• Report: #1035664

Complaint Review: Whelan and Associates

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  • Submitted: Mon, March 18, 2013
  • Updated: Mon, August 19, 2013

  • Reported By: anonymous — Monroe North Carolina
Whelan and Associates
They moved their office Internet, California United States of America

Whelan and Associates John Whelan, Dan Valero, David Rosenfeld Oraco Resources Inc. ponzi scheme Diamonds Gold Africa whelan and associates Internet, California

*Author of original report: I can't understand this!!

*Author of original report: John Whelan

*REBUTTAL Owner of company: Angry Ex Employee

*Author of original report: Ridiculous

*REBUTTAL Owner of company: ex employee

*Author of original report: Where is Mr. Whelan

*UPDATE EX-employee responds: In regards to your latest post Ms. Barbara

*Author of original report: Ex-employee

*UPDATE EX-employee responds: In regards to your comments Ms. Barbara

*Author of original report: Misinformed owner

*REBUTTAL Owner of company: Angry Ex Employee

*Author of original report: Misinformed owner

*Author of original report: Misinformed owner

*REBUTTAL Owner of company: angry ex employee

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I'm going to be blunt. This company says they are a financial news letter. They used high pressure sales tactics to convince me to purchase certain stock recommendations. I was a little skeptical at first, and should have went with my gut. They told me a whole story (which was totally false after doing further research) of a company by the name of Oraco Resources Inc. ticker is ORAC. I was pressured several times to buy more and more and more based on false inside information. I see why on several occasions I was asked if I was being recorded before one of them could tell me some information that isn't "public" yet. They are excellent salesmen and I ended up owning roughly 16,000 shares of ORAC upwards of $5.25 per share, with promises of it being upwards of $10.00 in a few months. It is now $.18 last time I looked. Little did I know after more research the whole thing was a Ponzi Scheme involving the Owner and the VP of the company. I lost ALL my money obviously. The funny thing is that as soon as the Ponzi Scheme news came out they ran off to California. I have not heard a word from these guys since the company dropped. Their number was disconnected and the cell phone I had for the owner is never accessible. Bottom line, these guys are known for marketing companies that are labeled as pump and dumps, but I never thought I would be coaxed into buying a company that turned out to be a Ponzi Scheme. Here is what made me sick to my stomach. The News on The Arrests Investors Beware!!

This report was posted on Ripoff Report on 03/18/2013 08:31 AM and is a permanent record located here: http://www.ripoffreport.com/r/Whelan-and-Associates/Internet-California-/Whelan-and-Associates-John-Whelan-Dan-Valero-David-Rosenfeld-Oraco-Resources-Inc-ponzi-1035664. 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:
8Author 2Consumer 4Employee/Owner
Updates & Rebuttals

#1 Author of original report

I can't understand this!!

AUTHOR: anonymous - ()

I cannot believe that after this report. David Rosenfeld has the nerve to call me and try to give me another  penny stock!! From the 4th firm he's been employed at!! I thought he was joking, but he was serious as if nothing had ever happened. Something needs to be done very soon with these scam artists. He is now with some 22 year old kid who decided to open his own "news letter". I remember the young man from the first firm David worked for. Ridiculous...

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#2 Author of original report

John Whelan

AUTHOR: anonymous - ()

This means exactly what to me? I don't understand the point you are trying to make.

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#3 REBUTTAL Owner of company

Angry Ex Employee

AUTHOR: longislandnewyork - ()

 This report was posted on Ripoff Report on 03/18/2013 08:31 AM and is a permanent record located here: http://www.ripoffreport.com/r/Whelan-and-Associates/Internet-California-/Whelan-and-Associates-John-Whelan-Dan-Valero-David-Rosenfeld-Oraco-Resources-Inc-ponzi-1035664. 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.

Read the last line of the above, it's from the original post on this web-site, If you notice the time of the original post, March 18th, it's the same exact day Dan flew home from California.

What a Coincidence, if you notice the other complaint, look at the time stamp of the posted report, it's Jan. 4th the same day Dan and I went to California.

Both complaints were posted pacific time.

unless Barbara was on vacation for two months on the same exact dates that Dan was flying.

Again what a concidence, I'd have a better chance of hitting the lottery if this was Barbara's complaint vs. Dan's.

Now it clearly all add up.

Again, I was told about the original post but other sources..

 

J.W.

 

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#4 Author of original report

Ridiculous

AUTHOR: anonymous - ()

Now you decide to come forward. You mention My nephew, I didnt... You obviously know what I am talking about there. I'm not here to answer the questions your ex-staff members are here to ask me, even though its obviously you speaking on their behalf which is quite strange. 1st sentance in the 2nd paragraph of the last responce, is one of your mistakes in trying to speak as someone else. I also have no interest in how long it's been since you heard from Daniel.  What makes you think I would? I told you i was the original poster of this report. i used Monroe to stay annonimous. just like yourself I receive emails everytime there is a responce to "my" report. You are obviously wrong here John, and like you said in the beginning it will all come out in the wash. I'm still giving you the opportunity to explain yourself to me directly but it seems you are too ashamed to contact me. I wouldn't blame you. So like I said I am finished here. I only wish to speak and answer questions if they aren't from drug users "speaking for you".

Barbara S N.J.

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#5 REBUTTAL Owner of company

ex employee

AUTHOR: longislandnewyork - ()

 Barbara,

 

   That is a flat out lie....  I have phone records showing we spoke in California on my Cell phone as well as Dan's call phone phone, you can't beat that proof. The original post was from someone in Monroe Carolina when you clearly live in Nj. Also the original post stated that we were in Internet California which does not exist, when again you clearly knew we were in Irvine California. This does not make sense.  I never have said in exchange for buying Oraco we will come to a convention for your nephew. That's false allegations and Clearly Illegal, FINRA is looking into this matter as well as my Attorney and I'm sure the FBI is as well.  Mean While when I spoke to you on the phone you sounded very educated and reading what you so call wrote sounds below sub-par. I noticed how you did not answer any of the question my other ex employee asked. what are you hiding, why is your story not matching up or not making sense. why is it that I have not heard from Dan in 6 months until I reponded to the original post, every post there after I have got an email from him.  Soooo  I'm asking again.. Why does all this not add up????

 

J.W.

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#6 Author of original report

Where is Mr. Whelan

AUTHOR: anonymous - ()

I'm finished here unless John Whelan decides to respond to this himself. He has the ability to respond accusing drug using staff to be the writers of this report to begin with, but that's it? Now he has another "ex-employee" with or without the drug problem speak for him? You still have not contacted me Mr. Whelan. The last time we spoke was when you promised to make a donation to my church here in Toms River N.J. In exchange for me buying more ORACO to help you bring it up to the price. I bought extra tickets for you and 2 others to come down and you did not show up. That was the last time we spoke. So who ever this is, daniel or the drug using employee, please forward this to Mr. Whelan. Now he should definitely know who I am. I am finished speaking with ex-staff members. If John would like to speak with me to make his point then he can reach out to me. If not, I think I pretty much made my point through these reports as to how Whelan and associates operates and its pretty obvious why they are no longer in business.

 

Barbara S, N.J.

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#7 UPDATE EX-employee responds

In regards to your latest post Ms. Barbara

AUTHOR: anonymous - ()

Unfortunately Ms. Barbara, you and I have never personally spoken as I am not Mr. Whelan as you are presuming. The reason I wrote this Ms. Barbara, is because frankly I’m pretty sick and tired of living in a country where people are incapable of accepting the outcome of their actions and are quick to place the blame on someone else. I’m not here to convince about whether or not Mr. Whelan’s company was aware of what the Owner and VP were up to since you seem like the type of individual that will believe what you wish regardless of any facts that would be presented. That’s your opinion and you’re more than entitled to it. I will say however, that if Mr. Whelan and his company did indeed know, I’m fairly certain he would have been arrested as well. If you accurately read the artical, it states that the FBI was watching the Owner and VP of Oraco since about 07/08 and Mr. Whelan's company was not hired until 2012. If he would have known, do you really think he would have risked losing everything by doing public relations for such a company?

May I ask what Ms. Barbara does it seem like I’m trying to cover up? Where you not sent any emails by Mr. Whelan which contained the disclaimer? I know every email he sent contained them since I am not only the one who proof read it, but I’m also the one who showed him how to make the disclaimer appear as his automatic signature. Were you his only client to not have his personal email address so that you could have contacted him once the IT Company no longer allowed him access to his work email and he had to change his phone number? From what I’ve been told, you did/do.  I’ve also been told that you did indeed speak to him while he was out in California, did you not? I can only conclude that since you waited well over a month since you last spoke to him to call his phone, and did not try to reach out to him through his personal email address, that you did not try very hard to get in contact with him. Are you not capable of making your own decision and doing your own research on a company? I don’t know about you, but I personally don’t make a habit of putting even $100 into something unless I’ve done my own digging around, but then again, that’s just me.  So again I ask; what Ms. Barbara does it seem like I’m trying to cover up? I’m a bit perplexed as to how stating what I’ve found to be pretty apparent truths could be construed as “covering anything up.”

I thought I was pretty clear in my explanation as to why Mr. Whelan originally felt that Daniel wrote the post to begin with so I’m not sure as to why it is that you’re fixated on that. Additionally Ms. Barbara, you’re assumption that Mr. Whelan was referring to Daniel when he expressed the fact that one of his employees was let go due to drug use is incorrect. Considering how your assumptions thus far have been amiss I strongly suggest you stop assuming for a while.     

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#8 Author of original report

Ex-employee

AUTHOR: anonymous - ()

Yes I am aware of the risks of investing in the stock market. I am not 100% convinced that "you" or your staff didn't know this was a Ponzi scheme, but yes that will come out in the wash. I assume you are writing this on behalf of Daniel? I only spoke to the both of you. So speaking on behalf of Daniel why would you say he was let go due to drug use, And why would he write this to begin with? Now this really doesn't make sence and just looks like you are trying to cover something up. If you would like to properly explain yourself please have the courtesy to call me. I have not heard from you or Daniel, and you both avoided my calls before you closed down. You know who I am and I'm sure you have my number.

Barbara S, N.J.

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#9 UPDATE EX-employee responds

In regards to your comments Ms. Barbara

AUTHOR: anonymous - ()

 As someone who has sat next to Mr. Whelan during many of his phone conversations I can say this: The reason in which he believes these allegations to be posted by a past employee are due to the fact that said employee has bragged to several people whom they both mutually know stating that he did indeed post these comments online, which if that is the case, the truth will come out in the wash.

Now in regards to the money you lost: Although you may not know much about the stock market you are aware of how it works correct? It is unpredictable, nothing is guaranteed, and there is always the possibility that you will lose the investment. Mr. Whelan never had access to your money and therefore it was your sole decision to invest it. All of his clients were sent a disclaimer in which they were advised to do their own research on any company they recommended. Whether you decided to take the time and do that research, again, was your sole decision. I don’t suppose you make it a common practice to buy something from every kiosk at the mall simply because the sales person told you to, do you? I also don’t suppose that for every decision you make which turns out not to be in your favor that you look for someone else to blame, do you? If you did not want to deal with his company you could have asked to be put on a do not call list, simple as that.

 Although it is rather unfortunate with how things turned out with Oraco, Mr. Whelan informed all his clients he was going out to California BEFORE it became known what the Owner and VP of the company were doing. The news reached him while he was out there at the same time that it reached everyone else. He did however keep the same cell phone number for some time following the news and only changed his number once the before mentioned employee started to harass him, so I can only assume that you waited for more than a month to try and contact him once you realized your investment was lost. Mr. Whelan did however make two huge mistakes; 1. That he invested all his time and energy into one company rather than multiple ones and 2. That he believes everyone is genuinely a good person deep down and therefore what comes out of their mouth is true.

Your claim that Mr. Whelan’s company is known for marketing pump and dump companies is false. Oraco was the only company which Mr. Whelan did marketing for, and had you paid attention to its stock you would have seen that it was not a pump and dump company (pump and dump company’s fluctuate dramatically, whereas Oraco's did not.) You may have lost some of your saving, but I know firsthand that Mr. Whelan lost much more than just his savings due to the fact that he truly believed in Oraco. Yes, many people were hurt thanks to the poor decisions made by the Owner and VP of Oraco and it is extremely unfortunate. This has not been something Mr. Whelan has taken lightly. While I’m not asking you to sport any form of sympathy for him I am asking that you get your facts straight before posting false allegations.

No, Mr. Whelan is not going to be taking any legal actions against any of his clients. The legal actions are in regards to his former employee (whom he believes to be slandering his name and whom the believed to have posted these reports) although the details of which are really no one’s business aside from his and the said employee.

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#10 Author of original report

Misinformed owner

AUTHOR: anonymous - ()

Mr. Whelan, who are you going to take legal actions against? Your clients? This does not make sence to me. I'm pretty sure I wasn't the only client who you hurt. There is even another report on here from a different client. If anything we are the ones who should be taking action against you (which has been in the works for a few months now with the SEC). You hurt a lot of people and lost hard earned money for many of us I'm sure. Me personally lost a 1/4 of my life savings, not to mention my brother who I recommended it to. I am not too big in the stock market because I don't have a lot of money to risk. Please let us know who you plan on taking legal actions against and why you are looking to hurt us even more.

thank you,

Barbara S, N.J.

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#11 REBUTTAL Owner of company

Angry Ex Employee

AUTHOR: longislandnewyork - ()

This matter has been Brought to the Attention of FINRA as well as my Attorney George Harmel. Legal matters have taken effect.

 

John W.

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#12 Author of original report

Misinformed owner

AUTHOR: anonymous - ()

John I can not believe you are trying to deny this. You have responded to both reports with the same ridiculous allegations. To whom ever is reading these reports I repeat investor beware. For more information contact the SEC (securities and exchange commission). I have notified them of Whelan and associates practices' as well. 

This man has no access to retrieve I.P. Adresses unless he works for this website... Which I highly doubt.

 

Barbara S. N.J.

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#13 Author of original report

Misinformed owner

AUTHOR: anonymous - ()

Nice to see you are still around John. You are mistaken, this report was written by me.

Barbara S, N.J. 

Everything in my report is correct. Do you wish to contest anything? Is the link to the article un viewable? You in fact did have me buy ORAC on false information. This is why you are no longer in business Mr. Whelan.

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#14 REBUTTAL Owner of company

angry ex employee

AUTHOR: longislandnewyork - ()

 This report was filed by an ex employee, (((REDACTED))) who wrote this report.

I have verbal Confessions from my Cousin whom will not be mentioned as well as Chris Castaldo and his brother Jerry Castaldo the owners of Stocktraderspress.com

 

John Whelan....

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