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|Scam Reporter||Scam Tips Received|
Business Venture Scam
Other Payment Site
|+2 Curstyn Duquesne Hudson|
The Hudsons appear to use a registered South African wholesale business to embezzle investment solicited from investors or skim significant proportions of the revenue generated from that investment.
Initially, they will claim that they have encountered some problems with their accounting systems which prevents them from providing the investor an official record of their trading history or annual profit/loss status but will insist that they have the figures written down and can provide them verbally.
In the case of an overseas investor, they will claim that visibility of the business bank balance can only be granted in person at their bank. In other words, an overseas investor would have no visibility whatsoever over the business' operations and accounting. They will promise an overseas investor that the situation is currently being resolved and in a bid to gain that investor's confidence, suggest that the investor inject a small proportion of the investment directly into the purchasing of the business' stock from their suppliers whilst the remaining larger proportion of the investment is placed directly in the business' bank balance to cover the handling and re-sale of the purchased stock.
Using a small proportion of the investment, their business will trade lightly from time to time to keep up the appearance of legitimacy. Whilst soliciting more investment from the investor under false pretences of legitimate trade, The Hudsons will make excuses that allow them to continue to deny the investor visibility of the business bank balance. The Hudsons embezzle the business' capital either through direct expenditure on personal benefits, transfer of business capital to personal accounts or by skimming of revenue (i.e. fraud, by embezzlement or skimming). This act of fraud comes to light when the business finds itself unable to cover small costs that it should otherwise be able to cover with ease. It also comes to light if the business finds itself in debt with its suppliers inexplicably.
When dealing with a local investor who demands immediate visibility of the business accounts, they will use the investment to perform legitimate trade but will skim a significant proportion of, or even all of, the revenue by redirection of it into a personal account (i.e. fraud, by skimming). This act of fraud comes to light when the business' capital becomes suspiciously, and inexplicably, low.
When confronted with their fraudulent acts, The Hudsons will deny the allegations even in the face of clear proof. When threatened with escalation, The Hudsons will try to cease contact with the investor. If the investor begins to act upon his threat, such as reporting them to the business community, they will sometimes attempt to coerce the investor into an unfavourable "buy out" agreement. In particular, they will attempt to use a part of their embezzled or skimmed capital, or whatever remaining business capital there is, to "buy out" the investor. If the investor does not succumb to the coercion or requests a fair "buy out" resolution, they will falsify claims about having already bought out the investor and then will cease contact with that investor altogether.
My case: http://www.evernote.com/l/AaQCz0YNMoROxYxCJgi8MyvR1vb0AHNOTY8/
|Anonymous () Added the following extra information on :2015-07-20 20:12:09|
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|Charles Murphy (GB) Added the following extra information on :2015-02-15 12:36:50|