- Report: #995690
Report - Rebuttal - Arbitrate
Complaint Review: Alton Atkinson Petersfield Holdings, LLC
Alton Atkinson Petersfield Holdings, LLC62 Harwood Ave S Suite 4 Ajax, Ontario Canada
Alton Atkinson Petersfield Holdings, LLC Alton Atkinson, King Capital, AA King Capital CREDIT ENHANCEMENT FRAUD SBLC/BG FOR LEASE Ajax, Ontario Canada
*Author of original report: Complaint Withdrawn
*REBUTTAL Owner of company: Black Mailed by One World Foundation
I contacted Alton Atkinson to discuss the contents of his offer and found that it appeared very straight forward and began to complete the applications for approval of my project. IT was a very slow process but eventually it came down to the requirement to place $175,000.00 into an Escrow Account with an Attorney In NYC that he required to use.
I asked to use my own attorney but was told no.
In September 2012 I arranged to have the $175,000.00 wired into the Attorney's escrow after having negotiated the terms and conditions of the escrow and felt confident I could not lose my funds.
About a month went by with reports of the transactions being arranged within his banks for the delivery of a STAND BY LETTER OF CREDIT to his partners bank. I was advised that it is almost ready but then I was told the bank who was to issue the SBLC now wanted me to pay $85,000.00 in advance for the service of issuing a Letter Of Credit in my company name and delivering it to Atkinsons partners bank in Singapore.
Atkinson stated he did not want to use this bank and refused to pay them in advance. This was good to see Atkinson display a sense of integrity in my behalf.
Atkinson said that he had another bank that he would speak with for the Letter Of Credit. In October as I waited several weeks the offer and the opportunity did not come forward and I worked with Atkinson to see what could be done. Our projects were sitting now since May when I first received the offer from Atkinson and his company Petersfeild Holding LLC.
Atkinson suggested that he had another source who could lease to me a 25MM Stand By Letter of Credit and that it could be directed to a lending source of my own as I choose.
We entered into a new agreement which null & voided the 1st one and again it all appeared very straight forward. Just before ThanksGiving Atkinson sent me a copy of a SWIFT MT760 that was sent to my associate through the banking system and everything appeared fine, however there is a requirement of international banking to first send a PRE-ADVISE message to the designated receiving bank to alert them of the coming delivery of the Stand By Letter Of Credit via the S.W.I.F.T. communication network that banks use.
The items that were required for being approved with the associate and his bank included a bank statement showing that the funds were held in a approved bank. Atkinson provided the bank and said that I needed to release $65,000.00 to pay for the use of this account statement. I agreed to allow the escrow attorney to pay to Petersfield Holdings, LLC the fee for the account statement.
You can imagine how this situation had put me seeral months behind schedule for funding my projects and how frustrating is was that everything that was stated frm the beginning tok on new form like shape shifting. I had felt then that atkinson was a wizard and seemed to have all the answers. I trusted him and his advise completely.
As you can well understand this is a very sophisticated elaborate transaction which requires expert advise and assistance. And since Atkinson advised me that I did not need a Pre-Advise none was sent. This created a big problem for the associate to whom this SWIFT MT 760 had been sent to as the Authorities questioned why it was sent. This was a direct result of not having sent a Pre Advise to alert the bank of this SWIFT MT 760.
Atkinson stated and an amendment was made to my agreement that he would provide confirmation documents to correct the problem but I had to release another $85,000.00 for him to be able to gain the cooperation of the bank to confirm the SWIFT MT 760 representing the SBLC was authentic and he agreed in writing that he would provide specific confirming documents that were required of me to have ANY possible opportunity to use the Bank Instrument he provided. We wrote and agreed that IF FOR ANY REASON what he provided did not work he would refund the $85,000.00 in full without delay.
So I authorized the release of the $85,000 beliving that Alton Atkinson, KING CAPITAL, PF Holdings, LLC was honest and was truly interested in my success with my projects. I was wrong. Almost immediately after the $85,000.00 was taken from the escrow he came back and said he could not provide the specific documents from the bank to confirm the SWIFT MT 760 that was sent.
We explained that without those documents the SWIFT MT 760 was useless and could not be confirmed. It was then that the "other" face of Atkinson was seen. He became beligerant and difficult to reach by phone and his communications became sarcastic and blaming for cereating difficulty for him and his relationships and threated to file law suits against me.
I have made a written formal demand for my funds to be returned, this is being ignored. Within the agreement he had placed a disclaimer stating he was an agent and the actual provider of the services would be revealed if there was a dispute.
I sent another formal noitice to terminate the agreements and notified that I wanted to execise my right to have the Service Provider revealed and have been told "there is no dispute with his company" and he is done speaking with me.
It is apauling to have been treated with respect and helpfulness when we began discussing my projects and what I needed and I was very confident that Atkinson's integrity was good and I fllowed his instructions carefully and placed the $175,000.00 into the Attorney Escrow he required and even through the first attempt he was very professional. But after he had taken $150,000 of my hard earned money he changed completely.
Please spare yourself the problem of dealing with this man. He is a CON MAN and is very convincing that he is working to help you.
This report was posted on Ripoff Report on 01/12/2013 11:53 AM and is a permanent record located here: http://www.ripoffreport.com/r/Alton-Atkinson-Petersfield-Holdings-LLC/Ajax-Ontario-/Alton-Atkinson-Petersfield-Holdings-LLC-Alton-Atkinson-King-Capital-AA-King-Capital-CRE-995690. 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.
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