- Report: #940309
Report - Rebuttal - Arbitrate
Complaint Review: MSI Credit Solutions
MSI Credit Solutions2811 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
A business' first
line of defense
on the Internet.
If your business is
willing to make a
Click here now..
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
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
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.
Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.
If you would like to see more Rip-off Reports on this company/individual, search here:Search Tips
In order to assure the best results in your search:
- Keep the name short & simple, and try different variations of the name.
- Do not include ".com", "S", "Inc.", "Corp", or "LLC" at the end of the Company name.
- Use only the first/main part of a name to get best results.
- Only search one name at a time if Company has many AKA's.