• Report: #204676

Complaint Review: A.A. Capital Ventures, LLC-Barry E. Mitchell; Snapshot, - Roger D. Finchum Sr.

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  • Submitted: Sat, August 05, 2006
  • Updated: Wed, January 26, 2011

  • Reported By:Lake Havasu City Arizona
A.A. Capital Ventures, LLC-Barry E. Mitchell; Snapshot, - Roger D. Finchum Sr.
32107 Lindero Canyon Rd. Westlake Village, California U.S.A.

A.A. Capital Ventures, LLC-Barry E. Mitchell; Snapshot, -Roger D. Finchum Sr. ripoff via fraud, lies and deception. Misrepresentation of the investment product and misappropriation of my funds. Westlake Village California

*Consumer Comment: AA Capital Ventures Llc, Chartered Medical, etc, Westlake Village, California - Another Aussie ripped off by Finchum and Mitchell

*REBUTTAL Owner of company: Dealings with Barry Mitchell and Roger Finchum Sr

*UPDATE EX-employee responds: Mr Finchum's past behavior is best predictor of future behavior

*Author of original report: Snappybids-Roger D. Finchum Sr.

*UPDATE EX-employee responds: I've got your info

*Author of original report: A.A. Capital Ventures, LLC-Barry E. Mitchell

*Author of original report: A.A. Capital Ventures, LLC-Barry E. Mitchell

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On 10/07/03 Mr. Barry E. Mitchell phoned me at my residence selling shares of Series A Preferred Stock in a company by the name of Snapshot, Inc. Mr. Mitchell and Roger D. Finchum Sr. were supposedly partners in this company. After listening to the prospectus of Snapshot. Inc., by Mr. Mitchell and his associates, I was lead to believe that this would be a good investment.

On 10/09/03 I invested in stock in Snapshot, Inc.

On 03/14/03 Mr. Finchum Sr. endorsed and deposited my check into a Snapshot Inc. bank account.

On 10/15/03 After a phone conversation with Mr. Mitchell I realized that I was not going to receive the stock shares. I was told by Mr. Mitchell, at this time, that Snapshot had not yet gone public through the IPO process. This was news to me.

Snapshot, Inc. turned out to be a cash cow for these individuals.

After more that 2 years of deception, lies and stall tactics Mr. Finchum Sr. disappeared. Beware Mr. Finchum Sr. is also involved with an internet auction named snappybids.com.

On 06/10/04 I was awarded a court Default Judgment against Mr. Finchum Sr. but, since he is in hiding and on the run, even the State Deputy Director of Securities Regulation can't find him.

I have never received any formal documentation or funds from these individuals. They have refused to communicate with or contact me.

Neither Barry E. Mitchell of A. A. Capital Ventures, LLC nor Roger D. Finchum Sr. is licensed to sell securities. According to the Santa Barbara, CA. Better Business Bureau of the Tri-Counties, website, Mr. Mitchell is now representing himself as being involved in investment banking.

These are the two most dishonest, lying, deceptive swindlers that I have ever had the misfortune to have come in contact with.

Jack
Lake Havasu City, Arizona
U.S.A.

This report was posted on Ripoff Report on 08/05/2006 11:12 AM and is a permanent record located here: http://www.ripoffreport.com/r/AA-Capital-Ventures-LLC-Barry-E-Mitchell-Snapshot-Roger-D-Finchum-Sr/Westlake-Village-California-91361/AA-Capital-Ventures-LLC-Barry-E-Mitchell-Snapshot-Roger-D-Finchum-Sr-ripoff-via-f-204676. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

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REBUTTALS & REPLIES:
0Author 6Consumer 1Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

AA Capital Ventures Llc, Chartered Medical, etc, Westlake Village, California - Another Aussie ripped off by Finchum and Mitchell

AUTHOR: John of Brisbane - (Australia)

George of Sydney, I hope I am not too late. I recommend you do not send Mitchell anymore money. He has been telling me all sorts of misleading things about Chartered Medical for more than a year now and not one deadline has been met.

You will be interested to know that the lawyer who was involved withFinchum on Snapshot and Snappybids, Greg Bartko,was recently convicted in North Carolina of securities fraud, for a separate scheme he was involved in,and is currently in prison awaiting sentencing, which is scheduled for March 2011. Here is an excerpt from the Department of Justice press release:

Atlanta Securities Attorney Convicted of Fraud Scheme and Sale of Unregistered Securities

RALEIGH, NCUnited States Attorney George E.B. Holding announced that in federal court on November 18, 2010, Gregory Bartko, an Atlanta, Georgia securities attorney, was convicted of one count of conspiracy to commit mail fraud, the sale of unregistered securities and money laundering, four counts of mail fraud, and one count of the sale of unregistered securities. The defendant faces a maximum of 90 years' imprisonment on these charges.

A rereading of the Snapshot SEC filings at the time, and the involvement of Bartko and his firm Capstone (which was also involved in the North Carolina case), is very interesting in light of the above case.

So George I would like to get in contact with you to discuss this further in person and also what action to now take.

I was also sold dud shares in Matech, Global Business Services, Snapshot, Snappybids, IPO Partners and then Chartered Medical by Barry Mitchell.I know of other Aussie investors in the same boat. It was all a classic bait and switch exercise. It is time to get justice.

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#2 REBUTTAL Owner of company

Dealings with Barry Mitchell and Roger Finchum Sr

AUTHOR: george - (Australia)

I have also invested good money with both Roger Finchum Sr and Barry Mitchell.

I originally invested in a company called Matech on the recommendation of Barry Mitchell. I invested $15,670. The company is now worth nothing.

I also invested $20,000 into Snappybids, which was a venture setup by Barry Mitchell and Roger Finchum Sr. Sappybids was supposed to file for an IPO, but this never happened. I was promised that my capital would be returned but this never happened. I have lost this total investment.

I was contactd by Barry Mitchell on the 28/10/2010, with another investment, called Chartered Medical. Barry Mitchell and Roger Finchum SR are setting up this new company. They are offering to convert my snappybid shares into Chartered medical shares, because "Roger feels bad that the deal to sell SnappyBids fell through when the prospective buyers filed bankruptcy". But in order to do this, I must first send a token payment of $2000, to Barry Mitchell to  make this happen. 

My correspondence with Barry Mitchell is as follows according to emails:

Original email from Barry Mitchell on the 28/10/2010. His email address is bem@charterdmedical.com

Hi George.Times have been tough lately around the world, and the USA is no different. I have been in this country since April 1967 and have never seen anything like this. Here is an update. The news is not encouraging but there is light at the end of the tunnel and it is not an oncoming truck. 
 
1) Matech. Still trading on the Pink Sheets under the stock symbol MTCH.PK. For all practical purposes the company is out of business. It is such a shame that a company with such unique technology couldn't crack the political wall to make a go of it.
You invested $15,670. I have written off my $60,000 loan to the company and my 5,000,000 shares are worth nothing after the reverse stock splits and non existent value of the stock. 
 
2) SnappyBids. This company is also out of business, but do not despair. There is an elegant solution. Before I ask you to consider a proposal, I want you to do the following. Check on our web site, which has taken us three years and over $1,000,000 to develop. https://www.charteredmedical.com/; Once you have done that, I then want you to look at our tutorial for Electronic Prescriptions. In case you did not know, all doctors in the USA must start using Encrypted Electronic Prescriptions on the 1st January, 2011. If they don't they get penalized with deductions to their Medicaire payments. In addition, the present administration has passed a stimulus bill with about $31 Billion for doctors and about $19 Billion for Hospitals to fully convert over to Electronic Medical Health Records, also starting in January. Chartered Medical is one of only a few companies in the USA tested and able to provide all these services. The potential return over the next three to five years is in the millions of dollars. We have already attracted the interest of VC funds that want a piece of the company as well as a major company interested in a JV with us. The link for the tutorial is https://www.charteredmedical.com/videodemo; We do have a second tutorial for the Electronic Medical Health Records, but it just needs a little polishing up.
 
George, you invested  $20,000 into SnappyBids and have 40,000 shares, which should really be 50,000 shares. What I am proposing to you is a way to convert all those shares into Chartered Medical, even though they are already worth $1.00 per share. In order to accomplish that you would need to send in a token payment of $2,000. For that we will give you 2,000 shares of Chartered Medical, as well as roll over your 50,000 shares of SnappyBids into Chartered Medical at a one to one basis. You would then end up with 52,000 shares of Chartered Medical, Inc. If you desire to do more than that I will accomodate you. We have no desire to go public, but expect to merge or be bought out in the next few years. Our ultimate goal is to have our stock valued at least $5.00 to $10.00 per share.  
 
As a matter of fact, my partner has been in New Hampshire and Massachusettes since last Wednesday. He is just finishing up his meetings with one last Medical Establishment today. In addition we have scheduled meetings coming up in November with a multi-billion dollar corporation in Kentucky.We are in the right place at the right time. Please don't miss out. We don't need your money to develop our web site, but are just trying to find a way to help you save your investment in SnappyBids. It is up to you.
 
Please let me know what you think. Otherwise, you will also have to write off your $20,000 investment into SnappyBids. I would like to see you end this year on a winning note, wouldn't you?
 
Regards,
 
Barry.
 
My Response to the above email:

Hi Barry,

 Thankyou  for the email on Chartered Medical. I have had a look at the website. It looks like a normal website.

 I have a few questions.

 How does Chartered Medical make its money?

 What proof do you have that the company shares are worth $1.00?

 What does Snappybids have to do with Chartered medical? How are you able to roll over the Snappybid shares into Chartered medical Shares?

 Why do I have to pay $2,000 for 2000 Chartered Medical Shares? Cant I just rollover the Snappybid shares into the Chartered Medical Shares?

 If I invest in these shares, how am I able to sell these shares later and recoup my investment?

 It all sound promising, as did Matech and Snappybids at the start. Now both companies are worth nothing and I have lost $36,000 of capital and interest that I would have otherwise received if the money had been just sitting in a bank term deposit.

 Again I only have your word that this investment will work. What other documentation do you have that I can analyse about this potential investment. Eg. Business Plan , Sales, Expense and profit forecasts, current assets, current turnover, profit and loss statements, company gearing, etc.

Regards

George

Barry's response to my email is as follows:
 
Hi George. Thank you for your prompt reply. You have some good questions to which I hope I will have equally good responses. Before I answer them I will be sending you under separate Emails a simple three year pro-forma and an Executive Summary. 
 
1) Off course the web site looks normal. All the content is inside and only available to doctors who sign up. That is why I sent you the tutorial for the Electronic Prescriptions. That is only about 25% of the content. If you click on the following link you will be able to access the tutorial for the Electronic Medical Health Records. https://www.charteredmedical.com/screencast. We are not happy with the voice over and it is being redone, however it is functional.
 
2) Chartered Medical will make money from several sources. The pro-forma only shows one. We are lowering the monthly price to doctors down to $149 per month, the pro-forma reflects this. There are about 1,800,000 doctors who come under the federal plan. Not only will it be mandatory that they start using Electronic Prescriptions as of the 1st January, 2011, but the stimulus package comes out to between $44,000 to $62,000 per doctor over a four year period if they convert to Electronic Medical Health Records, (EMHR). If they don't then after four years, not only will they not receive any federal money, but they will be financially penalized. In addition, there are over 56,000 hospitals and clinics in the USA that also come under the federal stimulus plan. There will be about $19 Billion dollars available for them. In fact over the last week, Roger has met with four of the largest medical institutions in the country, who are extermely interested in not only the Electronic Prescriptions and EMHR but also our hospital platform. That also holds true for the company in Kentucky. We have not done a pro-forma for them. Since much of the work will be customized it is dificult to come up with a figure. However, just one of the facilities that Roger met with, in order to fulfill their demands, they would have to pay out about $1,000,000 for the customized platform and a substantial annual maintenance fee. Our focus will be on the smaller hospitals and clinics who don't have the financial ability that the larger institutions have.
 
3) As a privately held company, the per stock price is arbitrary. However, it is what the core investors have paid for Chartered Medical over the last three years. However, over half of the $1,000,000 used to develop our platform has been funded by ourselves, and we have not taken even one cent in salary.Incidentaly, if we had developed our platform in Silicon Valley, California, we could not have done it without it costing us over $3,000,000. Based on preliminary discussions with the large publicly trading company who are interested in a JV,(JointVenture), with us, we have had no problem discussing a valuation in excess of $1.00. We have no interest in selling a large block of stock in the company for less than $5.00 per share.
 
4&5) The only relationship between SnappyBids and Chartered Medical is Roger Finchum Sr. However, he is currently the CTO, Chief Technical Officer, of the company, and I am the President/CEO. By the way, I was never an officer or director of SnappyBids.Other than that, there is no relationship. Chartered Medical has been completely funded with our own and outside investors money that had nothing to do with SnappyBids. There was no overlapping technology and not one cent of SnappyBids money, of which there isn't any, was used to develop Chartered Medical.The only reason we are even offering to "roll over" your SnappyBids shares is because Roger feels bad that the deal to sell SnappyBids fell through when the prospective buyers filed bankruptcy. These shares are coming out of his own shares. We do not need your money to develop Chartered Medical.However, it would be grossly unfair to the investors who have invested a lot of money and waited several years to reach this point to allow you, or anyone else for that matter, to roll over your shares without a token financial commitment. That we will not do.So the $2,000 represents 10% of your previous investment into SnappyBids. We will not accept less, although you may do more.
 
George, the main differences between Matech and Chartered medical, besides the fact that Matech was a publicly traded company, is the management. Matech had an insatiable need for money to pay the high priced engineers and management. Their monthly burn rate was huge and even when they did a bridge, they had to wait months to get paid. We, on the other hand have not taken any salary and will not until the money is there.It was a never ending downward spiral for Matech. Furthmore, they didn't have a situation where 1,800,000 doctors and 56,000 hospitals are being collectively offered $50 Billion dollars to make the switch. Like I said in my previous Email, we are in the right place at the right time, even though it took us three years to get here.
 
Even though we have no intention to go public, everyone needs an exit strategy. Ours is to be completely bought out or merge with a much larger company, preferably in the $5 to $10 range. I am 69 years old right now and would love a nice nest egg to help me through my golden years.There is still a lot of fishing that I want to do. I wish no less for all our investors. We will respect whatever decision you make. You do not have to do this if you do not want to. We really want to have all our core investors have a profitable investment. We cannot control an outside company, but we sure can control Chartered Medical. We will not get all the doctors, but if we only get get 3% market share, we will gross over $100,000,000 per year, and that does not include the hospitals. Please advize us on your decision.
 
Regards,
 
Barry.
 
What do I do in this situation. Is this another scan to rip me off $2000 or is this a legimate deal? Can anyone out there help me? Do I need to get legal advise?
 
Please respond.

 

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#3 UPDATE EX-employee responds

Mr Finchum's past behavior is best predictor of future behavior

AUTHOR: Wildy - (USA)

I've known Mr Finchum since 1999 and have known him to be lying and manipulative and long suspected his only income is money other people have invested in non-existent companies. He always has some business to invest in that never produces a product or service, the investments manage to only cover his 'expenses.' When I "worked" for him, he created an alternate persona and script for me in order to manipulate his girlfriend and her husband for his own means and to move in with them and their children in Manchester, NH. Doubt is always met with anger and heavy protestations, and he offers "proof" in the manner of providing contact information for attorney's in TN that will vouch for him. His TN homes have suposedly been put in trust for his grandchildren, but are  sold and replaced at his whim. His assets are well hidden, he makes multiple promises that are never kept. His companies exist on paper only and his employees and board members are family members, girlfriends and other people in his personal life. He has filed initial SEC papers, but has multiple excuses and reasons that the transactions were never completed. When he stated that he sent a FedEx package, he was unable to supply a tracking number. He claims to live a life based on honor, trust, honesty and communication; he deludes himself that he lives to these standards. He is always accused but its never his fault that he hasn't delivered; he is always right and everyone else is wrong. He changes his cell phone number's frequently whenever he needs to hide, and is always unlisted. He is unable to discern truth from lies and unable to tell the truth when it would serve him best. He is a con man, extraordinaire!

Where there is smoke, there is fire. Caveat emptor!

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#4 Author of original report

Snappybids-Roger D. Finchum Sr.

AUTHOR: Jack - (U.S.A.)

Also see report#211546
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#5 UPDATE EX-employee responds

I've got your info

AUTHOR: James - (U.S.A.)

Mr. Finchums home is located at 100 Newport Circle, Hendersonville, TN, 37075

I know he is responsible for ripping off hundreds of people, that is why I quit. I have spent the last year making these sites for him that were supposed to become big things. They all amount to nothing now, the last year of sleepless nights and hard work are nothing but ripping people off that are willing to invest in things that I created. I've never felt so betrayed.

I will list the sites so maybe someone else who got ripped off will find this in a search: ooglebay.com, snappybids.com, securestatus.net, mydesknotes.com, desknotes.us, and vericoin.com.

Now that I have quit Mr. Finchum has been threatening to sue and at the same time offering for me to make it "right" to him by doing more work for him. He is still using this scare tactic on me today and I quit almost a month ago.

I will not remain anonymous though, I have done nothing wrong and I hope this doesn't damage my reputation I am James (Jim) Porter. I can be contacted at jameslporter@gmail.com .

I hope this info helps and if you or anyone needs anything else just let me know.

P.S. his "office" for these companies are located at 639 East Main Street Suite 6 Lower Level, Hendersonville, TN 37075 and his cell is 603-231-7127
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#6 Author of original report

A.A. Capital Ventures, LLC-Barry E. Mitchell

AUTHOR: Jack - (U.S.A.)

The date when Roger D. Finchum Sr. endorsed and deposited my personal check into a Snapshot, Inc. bank account should be 10/14/03 instead of 03/14/03
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#7 Author of original report

A.A. Capital Ventures, LLC-Barry E. Mitchell

AUTHOR: Jack - (U.S.A.)

I was Ripped-Off for $5000, which was my initial investment amount.
Since the court awarded settlement and interest this Rip-Off amount is to date in excess of $6250 and increasing at the rate of 10% per annum.
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