• Report: #685841

Complaint Review: Real Estate Capital Management, LLC

  • Submitted: Sun, January 23, 2011
  • Updated: Tue, February 01, 2011

  • Reported By: Company X — New York New York United States of America
Real Estate Capital Management, LLC
11601 Wilshire Blvd., Suite 500 Los Angeles, California United States of America

Real Estate Capital Management, LLC RECM Scam, Fraud, Fees, Real Estate, Investment, Finance Los Angeles, California

*Author of original report: Updated Information

*Author of original report: Proof cont...

*Author of original report: Proof

*UPDATE Employee: Real Estate Capital Management

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We too have been defrauded by Real Estate Capital Management, Alan Daniels and Sam Copeland. We were introduced to them May 19th 2010, We flew down to Atlanta, GA to meet them at the Ritz Carlton in Buckhead where they were staying. They claimed to have the ability to raise capital for our firm through a Structured finance program and trade platform to which they had access to in Europe with UBS and LB Swiss. They told us that if we wanted to have access to the capital that we would have to engage them and pay a fee of $25,000. We payed the fee and on May 23rd 2010 we were officially engaged with their firm. We send over sensitive documents to them as well as proprietary information. The claimed to have ran Due Diligence on our firm and determined that we qualified for funding in their program. They told us we would be funded in 4-6 weeks.

On June 9th 2010 We received Structured Finance Documents ad well as a Master Draw down Schedule, which outlined how much money they were raising for us and how the money would be allocated to us over a period of 36 months... The documents also covered their fees and the cost of the capital. After that we had a few conference calls and they explained that there were some minor setbacks that needed to be overcome, to which I understood and no transaction is perfect and I was willing to be patient and work with them. On the conference call before we received any further documents it was disclosed to us that we would receive our first capital draw on Aug 1st 2010, however, when we received our funding commitment and term sheet on July 29th 2010it said we would fund"no later than Aug 30th 2010". This change without warning began to start affecting our business and some of our relationships began to question the validity of the capital.

Aug 30th 2010 came and went and there was no funding. From that point Alan Daniels and Sam Copeland offered excuse after excuse and verbal promise after verbal promise, none of which they performed on. Finally another client that was involved in this illicit scam was introduced to our firm by a mutual business associate. She had access to all of their documents "Bank Guarantees" etc... She released all of the information to me on November 21st 2010, Once I looked at the document I knew the transaction was fraudulent because the protocol was not correct on their "Bank Guarantee", I later found out (after a closer examination of the documents) that they forged bank officer signatures and created fraudulent documentation on "bank letterhead" obtained from the internet. On December 8th 2010 my firm officially in writing terminated our relationship with RECM, Alan Daniels and Sam Copeland and we cited the following reasons for termination:

- Severe breach of contract PI2010-05-1/US 10B-R2AC

- Failure to perform on a binding financial commitment for funding

- Misrepresentation of your status as an Investment Bank (No such application had been made to the United States Security and Exchange Commission, nor to any other financial regulatory body with competent jurisdiction.)

- Fraudulent documentation to include:



- Fraudulent MT-760/Bank Guarantee Security Instrument drawn on the Royal Bank Of Scotland



- Fraudulent Loan Term Sheet drawn on Standard Bank Letterhead



- Fraudulent Irrevocable Conditional Pay Order drawn on Lloyds TSB Letterhead



- Fraudulent Irrevocable Conditional Pay Order drawn on Barclays Letterhead

It is now January 23rd 2010 and we have yet to receive our $25,000 back and they refuse to take our phone calls. We also learned that Alan Daniels owes a person whom he was trying to get to work for him $10,000, we further learned that RECM has never paid any of its employees and that Alan Daniels owes Cornerstone bank the sum total of $249,716, Midway Rent A Car the sum total of $23,084, Bogart and Bogart PC the sum total of $4,500, The Internal Revenue service the sum total of $3,618 and the State of Georgia the sum total of $1,208. Alan Daniels also has a warrant for his arrest in the State of California for a Failure to Appear on a traffic ticket and now he, Sam Copeland and RECM are under investigation by both the FBI and the Security and Exchange Commission.

These people and this company are BAD NEWS... Alan Daniels and Sam Copelandwill be in jail soon I have no doubt, in the interim however, avoid these scammers at all cost!!!

*** If you are a fellow victim and would like access to any of the information that I have access to for your records please feel free to email me at:(((REDACTED))) ***

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.


This report was posted on Ripoff Report on 01/23/2011 10:59 AM and is a permanent record located here: http://www.ripoffreport.com/r/Real-Estate-Capital-Management-LLC/Los-Angeles-California-90025/Real-Estate-Capital-Management-LLC-RECM-Scam-Fraud-Fees-Real-Estate-Investment-Finan-685841. 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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REBUTTALS & REPLIES:
3Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Updated Information

AUTHOR: Company X - (United States of America)

I would like to provide an update to this file,

We have stumbled on more information, Alan Daniels has been defrauding people out of there money for years. We found this court case from 2003 filed in the UnitedStates District Court Northern District of Georgia:

http://bulk.resource.org/courts.gov/recop/pacer/ecf.gand/0551790847.pdf

(They may redact the link but it will still be clickable) The case is between one Alan F.Daniels and Andrea Piana in which a final judement was awarded in favor of Andrea Piana in the amount of $1,136,783.36. The attempts at avoiding this lawsuit by first agreeing to a settelment to which he didnt perform on, and than the weak attempt to file bankruptcy which failed show that he has no regard for or respect for anyone. For the record my firm did authenticate this case record through pacer ourselves.

Finally, We have notified the FBI's (Los AngelesDivision)of RECM, Alan Daniels and Sam Copeland and are fully cooperating with them to bring these clowns to justice!

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#2 Author of original report

Proof cont...

AUTHOR: Company X - (United States of America)

Just so everyone is aware, the "((redacted))" links on my previous post are clickable, when you click the second one it will take you to Case Access for the Orange County Superior Court in California, all you have to do is enter "Daniels" as the last name and "Alan" as the first (without the quotation marks), it will bring up a few different cases the one for which the warrant is listed is case # IRM270923. The first link will take you to all of their fraudulent documentation as well as Alan Daniels full background report.

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#3 Author of original report

Proof

AUTHOR: Company X - (United States of America)

I wont do much more talking about this as I dont have thetime or patience so what I have decidedto do instead is let the paperwork speak for my firm as well as all of the other victims who they have defrauded:

(((Redacted)))

This link will lead you to all of the fradulant documentation that was released to me as well as Alan Daniels background report that was ran by my firm using WestLaw, This report will detailall of the things I've listed about his liens and judgements.For more information about Alan's warrant please feel free to visit the following link:

(((Redacted)))

This link will lead you to the Orange County Superior Court in the State of California and directly toAlan's case with them.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
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#4 UPDATE Employee

Real Estate Capital Management

AUTHOR: Monica - (United States of America)

To Whom It May Concern,

Please be advised that the allegations in the report (#685841) against Real Estate Capital Management (RECM), Mr. Alan Daniels and Mr. Sam Copeland are completely false and without merit and submitted for the sole purpose to slander and blackmail. RECM has been in existence since 2001, has never been mentioned in a negative report and has secured financing for numerous firms both domestically and internationally.

We have tracked and confirmed the author of the fraudulent compliant per the listed contract number PI2010-05-1/US 10B-R2AC . Mr. Frederick Scott of ACI Capital Group is author of the complaint. Mr. Scott was a former client of RECM. Mr. Scott has not filed a lawsuit against RECM, Mr. Daniels, Mr. Copeland or any of the principals of RECM substantiating his claims. Instead, Mr. Scott has elected to file this report in an attempt to damage RECMs reputation.

Mr. Scotts attempt to libel RECM is due to the fact that RECM has discovered that he misrepresented the status of his firm and assets under management of $30M. Furthermore, Mr. Scotts alleged attempt to defraud the Mayor and city of St. Louis and string of alleged victims subsequently forced RECM to abandon all efforts to secure financing on behalf of Mr. Scotts firm ACI Capital. Further information may be accessed at http://www.stlamerican.com/news/columnists/article_dbf4870c-3d36-5c4d-9ffc-a4390f53b8da.html.

Mr. Scott has placed several threatening phone calls demanding monies be paid to him directly or he will damage the name of RECM and reputation of the principals. The Alan Daniels that serves as Chairman/CEO of Real Estate Capital Management, does not have a warrant for his arrest, nor does he have outstanding IRS bills. Additionally, Mr. Daniels and Mr. Copeland have not been notified by the SEC or FBI and no have reason to be under an investigation.

We have attempted to locate Mr. Scott to properly serve legal documents but have been unable to locate him at the addresses provided. We were recently informed that Mr. Scott was living in a hotel in the Metro Atlanta area. We ask that anyone with knowledge of Mr. Scotts whereabouts or proper legal address , please send an email to info@recm.com.

Monica Gomez
Legal Department

Real Estate Capital Management
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