• Report: #1142745

Complaint Review: FutureGen Capital

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  • Submitted: Tue, April 29, 2014
  • Updated: Thu, July 03, 2014

  • Reported By: Mary — Port Orchard Washington
FutureGen Capital
Nationwide USA

FutureGen Capital Steals Life Savings Washington DC, Atlanta, Chicago, Las Vegas, Seattle Nationwide

*Consumer Comment: Dear Lady so sorry for your loss

*Author of original report: In Defense of Ms. Austin

*Author of original report: File with your state's Attorney General's Office

*Consumer Comment: Jessica Austin

*Consumer Comment: Ban with Others for Justice

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Company president of FutureGen Capital, Lawrence Schmidt, wrote his clients a five-sentence letter that said he had decided to "close down" FutureGen Capital, and that it would be "in the best interest of everyone."  He said that he could no longer accept additional capital, and that was a good thing.  However, my attempt to roll my IRA into another IRA investment account met with a rejection -- due to paperwork.   The trust company servicing my FutureGen account told me that FutureGen was not paying anyone, so I might try to contact the president directly as well as submit further forms.  

In my efforts to contact FutureGen, I get a "Thank you for calling FutureGen Capital. Our offices are closed ....blah, blah, blah...please leave a message and we will return your call within one business day." Unfortunately, this message is on a loop and repeats as one is attempting to leave a message.  It is clear that the system has been shut down.

I am now seventy, and I struggled as a single mother -- getting through school, raising my sons, and trying to save nickles and pennies for twenty years.  My father's farm -- where I thought I could one day live in my retirement -- was placed in public domain and taken by the county government for a park.  The tiny amount we siblings shared from the sale of the farm (which was placed in a flood zone resulting in greatly diminished market value) I combined with my life savings and gave to FutureGen Capital.  

Mr. Schmidt said in his letter: .. "we will make everyone whole."  I think that is an inadequate statement relative to the devestating reality. As a woman seventy years old, it is unlikely that I could earn that money back.  In the meantime, I will not be able to replace my car, pay off my mortgage, or use it for other things my retirement will not cover.

Even though there are no guarantees in life, I think he owes his investors an explanation, and I think that this company's practices should be investigated.  I will be very unhappy if this man is going to be able to keep homes, cars, boats or gold bars in Swiss banks while I'm rolling a shopping cart around in the rain looking for a place I can afford to rent.  


This report was posted on Ripoff Report on 04/29/2014 03:18 PM and is a permanent record located here: http://www.ripoffreport.com/r/FutureGen-Capital/nationwide/FutureGen-Capital-Steals-Life-Savings-Washington-DC-Atlanta-Chicago-Las-Vegas-Seattle-1142745. 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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REBUTTALS & REPLIES:
2Author 3Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Dear Lady so sorry for your loss

AUTHOR: Don - ()

  Dear Lady,  I too was an investor with Futuregen and lost most of my retirement savings also.  I pray the Lord comforts you in this time.  Several of us investors have formed a group and filed complaints with the SEC.  (Security and exchange commission) .  I suggest you file a complaint at SEC.gov .  The SEC has an active investigation ongoing about Futuregen and it's employes.  Please send an email to the following address if you wish to join our group.    crystaworld@hotmail.com   .   I will give you info on the agent we haved talked too at the SEC:

 Jack Easton (sec agent)  phone number:  215-597-1045,   email address: easton@sec.gov.   

 

A good first step would be to call Jack Easton.  By the way, I'm Don.   If you email Ryan at the above address he can supply you with more info (he's also a FGC client)... You will be in our prayers...

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#2 Author of original report

In Defense of Ms. Austin

AUTHOR: Mary Jaffe - ()

Concerned that a person's private phone number was listed online, I called and spoke with Ms. Austin.  Apparently she acted in the capacity of a secretary/receptionist, answering phone calls, making purchases for office supplies, and doing secretarial tasks in operating the office.  According to Ms. Austin, she was not involved in any of the actual business or real estate dealings as a clerical employee. Like everyone else who worked for Lawrence, she also lost her job and her life has been seriously and negatively impacted.

Apparently, Lawrence handed her the "going out of business" letters in sealed envelopes so she had no idea what was going on at the time.  She wrote the addresses on them and posted them.  Then she got let go -- along with the other employees. 

She's not sure that Lawrence broke the law, and believed that he perhaps got in "over his head" and lost control of his business and investments.  Ms. Austin has given her statement to the SEC and feels as bad as anyone else in the loss of their money.  She is apparently not receiving any money from Lawrence and has lost her health care along with her job.  

Maybe it would be better to get facts and go to the authorities and not list people's private phone numbers online. I see no benefit in harassing Ms. Austin who has possibly been damaged along with the rest of us.  

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#3 Author of original report

File with your state's Attorney General's Office

AUTHOR: Mary Jaffe - ()

Yes, thank you, I am aware of the SEC investigation.  I have filed complaints with the FBI, the SEC, and would like to encourage people to also file complaints with the AGO (Attorney General's Office).  The AGO works with the SEC, sending them all information regarding the manner in which FGC, CEP or Lawrence Schmidt conducted business in Washington State.  The person on this case wants "every scrap of paper" -- contracts, statements, emails and letters, and propaganda.

They will want to know how you were contacted regarding these investments, what you were promised, etc.  You can go online to start the process, or contact Janine Rhome, Financial Examiner, Department of Financial Institutions, Securities Division, PO BOX 9003, Olympia, WA 98507-9033.  People from other states have equivalent offices who would love to hear from them -- ASAP.  

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#4 Consumer Comment

Jessica Austin

AUTHOR: Nathan - ()

So apparently there was a “Executive Assistant” Jessica Austin. she knew about everything that was going on. Aparently she didn’t care cause she was getting paid and she was in on it.

Heres her phone # 909-534-3840

www.facebook.com/topsider41

http://www.linkedin.com/pub/jessica-austin/8/64a/5a6

http://www.match.com/Profile/Display/About//?handle=CZECHmateDC

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#5 Consumer Comment

Ban with Others for Justice

AUTHOR: Another One of Lawrence's Victims - ()

Dear Port Orchard-

Are you aware that Mr. Schmidt is being investigated by the SEC? Have you spoke to an investigator? And what about the FTC and FBI? If you need some contacts I would be happy to share them with you. Contact me at my Rip Off Report via a Rebuttal with an email address and I will forward details to you.

Sorry to hear about your fix, by the way. As I understand it he had hundreds of clients - I have lost over $156k so multiply that by hundreds and I'd say we'll never see the man. Of course the only way I would like to see him is with his head on a stake!

Long Beach, WA

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