Have Legal Questions? Ask a Lawyer Now.
This question is to kattorney. I was referred by a contact to the following person/company: XXXXXX XXXXXXXXX CEO/Chairman XXXXXXX XXXXXXXX XXXXXX XXXXX XX Postal Address: XX X.X XXX, XXXXXXX XXX Code XXX-XXXXXXXX Telex Code: 1034DCCU IGBS System Phone: (XXX) XX XX XX XX Toll Free Phone: (XXX) XXX XXXXXXXXX Fax: (XXX) XX XX XX XX E-mail:XXX@XXXXXX.XXX orXXX@XXXXXX.XXX http://XXXXXXXXXXXXXXXXX.XXXXXXXX.XXX/ Central Address: X/XXX XXXXXXXXXXX, XXXXXXXX, XXXXXXXXX Premier Instance Tribunal as Court of Registration RC 09B5166 He is offering a Standby Letter of Credit fully cash or Blocked Assets Funds. Although his business is described on his website, if necessary I can give you the description he submitted to me. 1. Can you detect whether this company has been involved in any scams? 2. If you do not detect any, what level of certainty do you feel your answer will reflect? Regards
I have been unable to locate any information regarding this company that tells me whether it is legitimate or a scam, but the US State Dept cautions any US located person to get involved with any company originating in any of the African nations and in particular any company that requests that you accept a check or a wire transfer from them and then asks you to turn around and wire some of those funds to another company affiliated with them in order to pay for the "investment" because within a few months of the check being deposited in a bank or the wire transfer clearance date, either the check will bounce or the wire transfer will be stopped and if you have sent out money based on the expectation that the check or wire transfer will clear the bank then you will be out your money. That is the heart of the scam.
I picked up this question because it was addressed to "attorney" and has been sitting on the open question board for more than 7 hours waiting for an attorney to answer. If you had some specific attorney in mind that you wanted to answer this question then if you can be clearer on the name of the attorney I will see if the question can be transferred to that attorney or I will put you in touch with customer service if it is determined that the attorney is not online any longer or in this category any longer.
Please press the 3rd 4th or 5th smile face below so I will be paid for my time. I am paid NOTHING unless you press the 3rd, 4th or 5th smile face underneath this ANSWER box below. Pressing a positive rating below will NOT cost you any additional money -- it simply acts as a trigger to Just Answer to pay me for my time this evening. THANK YOU
I did have a specific attorney in mind.
This is the reason why I waited long to view your answer.
I did request JustAnswer to inform you of this.
The profile of the attorney I have been looking for can be found here http://www.justanswer.com/profile.aspx?PF=50298765&FID=7751
This profile only refers to him as "kattorney".
I can see that his last visit to the JustAnswer website was thursday.
I assume that he did not see my question because it was being serviced by you?
Although I appreciate it, your answer is much to general for me to use.
I indicated specifically what Samuel is offering me.
I need an attorney who can do serious due diligence on this person and his company. In addition it will be very useful if this attorney is very knowledgeable about Standby Letter of Credit procedures which are not trade related.
1. I assume that kattorney did not see my question because it was being serviced by you?
2. Can you turn it over to him?
3. What do I have to do about your payment when you hand my question over?
I do not know which attorney you are referring to and you should ask customer service to refer you to him. I will take myself off this question and put it back on the board in case the attorney will see it (it was on the board for more than 7 hours before that)
In my original question I give as much information as I could about the company and its CEO of whom I want an accurate background check .
However, I see that JustAnswer has edited my question so extensively it is now useless.
Do you think so?
I want to make a loan offer to a potential client.
I submitted my term sheet including a description of the collateral to company X who deals in bank instruments.
They told me they are RWA to fund it on the basis of a SBLC fully cash thru their support US bank.
In order for them to commit I am required to send them my letter of intent in my company letter head and return it for study and due approval.
They will then issue proof of funds and its verifications will be done using normal confirmations (MT760?), to serve as letter of credibility for me to forward to my client.
The cost for the assets cash blocking is €100,000 and for the account of the beneficiary name of the issuance. It has to be paid within 48 hours after confirmation.
They tell me if the loan funding is awarded to me, the funds cash assets will be blocked in my clients projects beneficiary details and I will have the comfort of a signed contract for the project with my client who will commit security directly to me (frankly I am not sure why).
Within 72 hours after confirmation by my client the funds can beavailable to him.
It seems to me that the economic rationale for this transaction is present because I have a potential client who is willing to give collateral and company X seems to have an investor who agrees with the term sheet and is willing to invest. Company X is also offering to perform using international bank procedures.
I anticipate that if this is a scam, it must come in the form of one or more clause in for example the MT760 which make it impossible to collect the cash needed for the loan. For me to avoid being scammed this way I simply have to work with a very seasoned lawyer/expert, who under ideal conditions should participate in the risk of funding the cost of issuing the blocked assets.
Another point that is unclear for me is if company's X offer is legitimate, am I expected to take the SBLC they arranged to my local bank to get a line of credit against it?
Why would the lender behind the SBLC allow my client (the borrower) commit the collateral to me?
I want to make sure I am not discarding a good deal.
After serious consideration, are you sure its a scam?
I apologize for not noticing that the country of origin is Philippines. I am not from there, and I don't know beans about international financing; however, this loan procedure sounds incredibly complicated. Do you fully understand it? I don't. It appears that you are either brokering a loan, or borrowing money to loan out. I can't tell which because every step of the procedure you mention sounds like double talk to me. But then again, international lending is not my business. Are there mega millions of dollars and multiple funding sources involved to warrant this kind of complexity.
All scams at some point will require you to pay money in anticipation of receiving something that sounds so terrific that you wouldn't hesitate to send the cash. That's the hook in every scam. You mention a 100,000 up front fee. How much is that in dollars? TO ME, ANY UP FRONT FEE LIKE YOU DESCRIBE IS A GIANT RED FLAG.
You say: "For me to avoid being scammed this way I simply have to work with a very seasoned lawyer/expert, who under ideal conditions should participate in the risk of funding the cost of issuing the blocked assets." I agree 100%. Before you send $1.00 to anyone, take this whole deal to a senior commercial loan officer at a large local bank in your area. I urge you to ask many questions, as you have here until you can say that you understand everything about this loan procedure. Be very careful and investigate thoroughly.I hope this information is helpful and that you will enter a positive rating. I thank you for submitting your question to Pearl-Just Answer. We appreciate your business. If you need clarification or additional information, please send me a Reply and I will be happy to explain further. Please consult a local attorney to verify the accuracy of this information according to your state's laws.
Yes, I am evaluating brokering a deal.
No, they are not charging any up front fee since I indicated it is only payable upon confirmation of the blocked funds by the borrower.
You admit that this topic is not your area of expertise.
So you cannot give me a clear answer on whether this is likely a scam.
The most useful suggestion you give was how to formulate my question in a general way. For this reason I can give a ok rating. Then I will repost my question in this manner.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).