TravellingMan
New Member
Promissory Note (Potential Identity Theft/Fraud Case) Part 1
In late June of 2002, I was approached by my former colleague and friend who presented me with a business opportunity. The opportunity, as explained by my friend, would enable me to build my credit history and earn some money at the same time. He informed me that he had a friend who helps associates of hers, who work at different financial lending institutions, meet their lending goals so that they can earn bonuses and promotions. What she does is have people give her their complete name, date of birth and social security # and gives it to her associate, who is the Branch Manager of a financial lending institution in CA, to see if they are eligible to take out a loan. If they aren't, she tells them to find someone who has good credit that can cosign for them and to communicate with her when they find someone who will. If they are, she then has the person take out loans and then sign them over to her. She in turn provides the person with a signed promissory note agreement and subsequently a money wire, which comes from the bonuses that her associates are given for doing the loans. Because I am interested in buying home within the next two years, I thought this would be a great opportunity to better my credit history. Their appeared to be no risk involved because of the trust I had in my friend's better judgment, as he affirmed to me that he had already taken advantage of this opportunity with his female friend. He informed me that I would have to provide him with my complete name, date of birth, and social security # in order to proceed. I provided him with the information he requested of me. A few days went by and I was informed that I had been qualified to take out loans and that I had to go with my friend and his female friend to take out each of these loans. Over a period of approximately a week, I met with my friend and his female friend, who transported me to several financial lending institutions, where I would walk in with my friend, complete already prepared documentation, sign promissory notes and receive checks that I would then sign the back of, write my Driver License information on the back of, and then hand them over to his female friend. At the completion of the final loan, his female friend provided me with a signed promissory note agreement (see attached) and informed me that $7,500 would be wired to me, from the bonuses her associates received, within a period of 2 weeks. She informed me that once I received it, I was supposed to keep $2,000, withdraw $5,500 and give that to my friend who would split it with her and two other people. I asked her why, and she said that was how she paid my friend for referring me, the two other people for referring my friend, and how she received her bonus. She also encouraged me to refer friends of mine to her that had good credit and that I in turn could earn money for those that I referred to her who took advantage of the opportunity as I had. Some time surpassed and my friend informed me that the $7,500 was wired to my checking account. I complied with his female friend's instructions. I went to my bank with my friend, withdrew $5,500 in cash, and handed it over to my friend. My friend signed a paper as record of having received the $5,500 from me and informed me that he would make sure that his female friend, and his two friends received their share of the bonuses. A day, or two went by and he communicated to me that he kept $2,500 for himself and gave an envelope with $3,000 to one of his two friends, who kept $2,000 and gave his female friend $1,000 per the agreement they had. As time surpassed, I eventually received my loan invoices for the 1st payment for most of the loans. I communicated with my friend and arranged a time to give them to him, so that he could give them to his female friend, who according to the signed promissory note agreement was supposed to make payments on them. Time surpassed and the date in which each of those loans were supposed to be paid by passed. I learned of this by the several phone calls and letters I received from different financial lenders questioning me as to why they had not yet received my payments. I immediately contacted my friend and asked him why my payments had not been paid and he informed me that he didn't know and that he would find out and have his female friend take care of them. More time passed, I again asked my friend why my payments had not been made and he said that he had spoken to his female friend and that she said would take care of them. He said that his female friend had said for me to calm down, not to worry, that she has 30 days from the date they were due to make a payment before any of them would be recorded on my credit report as late payments or defaults. More time surpassed, and without any payments having been made, I went to the place of employment of one of his female friend's associates, who I happened to mutually know of, and acquired a contact number for his female friend. I communicated with his female friend and she informed me that the reason why she hadn't made any payments on my loans was because my friend never provided her with any of my loan invoices. I communicated with my friend and he informed me that he was too busy and hadn't had an opportunity to provide them to her, but that he would meet with me, give them back to me for me to provide them to her with. I subsequently met with my friend, picked up my loan invoices and then communicated with his female friend to arrange a time where we could meet so that I could give them to her. A meeting was set. I met with her and provided them to her. She said that she would see to it that each financial lending institution listed on the invoices would receive the payment that is due. Time surpassed and none of the financial lenders had yet received their 1st payment. I communicated with his female friend and asked her why she had not made the payments as she said she would. She made excuse after excuse as to why she didn't have an opportunity to make a payment on each of my loans. I asked her if she would complete checks for each loan payment, place them in the appropriate payment envelopes and meet with me, so that I could pick up the envelopes and physically drop off the payments myself. After a lengthy discussion, she agreed. We soon thereafter met and I picked up the envelopes with what I believed to be the appropriate payments enclosed. She did not include the payment for one of the financial lending institutions and informed me that she would make a double payment with them since she had to meet with her associate the Branch Manager to have him run credit reports on people who had given her their contact info to see if they qualify to participate in the opportunity. I asked her "How can he run people's credit reports without their permission." She said "He runs the credit report of the people I bring him, that are interested in the opportunity, and if they don't qualify or participate in the opportunity he has the inquiry deleted from their report through a contact that he has." I walked away from that meeting with speculation about her and the opportunity I had elected to participate in. I was concerned that it was a scam. As such, right after I met with her, I took each payment to its' appropriate office to turn in. Unfortunately, many of them were closed, so I placed the appropriate payment under the door of each appropriate office. I mentioned to my friend my concern regarding the opportunity and he said that I was too sensitive and that I needed to just loosen up and not worry. He said that she had already given me the 1st payments and that if this was a scam she wouldn't have done that, she would have just ran away with the money I signed over to her. He again reaffirmed that he had already taken advantage of this opportunity with his female friend and that everything went smoothly. Time surpassed and each of the 1st payments that I had placed under the office doors was recorded and subsequently cleared. His female friend made a payment of $400 to the loan that I took out at the particular financial lending institution and her associate, the Branch Manager, subsequently recorded it as the 1st and 2nd payments with any overage applying to the next payment. My concern for this opportunity being a scam disappeared and my trust was restored.
See part 2 for the rest of the story.
In late June of 2002, I was approached by my former colleague and friend who presented me with a business opportunity. The opportunity, as explained by my friend, would enable me to build my credit history and earn some money at the same time. He informed me that he had a friend who helps associates of hers, who work at different financial lending institutions, meet their lending goals so that they can earn bonuses and promotions. What she does is have people give her their complete name, date of birth and social security # and gives it to her associate, who is the Branch Manager of a financial lending institution in CA, to see if they are eligible to take out a loan. If they aren't, she tells them to find someone who has good credit that can cosign for them and to communicate with her when they find someone who will. If they are, she then has the person take out loans and then sign them over to her. She in turn provides the person with a signed promissory note agreement and subsequently a money wire, which comes from the bonuses that her associates are given for doing the loans. Because I am interested in buying home within the next two years, I thought this would be a great opportunity to better my credit history. Their appeared to be no risk involved because of the trust I had in my friend's better judgment, as he affirmed to me that he had already taken advantage of this opportunity with his female friend. He informed me that I would have to provide him with my complete name, date of birth, and social security # in order to proceed. I provided him with the information he requested of me. A few days went by and I was informed that I had been qualified to take out loans and that I had to go with my friend and his female friend to take out each of these loans. Over a period of approximately a week, I met with my friend and his female friend, who transported me to several financial lending institutions, where I would walk in with my friend, complete already prepared documentation, sign promissory notes and receive checks that I would then sign the back of, write my Driver License information on the back of, and then hand them over to his female friend. At the completion of the final loan, his female friend provided me with a signed promissory note agreement (see attached) and informed me that $7,500 would be wired to me, from the bonuses her associates received, within a period of 2 weeks. She informed me that once I received it, I was supposed to keep $2,000, withdraw $5,500 and give that to my friend who would split it with her and two other people. I asked her why, and she said that was how she paid my friend for referring me, the two other people for referring my friend, and how she received her bonus. She also encouraged me to refer friends of mine to her that had good credit and that I in turn could earn money for those that I referred to her who took advantage of the opportunity as I had. Some time surpassed and my friend informed me that the $7,500 was wired to my checking account. I complied with his female friend's instructions. I went to my bank with my friend, withdrew $5,500 in cash, and handed it over to my friend. My friend signed a paper as record of having received the $5,500 from me and informed me that he would make sure that his female friend, and his two friends received their share of the bonuses. A day, or two went by and he communicated to me that he kept $2,500 for himself and gave an envelope with $3,000 to one of his two friends, who kept $2,000 and gave his female friend $1,000 per the agreement they had. As time surpassed, I eventually received my loan invoices for the 1st payment for most of the loans. I communicated with my friend and arranged a time to give them to him, so that he could give them to his female friend, who according to the signed promissory note agreement was supposed to make payments on them. Time surpassed and the date in which each of those loans were supposed to be paid by passed. I learned of this by the several phone calls and letters I received from different financial lenders questioning me as to why they had not yet received my payments. I immediately contacted my friend and asked him why my payments had not been paid and he informed me that he didn't know and that he would find out and have his female friend take care of them. More time passed, I again asked my friend why my payments had not been made and he said that he had spoken to his female friend and that she said would take care of them. He said that his female friend had said for me to calm down, not to worry, that she has 30 days from the date they were due to make a payment before any of them would be recorded on my credit report as late payments or defaults. More time surpassed, and without any payments having been made, I went to the place of employment of one of his female friend's associates, who I happened to mutually know of, and acquired a contact number for his female friend. I communicated with his female friend and she informed me that the reason why she hadn't made any payments on my loans was because my friend never provided her with any of my loan invoices. I communicated with my friend and he informed me that he was too busy and hadn't had an opportunity to provide them to her, but that he would meet with me, give them back to me for me to provide them to her with. I subsequently met with my friend, picked up my loan invoices and then communicated with his female friend to arrange a time where we could meet so that I could give them to her. A meeting was set. I met with her and provided them to her. She said that she would see to it that each financial lending institution listed on the invoices would receive the payment that is due. Time surpassed and none of the financial lenders had yet received their 1st payment. I communicated with his female friend and asked her why she had not made the payments as she said she would. She made excuse after excuse as to why she didn't have an opportunity to make a payment on each of my loans. I asked her if she would complete checks for each loan payment, place them in the appropriate payment envelopes and meet with me, so that I could pick up the envelopes and physically drop off the payments myself. After a lengthy discussion, she agreed. We soon thereafter met and I picked up the envelopes with what I believed to be the appropriate payments enclosed. She did not include the payment for one of the financial lending institutions and informed me that she would make a double payment with them since she had to meet with her associate the Branch Manager to have him run credit reports on people who had given her their contact info to see if they qualify to participate in the opportunity. I asked her "How can he run people's credit reports without their permission." She said "He runs the credit report of the people I bring him, that are interested in the opportunity, and if they don't qualify or participate in the opportunity he has the inquiry deleted from their report through a contact that he has." I walked away from that meeting with speculation about her and the opportunity I had elected to participate in. I was concerned that it was a scam. As such, right after I met with her, I took each payment to its' appropriate office to turn in. Unfortunately, many of them were closed, so I placed the appropriate payment under the door of each appropriate office. I mentioned to my friend my concern regarding the opportunity and he said that I was too sensitive and that I needed to just loosen up and not worry. He said that she had already given me the 1st payments and that if this was a scam she wouldn't have done that, she would have just ran away with the money I signed over to her. He again reaffirmed that he had already taken advantage of this opportunity with his female friend and that everything went smoothly. Time surpassed and each of the 1st payments that I had placed under the office doors was recorded and subsequently cleared. His female friend made a payment of $400 to the loan that I took out at the particular financial lending institution and her associate, the Branch Manager, subsequently recorded it as the 1st and 2nd payments with any overage applying to the next payment. My concern for this opportunity being a scam disappeared and my trust was restored.
See part 2 for the rest of the story.
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