|Accelerated Lending Group|
|Accelerated Lending Group Inc. Sean Morrison tried to take me for a due diligence fee of $14,700 and a feasibility report fee of $38,500 but refused t |
|5th of May, 2011 by User659107 |
|Sean Morrison started with me on Feb 22 2011. That's when I paid him my due diligence fee. A month went by before I heard from them again. I called weekly, emailed daily and no replies. I wanted a 100% financing through JV partnering and he said he could do it. After a month of him telling me there was nothing missing from my documents and the loan would go through he said everything I sent him was needing to be redone. A few weeks later he says I pass in house due diligence and he orders a feasibility study that cost $38,500. He originally told me the due diligence fee was covering everything. Then when I got that bill he says there is even more for the appraisal and travel expenses. Then he tells me he can only do 70% of the loan. I told him I needed a 100% loan or a refund and he refused both. Said it was my fault the loan didn't go through at 100% even though I did everything he asked me to. He is always sick and in the hospital but according to Lindsay and the other 1 person he works with he is on the phone or in a meeting. It's all lies though as I found out. He threatens you with vulgar language and is very VERY unprofessional. Hangs up on you, won't let you speak when you get him on the phone. I had to file a complaint with the BBB and also the FL State Attorney Generals office. They told me to file another complaint with the florida financial bureau. His feasibility study group is ADDS and they even think he is on drugs. He has lost investors because of his lack of communication and also drug use. He has felony charges against him in Miami Dade County. Good luck with him. you can contact me via www.crycle.com if you want to. Brian T|
|This was my post but I didn't post it here...I do have more news from Morrison though. He and his company have threatened me over and over again. He has accused me of lying because I got my loan somewhere else after all his garbage and I refused to show him my paperwork. (I wouldn't show him any thing else if I didn't have to but I will soon when I see him in court and it's all documented.) I find it humorous that his "Ken Morrison" works for Fidelity (supposedly) but having worked there myself and having a brother in law work there, find it hard to believe because Fidelity won't let their employees work at any other financial institution and when my brother in law checked the company employee list he wasn't on it. This along with so many other lies leads me to believe this is a nation wide scam with his contacts everywhere trying to make people believe it is real when it isn't. I hope you don't fall for it either.|
|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]
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