David Vu Pham (aka David Pham) and Vlociti Commodities, LLC, a Delaware company, ripped me off for $100,000.00 in March, 2011. David Vu Pham, for whom I had been looking for a home for himself and another for his son and land on which to supposedly build their US Headquarters, took $100,000 from me for what he even now describes as a scam.
The commodity being purchased was "used rail R50-R65" in Russia, for which I was to receive a commission on the resale of this rail that was to be converted into steel. David Vu Pham provided an "Irrevocable Master Fee Protection Agreement". Commissions were to begin in April/May, 2011. I had done an early withdrawal from my IRA to make the investment, but would be able to put the money back within the 60 days allowable to avoid a huge tax burden.
No commissions were ever paid. The $100,000.00 of my money had been distributed in two forms:
$90,000. [continued below]....
.....00 was wire transferred to Vlociti Commodities, LLC. via their bank: Bank of Oklahoma, N.A., to the attention of bank officer, Steven Reed. David Vu Pham asked that I write a check to his wife, Jackie (Quynh Nga L. Pham), for $10,000.00 so she could fund the trip to Russia of their steel expert. IMPORTANT: David Vu Pham said I had no risk in making this investment. Even if something went wrong, he would personally reimburse me the $100,000.00.
Multiple excuses, supposed Visa delays and other delays began right away. By November of 2011, David Vu Pham said that it was a scam (supposedly the Russia mafia prevented the transcation).
He said he had also invested personally and lost money himself. He also said he would repay me the $100,000.00 + $50,000.00 for my costs associated (I owe the IRS close to that amount for the early withdrawal of my IRA added to my income plus a 10% penalty).
I can provide all the correspondence, transaction records and other details. David Vu Pham now claims the arrangement was between him and me and did not involve Vlociti Commodities, which is NOT what the paperwork I have states.
To date, not a dime has been repaid to me. He is no longer returning emails. I had to file bankruptcy over this loss. I believed in him...supposedly a strong Christian Catholic whose family I came to know...but he has not kept his word. BEWARE if you are asked to make an investment or do business with this company, David Vu Pham and other members of this company.