- Report: #836551
Report - Rebuttal - Arbitrate
Complaint Review: Hubman Enterprises, Tim Hubman
Hubman Enterprises, Tim Hubman435 21st Street Apt 115 Miami Beach, Florida United States of America
Hubman Enterprises, Tim Hubman Maria Lankina, Coexis Foundation, Hubman Foundation Counterclaim against Hubman for fraud, investment scam, lying &defamation Miami Beach, Florida
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Hubman asked about investments with which United Funding was involved. UF told Hubman about an investment that UF had made with a Florida hedge fund called Assured Capital Consultants, LLC (Assured Capital). United Funding had already invested a substantial amount of money with Assured Capital and had received statements from Assured Capital informing it that its investment had accrued substantial returns. However, unbeknownst to Fehrenbacher, Assured Capital was actually operating an Case: 1:11-cv-06279 Document #: 68 Filed: 01/17/12 Page 29 of 36 PageID #:67930 illegal investment scam.
9. On or about June 18, 2009, Hubman called UF and told him that he wanted to invest two million dollars ($2,000,000) of Coexists funds with Assured Capital. UF asked Hubman about the source of the funds. Hubman falsely represented to UF that he had personally earned the majority of the funds playing professional baseball and from professional car racing. Hubman also told Fehrenbacher that a portion of the funds had come from Federal stimulus funds and that Coexist was able to use those funds for investment purposes.
10. Unbeknownst to UF, rather than personally earning the funds that he wished to have Coexist invest with Assured Capital, Hubman, as an unregistered agent, had solicited the funds from a former professional baseball player named Shannon Stewart. Pursuant to an agreement between Coexist and Stewart, Stewart wired two million dollars ($2,000,000) to Coexist to be part of a fund that Hubman had promised Stewart would pay significant returns and
be available to be withdrawn at any time upon Stewarts request. Stewart wired the $2,000,000 to Coexist prior to Hubmans phone call to Fehrenbacher informing him that he wished to invest $2,000,000 of Coexits funds with Assured Capital. UF offered to introduce Hubman to Jennifer Hoffman, the representative of Assured Capital that handled UF account. Hubman responded by representing to UF that he spends much of his time at his home in Switzerland and that
it is difficult for him to monitor investments with U.S. firms. Hubman suggested that he wire Coexists funds to UF and that Coexists funds be added to UF funds that had already been invested with Assured Capital.
UF then called Hoffman to confirm that adding Coexists investment to UF investment was acceptable to Assured Capital. Hoffman acknowledged that Case: 1:11-cv-06279 Document #: 68 Filed: 01/17/12 Page 30 of 36 PageID #:680
31 the $2,000,000 belonged to Coexist and confirmed that Assured Capital was comfortable with that arrangement.
UF then agreed to Hubmans request that Coexist wire the funds to UF so that United Funding could wire the funds to Assured Capital to be added to UF investment with Assured Capital.
14. On or about June 19, 2009, Hubman wired the funds to UF.
15. After Coexists investment was added to UF prior investment, the total combined investment was Four Million Eight Hundred Thousand Dollars ($4,800,000).
16. During the June 18, 2009 telephone conversation and during many subsequent conversations and subsequent meetings between Hubman and UF at UF office, Hubman represented to UF that he acknowledged that the funds that he wired to UF were to be invested with Assured Capital.
17. In or about August, 2009, UF became suspicious about Assured Capital and demanded a return of the funds that UF and Coexist had invested. Assured Capital failed to return the funds. UF then sued Assured Capital, Hoffman and other
individuals associated with Assured Capital in the U.S. District Court for the Middle District of Florida, Case No. 6:09-cv-1839. Pursuant to that lawsuit, UF have obtained judgments against Hoffman and other individuals.
19. Pursuant to those judgments, UF has received a portion of the $4,8000,000 that it and Coexist had invested with Assured Capital. As UF has received funds pursuant to those judgments, UF has distributed funds to Coexist based
on Coexists proportion of the $4,800,000 investment.
20. To date, Coexist has received in excess of $1,300,000, none of that money was given back to Shannon Stewart.
This report was posted on Ripoff Report on 02/09/2012 12:48 PM and is a permanent record located here: http://www.ripoffreport.com/r/Hubman-Enterprises-Tim-Hubman/Miami-Beach-Florida-33139/Hubman-Enterprises-Tim-Hubman-Maria-Lankina-Coexis-Foundation-Hubman-Foundation-Counter-836551. 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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