, 119. No ability to repay 4.1M per tax returns and personal financial statement. No executed construction quotes or agreements were provided, no permits or approvals to build from the city, no business plan, no appraisal, no feasibility study/viability report, no customers, no potential customers or marketing plan-absolutely zero ability to repay 4 plus millions dollars. In short, the client paid my firm a fee to get a loan for him and he simply did not qualify due to an inability to repay and no confirmed exit strategy. All of these documents were requested per the LOI and the client knew this yet still executed our proposal knowing he was not able to satisfy the terms, not the fault of ALGI that the client made false claims of being able to provide this information. The client has no documentation to support his claim and these posts are blatant libel and defamation.
The majority of clients I speak to claim they have been ripped off or scammed. I am sure that there are scammers out there but as a client you must understand- millions of dollars are not given away for free. If you cannot show an ability to repay a loan, you will not receive one. This goes the same for a car note, residential mortgage, or any other loan. The days of giving away free money are over- hence the repercussions of it happening in the past and the global recession we are now in. I will not address this or any other complaint publicly again but the facts must be brought to light for the sake of myself, my family and my company. If you have a real project with a verifiable exit strategy you can contact me at [email protected].