• Report: #940309

Complaint Review: MSI Credit Solutions

  • Submitted: Wed, September 12, 2012
  • Updated: Fri, September 28, 2012

  • Reported By: Concerned Citizen — USA Nationwide United States of America
MSI Credit Solutions
2811 Internet Blvd. Suite 250 Internet United States of America

MSI Credit Solutions Ricardo Mendiola MSI Credit Solutions *READ* PROOF MSI CREDIT SOLUTIONS IS A SCAM. Rey Salomon shady fraudulently raised $903,195 from 22 investors in connection with an unregistered securities offering Frisco , Texas , Internet

*Author of original report: Your Gonna LOVE This...... Another MSI Employee busted

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MSI Credit Solutions fhaloanapproval.com *READ* PROOF MSI CREDIT SOLUTIONS IS A SCAM. Rey Salomon shady fraudulently raised $903,195 from 22 investors in connection with an unregistered securities offering Frisco , Texas

Before you do any business with MSI Credit Solutions you may want to think twice.

If Rey Salomon an employee with MSI Credit Solutions scammed 22 people for $903,195 then what will he do to you. Please take the warning and never trust anyone with your money or SS #.

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 20747 / September 25, 2008

Securities and Exchange Commission v. Rey Salomon, Jr. and Ellen H Development LLC, Civil Action No. 3:08-CV-1695 U.S.D.C./Northern District of Texas (Dallas Division) SEC Settles Securities Fraud Case With Rey Salomon, Jr. and Ellen H Development LLC

Today, the United States Securities and Exchange Commission (Commission) filed a civil action against Rey Salomon, Jr. and Ellen H Development LLC (EHD) alleging that they made material misrepresentations and omitted material facts regarding the use of investor funds in connection with the offer and sale of unregistered securities in an oil and gas drilling program. According to the complaint, the defendants violated the antifraud and registration provisions of the federal securities laws. The Commission also alleges that Salomon acted as an unregistered broker-dealer. Salomon and EHD have agreed to settle the charges against them, without admitting or denying the Commission's allegations.

From at least March through September 2007, EHD, at Salomon's direction, raised $903,195 from 22 investors through offers and sales of fractional interests in a "turnkey" oil and gas drilling program to be conducted in Denton County, Texas. The EHD offering was not registered with the Commission, and was not otherwise exempt from registration. In addition, the EHD offering documents included material misrepresentations and omitted material facts regarding the use of investor funds and the costs of the drilling program. Specifically, the offering documents stated that: (i) all investor funds would be used to drill two oil and gas wells; (ii) investor funds would not be used to pay the debts of EHD or Salomon; and (iii) the cost to drill the two wells was approximately $4.5 million. Contrary to the express terms of the offering documents, Salomon used at least $220,000 of investor money for his personal benefit, including the repayment of a loan made to EHD and Salomon to help capitalize EHD. EHD and Salomon also knew that the actual cost to drill the wells was more than $1 million less than the offering documents represented.

Specifically, the Commission alleges that Salomon and EHD violated Sections (a), 5(c), and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder. The commission further alleges that Salomon violated Section 15(a) of the Exchange Act. Salomon and EHD consented to judgments that permanently enjoin them from future violations of these provisions and hold them liable, jointly and severally, for disgorgement of $903,195 plus $81,809 of prejudgment interest, for a total of $985,004. Based on the defendants' sworn financial statements and supporting documents, the judgments do not order Salomon and EHD to pay civil penalties and payment of $382,069 of disgorgement and pre-judgment interest was waived.

Rey Salomon, Jr., and Ellen H Development LLC

On September 25, 2008, the SEC filed a settled civil action against Rey Salomon, Jr. and Ellen H Development LLC (EHD) alleging that they fraudulently raised $903,195 from 22 investors in connection with an unregistered securities offering in an oil and gas drilling program. The SEC also alleged that Salomon acted as an unregistered broker-dealer.

Salomon and EHD agreed to settle the charges against them, without admitting or denying the allegations in the SECs complaint, by consenting to permanent injunctions. In addition, the defendants agreed to pay, jointly and severally, $903,195 in disgorgement and $81,809 in prejudgment interest, for a total of $985,004. Based on the defendants sworn financial statements and supporting documents, the judgments did not order Salomon and EHD to pay civil penalties and payment of $382,069 of disgorgement and pre-judgment interest was waived. Salomon also agreed to be barred from association with any broker or dealer, with the right to reapply after 5 years.

For more information about the SECs action, you can read Litigation Release

Nos. 20747 (Sept. 25, 2008) and 58679 (Sept. 29, 2008).

The Court appointed Wayne M. Secore as Special Master to submit a plan to distribution to the Court and, upon approval, to distribute funds to approved claimants. If you have questions or believe you may be able to participate in any distribution, you can contact Mr. Secore at:

Secore & Waller, L.L.P.
1222 Merit Drive, Suite 1350
Dallas, Texas 75251
Phone: (972) 776-0200
Email: wayne@secorewaller.com

SEC Complaint in this matter http://www.sec.gov/litigation/complaints/2008/comp20747.pdf

I have created a list of websites you may want to take a look at. Rey Salomon is on the BLACK LIST and has been listed as the one person you DO NOT want to do business with EVER. SEE BELOW

http://www.sec.gov/divisions/enforce/claims/reysalomon.htm
http://www.sec.gov/litigation/litreleases/2008/lr20747.htm
http://www.corporationwiki.com/Texas/Dallas/rey-salomon/37553137.aspx
http://www.sec.gov/Archives/edgar/vprr/07/9999999997-07-023978
http://www.formds.com/issuers/ellen-h-development-llc
http://capitalstrategies.biz/resources/black-list/
http://www.vippa.net/femagazine/Publication4.pdf
http://www.thehomeeconomist.com/component/alphacontent/?view=alphacontent&start=30
http://www.sec.gov/litigation/complaints/2008/comp20747.pdf
http://www.docstoc.com/docs/56371231/34-58679
http://www.ogj.com/articles/2008/10/sec-charges-north-texas-man
securities-laws.html
http://fpn.advisen.com/articles/article83710426-1052072421.html
http://www.sec.gov/news/digest/2008/dig093008.htm

If your still not sure if you want to do business with MSI then this may also help. Seems like Mr. Salomon can't stay out of trouble.

LN AR                          DOB      CASE/BOND CT  CHARGE   DISP
01 SALOMON REY CA 012076 MA9938133 ME UCW CLUB DISM
02 SALOMON REY CISNEROS 012076 MB0143002 MM FAIL ID FUG NO PGBC
03 SALOMON REY JRA 012076 F-9502012 FH ASSAULT NBIL
04 SALOMON REY JRA 012076 MB9619813 MM DWLS/SR DISM
05 SALOMON REY JR 012076 F-0039559 FW THEFT AGGREGAT PGBC

Read what is listed on his criminal record at http://www.dallascounty.org/criminalBackgroundSearch/

And thats not all! There are other employee's/associates with criminal records (including the owners), so BEWARE and think twice.


This report was posted on Ripoff Report on 09/12/2012 04:35 PM and is a permanent record located here: http://www.ripoffreport.com/r/MSI-Credit-Solutions/internet/MSI-Credit-Solutions-Ricardo-Mendiola-MSI-Credit-Solutions-READ-PROOF-MSI-CREDIT-SOLUTIO-940309. 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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#1 Author of original report

Your Gonna LOVE This...... Another MSI Employee busted

AUTHOR: Concerned Citizen - (United States of America)

Randall Yates

Senior Consulant at MSI Credit Solutions
Mckinney, Texas(Dallas/Fort Worth Area)
Financial Services
DOB 07/25/82
View Linkedin profile at:
http://www.linkedin.com/pub/randall-yates/51/133/942?trk=pub-pbmap

Please read before you trust MSI with your information!

Garland men sentenced to prison for eBay fraud

Dallas Business Journal
Date: Tuesday, August 24, 2004, 4:00pm CDT - Last Modified: Tuesday, August 24, 2004, 4:04pm CDT

Two 22-year-old Garland men have been sentenced to federal prison for defrauding buyers on eBay (NASDAQ: EBAY), the Internet auction service, the United States Attorney's office in Dallas said Tuesday.

Randy Gail Abbe Jr. and Randall James Yates both pleaded guilty to one count of wire fraud in United States District Court. U.S. District Judge David C. Godbey sentenced Abbe, who was convicted earlier this month, to 18 months in prison. Yates, who was convicted earlier, was sentenced in January to one year and one day in prison. Both defendants were ordered to pay $31,360.78 in restitution.

Abbe and Yates admitted that between September 2002 and January 2003 they used Yates' computer to advertise non-existent items for sale on eBay. They used Yahoo! (NASDAQ: YHOO) e-mail accounts in false names to communicate with potential buyers. Abbe admitted that he picked up payments from buyers at Western Union or Moneygram locations and split the money with Yates.

Both men also communicated with potential buyers on a prepaid cell phone to describe the items for sale or to arrange for the wire transer of money, never intending to deliver anything, the authorities said.

For example, In September 2002, Yates spoke with a man who wanted to buy an Acura turbo kit the pair had advertised on eBay for $2,395. Yates and Abbe, pretending to be other people, discussed the turbo kit with the buyer and directed him to wire transfer the money by Moneygram to a fake name at a fake address. Abbe and Yates, who never had a turbo kit to sell, collected the money.

U.S. Attorney Richard B. Roper praised the Federal Bureau of Investigation for its work on the case, as well as the Plano, Richardson and Garland police departments.

 You can also view more felony conviction on Mr. Yates at:
http://www.dallascounty.org/criminalBackgroundSearch/search.do

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