Invested $26,024 cash in August 2008 and then signed for $27,802.32 in student loan money in October 2008. Have not seen a penny since that time.
Hon has swindled $80,000 from two investors that I am aware of. Makes promises that he has sole distribution rights to a patent pending high efficiency lighting product but all he has is a Letter of Intent. Nothing that qualifies as a bona-fide business arrangement with revenue generating possibilities.
Synopsis:
I met this guy when I was shopping banks looking for the down payment on a car. He was the assistant manager at the branch in charge of business development. He recommended that I invest in his new venture instead of starting the car rental agency. He had locked up a sole source deal with a factory in China for energy efficient electronic ballasts and all he needed was some small start up money of $25,000. We met a few times and he realized that he needed about $50,000. Introduced me to a college kid named Walter who was the son of one of his friends, whom also wanted to invest as well. Hon and Walter hatched up a plan whereby Walter would obtain a Sallie Mae Student Loan (Tuition Answer Loan) and use that money to help fund the start-up of the company. I am the co-signor of this loan. Hon assured us that this was a slam dunk since everything was locked up and that we would see returns within 3 months.
I find out later that he pressured Walter into investing $25,000 cash in addition to the loan. The agreement with the factory was never secured, it was only an intent letter. Hon quit his job to focus on this project. The money invested was all spent in 4 months on a used high-end Mercedes-Benz, dinners, trips to China, high end office in Downtown LA, $8,000 monthly salary for himself, child support, living expenses.... you get the idea. Also left me holding the bag on business cards for $300, Craigslist ads totalling $200, hotel charges for $800. I have not seen any profits and received another email from him several months ago stating that he was close to securing a large investor.....again.
Previous Employer:
National Bank of California
520 N Brand Blvd, Suite 175
Glendale, CA 91203
(818) 240-4550
Internet Profile:
http://www.linkedin.com/pub/poebus-hon/7/bb3/8a0
Last known address:
Marengo Avenue, Pasadena, CA
