ED Magedson – Founder
Gramercy Commodities, Inc.548 Market Street, #27695 San Francisco, California USA
Gramercy Commodities, Inc. Gramercy Millennium Group, Gramercy Private Equity, SRS Global Commodities, Inc., Michael Gale, Tony Choi, Ivar Tabrizi Scam San Francisco California
Michael Gale and Gramercy Millennium Group are names synonymous with scams. A simple Google search will yield several results alleging them of fraudulent activities.
Gramercy Millennium Group has in the past year also expanded into commodities trading using the front Gramercy Commodities, Inc. They also claim to have a joint-venture relationship with a company called SRS Global Commodities Inc. The individuals who represent include but are not limited to Tony Choi and Ravi Kumar. They claim to be seasoned commodities traders. They make outrageous claims such as trading up to 8 million barrels of aviation kerosene in a month.
SRS Global Commodities Inc.
955 S. Virginia St., Reno, NV 89502 USA
Registration Number: NV20121673086
Administrative Office: Inner Harbor Center, Suite 800; 400 East Pratt Street, Baltimore, MD 21202, USA
I am not sure if the above information is correct, but this is the information they provide about themselves. A simple online search will show that the Nevada address listed has half a dozen companies registered to that location. The SRS and Gramercy individuals will try to convince you that they have a network of high profile individuals in the United States, Australia, Europe, Russia, Saudi Arabia, the UAE, India, Hong Kong and China. However, a simple search or some due diligence will prove these individuals are not what they claim to be.
Tony Choi claims to be a former employee of the United Nations. He also makes outrageous claims of his close knit relationship with the Russian Consulate and they can provide him background on any Russian companies.
Michael Gale will tell you he is a very seasoned investor and entreprenuer from Australia but based in the San Francisco Bay Area. He also claims to rub shoulders with very reputable individuals in the venture capital and entreprenuer scene in Silicon Valley. Incidentally I shared a mutual connection with Michael Gale in the Valley. This individual works for a very well known venture capital firm (I won't name which one, but I will say this is one of the venture firms that invested in Google in 1999). I contacted him to perform due diligence on Michael Gale and was told that he didn't actually know Michael Gale.
We also performed due diligence on another one of Gramercy Commodities's director, Nawaf Al-Oraini. This individual claims to be the head of Corporate Banking Business Management of the Saudi British Bank aka HSBC Saudi Arabia (SABB). If you check the SABB website, there does not seem to be this department. I also called SABB, and no one at SABB seems to know this individual. A search within their system also does not yield any results for this individual.
The claim made by these individuals is that SRS is the operating partner and Gramercy is the fiduciary partner in their relationship. They provided us a Bank of America bank account to us under the name of Gramercy Commodities Inc. for us to do due diligence. After a long and exhaustive process and paying a 60 USD fee, Bank of America finally faxed us a report stating that the account they provided only has an average balance of a moderate four figures.
This is the company that claims to have traded in excess of 8 million barrels of aviation kerosene in a month, yet they only have an average bank balance of a moderate four figures? Based on current market prices, 8 million barrels of aviation kerosene is approximately 720 million US Dollars. I will not reveal the bank account information of Gramercy here because I have integrity, but I will provide the name of the Bank of America employee who provided us with the Gramercy account information. Her name is Carolyn B. Cooper. Please feel free to verify everything I have stated.
We are a very serious trading and brokerage house that trade physical commodities. We are used to dealing with scams on a daily basis. However we feel the need to report this group of scam artists because of their very inappropriate scam tactics. Obviously all scams should be exposed, but most scammers are in all honesty pretty stupid. This scam operation has a complex and intricate network with individuals not afriad to lie, cheat, threaten, and intimidate their victims. We strongly believe their heinous crimes should be exposed and hopefully prosecuted by law enforcement authorities.
This report was posted on Ripoff Report on 08/23/2013 10:20 PM and is a permanent record located here: http://www.ripoffreport.com/r/Gramercy-Commodities-Inc/San-Francisco-California-94104/Gramercy-Commodities-Inc-Gramercy-Millennium-Group-Gramercy-Private-Equity-SRS-Global-1078602. 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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