- Report: #1028538
Report - Rebuttal - Arbitrate
Complaint Review: Lighthouse Capital Development
Lighthouse Capital Development159 Hampton Point Drive, Suite 2 St Augustine, Florida United States of America
Lighthouse Capital Development AKA Euro Direct Holdings, Walter C Parsons, Jack Smith BEWARE TO ANYONE APPROACHED FOR FUNDING FROM Questus Global Capital Markets St Augustine, Florida
We proceeded with the process with them and have in our possession contracts, loan agreements, distribution of funds agreements all signed by the principal Walter Cox. As well, we have two letters of proof of funds (dated 2011 and Feb. 2012) from a New York attorney firm; Boddied and Associates P.C, Corey D. Boddie.
Our contract calls for all closing costs to be paid out at closing; however, later Walter Parsons told us that Questus required a $300,000 "underwriting" fee to be paid up-front and since we didn't pay this fee and since they didn't have "enough equity ownership" of the company....they didn't think they would fund us.
Throughout this process, we were told that they had to go to the Turks and Caicos and open a company, Euro Direct Holdings, as requested by the owner of the Questus Fund. They said they had a LARGE OWNERSHIP of this fund. This was the same story I read in another rip-off report about another firm soliciting this fund. Now our project was in the 10's of millions. I called other companies that were listed in the Reuter's press release and spoke to several other principals. I received back e-mail that simply said "BEWARE" and two that contacted me directly. One project on the table through Questus but with a different broker had a project in the 100 millions. To my knowledge, they paid the $300,000 fee and to this date are not funded either.
Today I read on FE Investegate that the fund's face value if $1,004,100. (see the copied text below)
Questus Global Capital Market Ltd reports one billion in policies have been pledged to back their shares (QGCM) www.gxgmarkets.co.uk
FACE AMOUNT $1,001,400.00
PORTFOLIO FACE VALUE
ASSIGNED and PLEDGED TO
Questus Global Markets, LTD.
Common sense would then tell us that all these claims of major ownerhship with the ability to fund multiple million of dollars in venture capital are FALSE. So, where are all these underwriting fees going?.....besides to the Turks and Caicos where you'll never see it again and like us, despite all the proper documentation, you will never see any funding.
Also, noted is that the Candadian Securities Administration has Questus Global Capital Markets on the New Brunswick CSA "Watch List" as they only have an address in New Brunswick, Canada but the fund address on GXG is listed in England.
I do hope the US Authorities shut down these solicitors of this fund in the US and soon before more companies looking for authentic venture capital are RIPPED-OFF.
This report was posted on Ripoff Report on 03/14/2013 07:14 AM and is a permanent record located here: http://www.ripoffreport.com/r/Lighthouse-Capital-Development/St-Augustine-Florida-32092/Lighthouse-Capital-Development-AKA-Euro-Direct-Holdings-Walter-C-Parsons-Jack-Smith-BEWA-1028538. 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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