PENDING LAWSUIT against George Witherspoon, Michael Lyons, and Baytree Funding Capital Markets, Inc. (BFCM) for Advance Fee Loan Fraud, Loan Modification, Breach of Contract, and Failure to Refund Deposits. Complaints have been filed with the Florida Office of Financial Regulation (OFR), Federal Trade Commission (FTC), and Better Business Bureau (BBB). The subject defendants are professional scammers who shall be held liable for their unethical and illegal trade practices in due time.
George Witherspoon (aka Mr. Con Artist) as principal and Baytree Funding Capital Markets, Inc. (aka the Scam Servicer) as Lender bring Upfront and Advance Fee Loans to a whole new Low. With extensive experience in the game, George Witherspoon has truly mastered the art of Thieving and Deceit. Do not fall prey to this conmans grand gestures and displays of professional acumen, corporate jargon, and benevolence.
Rest assured; upon obtaining your hard-earned money in the form of refundable deposits, Witherspoon will not hesitate to breach any agreement or statement made on behalf of Lender without fail. Mr. Con Artist will be adequately prepared with an EXCUSE for every LIE and a LIE for every EXCUSE in his efforts to defend Baytree Fundings lack of compliance and failure to perform as contracted or agreed. Note; all legal contracts and agreements are executed by the registered agent, Michael Lyons (aka the Fall Guy), in order to limit liability for George Witherspoons criminal actions.
Although our attorney advised disclosure of our regretful experience with the fraudulent entity would be better served in court, we feel it to be our moral obligation to warn fellow consumers about the impending harm of doing business with this illegitimate private lender. Please see below for an overview of the scam tactics and unlawful exploits carried out by George Witherspoon and Baytree Funding Capital Markets, Inc. in its pursuit of stealing Borrowers refundable deposits.
Here are the unbiased and undisputable FACTS:
George Witherspoon came to us (Borrower) with a soft quote following an inquiry made on Lendicom.com and confirmed Baytree Funding Capital Markets, Inc. to be a Direct Lender. (SCAM: NEGLIGENT MISREPRESENTATION)
In actuality, BFCM is only a Loan Servicer and unable close any loan without an investor willing to purchase the mortgage note thereafter. This makes them no better than a mortgage broker at best and hence coining of the Scam Servicer alias. Unfortunately, we were not aware of this fact until it was too late.
Witherspoon was eager to accommodate our loan request with favorable terms and proceeded to deliver us a Conditional Commitment agreement (CC) which included the requirement of a refundable $16,000 Initial Deposit. After briefly reviewing Baytree Fundings history of fraudulent behavior on ripoffreport.com, we expressed our reluctance to proceed.
A few weeks later, Mr. Con Artist stated Lender needed to meet its $400MM funding quota by October 1st and presented us with BFCMs August-September promotion; offering to waive $5,000 of the subject deposit and guaranteed loan closing in 60 days. (SCAM: FALSE ADVERTISING)
Witherspoon confirmed satisfactory review of Borrower's credit/background and pledged he did not foresee any issue which would hinder closing of the loan. With the upcoming expiration of our current mortgage and need for an immediate closing, we executed the CC agreement and furnished Lender the $11,000 refundable Initial Deposit via personal check. Mr. Con Artist immediately exchanged the personal check for a cashiers check upon receipt.
A couple of weeks before the loan was set to close, we received a message from BFCM's Underwriting Department stating that closing would not occur unless an additional $20,000 refundable deposit for a Forward Rate Lock Agreement was delivered to Lender. The Forward Rate Lock Agreement (FRLA) and Forward Rate Lock Agreement Deposit (FRLAD) was NOT required and optional under the executed Conditional Commitment agreement. (SCAM: LOAN MODIFICATION FRAUD)
Witherspoon stated $20,000 deposit was not included in the CC because the new Underwriting System failed to update properly, knowing full well the only reason we entered into the agreement was due to the reduced Initial Deposit.
Mr. Con Artist further asserted the FRLA was now a requirement of the Investor. Bear in mind, this was the first time an Investor was ever mentioned. (SCAM: FRAUDULENT NON-DISCLOSURE)
In response to our continued dispute over Lenders breach of contract, the Underwriting Department issued us a Loan Modification Notice which was dated 12 days prior and indicated the
requirement of a Forward Rate Lock Agreement would go into effect in 5 days unless Borrower withdraws from the loan. The alleged $20,000 deposit requirement was already in effect when we first received the Loan Modification Notice.
(SCAM: FALSE DOCUMENT FRAUD)
After being out of the office due to personal reasons, Mr. Con Artists excuse for the bogus document was that it should have been delivered earlier but there were issues with BFCMs internet server.
We made it clear to Witherspoon that Borrower would not pay any additional funds until issuance of Funding Commitment in accordance with the executed CC agreement. Mr. Con Artist stated soon after that the loan could not close due to an unknown security issue with Borrowers spouse (who is merely a stay at home housewife, not involved in any business operations) but he was unable to
discuss the alleged problem by citing the bank secrecy and patriot act.
After the addition of a new Guarantor, Mr. Con Artist confirmed the loan had now passed
BFCMs Full Committee Review and guaranteed Funding Commitment and closing of loan upon Borrowers satisfaction of the FRLA.
(SCAM: FRAUD BY FALSE REPRESENTATION) *There has not been any inquiry reflected in either Borrowers or Guarantors credit reports made on behalf of Baytree Funding Capital Markets, Inc. as of the date of this review.
We proceeded to enter into a separate Amendment to Conditional Commitment agreement (ACC) with the BFCM in which George Witherspoon agreed to cover $15,000 of the FRLAD with his personal funds and Borrower shall furnish the remaining $5,000 to satisfy the Forward Rate Lock Agreement and Deposit.
(SCAM: PAYMENT FRAUD)
Pursuant to the ACC, Baytree Funding Capital Markets Inc. also agreed to issue Funding Commitment within 5 business days after execution of the FRLA and, in the event the loan fails to close for any reason, Lender would be required to refund Borrowers portion of the FRLAD in the full amount of $5,000 along with the $11,000 Initial Deposit in a timely manner. Borrower executed the Forward Rate Lock Agreement and wired the $5,000 FRLAD to Lender three days after the ACC on the day after Thanksgiving. The ACC was included in the FRLA under the Special Provisions section of the agreement.
Right off the bat, the Scam Servicer breaches the Forward Rate Lock Agreement and Amendment to Conditional Commitment Agreement by failing to issue Funding Commitment. (SCAM: BREACH OF CONTRACT)
Instead, Witherspoon furnishes us an invalid and unsigned Funding Commitment with obsolete terms and conditions. (SCAM: DOCUMENT FRAUD)
The false document was virtually identical to the Conditional Commitment with the same outdated information. Mr. Con Artist now stated the loan did not meet Investors Review and he is unable to issue a valid and signed Funding Commitment as contracted without approval of Investor. (SCAM: FRAUDULENT NON-DISCLOSURE)
In response to our demand for refund payment, Witherspoon affirmed the refund process should take approximately 5 days to complete and upon receipt of the reconciliation report, refunds are
processed within an hour. (SCAM: FRAUD BY FALSE REPRESENTATION)
Instead, Mr. Con Artist was unavailable and out of the office due to personal reasons for the next couple weeks. We proceeded to issue Lender a Formal Notice of Loan Withdrawal indicating our intent to file charges if BFCM continues to fail to comply with the executed contracts. Upon his return
soon thereafter, Witherspoon assured the refund will be credited to our bank account via ACH payment since it was processed with other company bills. Again, Mr. Con Artist failed to perform as promised due to processing issues. (SCAM: PAYMENT FRAUD)
After a month of failing to complete the ACH payment and more phony assertions, the Scam Servicers Accounting Department stated Michael Lyons, or the Fall Guy, had given his authorization to cancel the subject transaction and replace the pending refund payment with a wire
transfer, which should reflect in Borrowers account in the immediate future. (SCAM: PAYMENT FRAUD)
However, Witherspoon stated Lender was unable to produce a receipt of the wire transfer request since the wire transfer was initiated from BFCMs origination software.
As predicted, the Scam Servicer failed to follow through as warranted and Mr. Con Artist proceeded to feed us LIE after LIE nearly every business day for the next few weeks by implying the wire transfer would go through that very same day. (SCAM: FRAUD STATEMENTS)
When we had decisively stomached enough of Mr. Con Artists relentless LIES and false promises on the wire transfer, our attorney contacted Baytree Funding Capital Markets, Inc. to request its immediate compliance with the refund prior to taking legal action.
Witherspoon punctually responded that he was in communication with the vendor and guaranteed the issue in sending wire transfers would be rectified the following day.
Never the worse for wear, Mr. Con Artist and the Scam Servicer remain bound to their criminal practices and failed to return the owed funds as required. No refund payment or correspondence from the fraudulent lender has been received to date.
It appears these scam artists finally ran out of excuses to postpone their inevitable intention of stealing our money and are now officially making a run for it. (SCAM: ADVANCE FEE LOAN FRAUD)
If you are still with me, believe me folks; I could not come up with these spiteful events and do not wish them upon anyone. The episodes of treachery depicted above are just a brief summary of the injustices sustained in our prolonged 9+ month involvement with the advance fee scammer.
In pursuit of stealing consumers refundable deposits, Mr. Con Artist will not delay in coming to agreement on loan terms any borrower desires to accept or provide his steadfast assurances to perform.
Once George Witherspoons gets a hold of your money; let the flood of manipulation, schemes, and alibis flow. Mr. Con Artist will be sure to maintain consistent communication with you and leave no stone unturned in his ploy to score the most money he can from you.
The unconscionable LIES employed by Mr. Con Artist to vindicate BFCMs lack of performance and compliance are typically unverifiable or out of his control which compels the borrower to concede the benefit of the doubt.
Routine excuses include but are not limited to: system/server errors, personal/familial matters, department/vendor complications, processing issues, etc... In our particular scenario, Mr. Con Artist used the Investors Requirement clause as both a double-edged sword and shield. Not only did he originally fail to disclose the fact there was even an Investor involved; Witherspoon played this card to both demand additional fees and also as an excuse for the Scam Servicers breach of contract time and againand again.
The frequency of these events at the most inopportune times are simply mind-boggling to say the least but one thing is certain; Mr. Con Artist will not be available when mandatory action or follow through is required on his end. But if available, you should be ready to entertain another LIE in hand. Nevertheless, over the course of time, it is apparent Witherspoon could not keep track of the plethora of LIES engulfing this mans every breath.
Other scams and fraudulent activities on behalf of Baytree Funding Capital Markets, Inc. to keep note of are as follows but not limited to:
Mr. Con Artist only calls from unknown
blocked numbers. All calls to Baytree Funding Capital Markets Inc. go directly to a voice automated answering machine. The Scam Servicer will not provide contact information for any representatives/personnel other than George Witherspoon, if there are any, and you will not be able to speak directly to anyone at BFCM besides George Witherspoon. On occasion, you will receive electronic communication from the Scam Servicers other Departments, typically with an alibi following Mr. Con Artists failure to stay true to his statements.
I would be amazed if there is any real autonomy between George Witherspoon and any of BFCMs Departments. After close examination of all emails and electronic documents received from these so-called departments, it is obvious they are from Mr. Con Artist himself attempting to adjust his own writing style in a different font. There is no doubt George Witherspoon is much more keen at blatantly lying over undocumented phone conversations than he is through written statements and agreements.
Do not be surprised if George Witherspoon, Michael Lyons, and Baytree Funding Capital Markets, Inc. adapt their scam tactics and schemes in consideration of this review as that is what con artists do. These scammers will say and do anything to steal your money.
George, if you are reading this and I know you are, I only have two things to say to you
- "The man of integrity walks securely, but the man who takes crooked paths will be found out."(Proverbs 10:9)
- See you in court.