• Report: #905996

Complaint Review: Provident Metals

  • Submitted: Mon, July 02, 2012
  • Updated: Mon, October 26, 2015

  • Reported By: ian — Texas United States of America
Provident Metals
PO BOX, Lavon, Texas lavon, Texas United States of America

Provident Metals Provident Precious Metals gold scam, false market loss charges, false market loss admin charges, lavon, Texas

*REBUTTAL Owner of company: All lies - no facts

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check out joshua merrick's mugshot in video
http://goo.gl/xj8b3
Provident Metals Scam
Joshua Merrick MUGSHOT
31  M 01-07-2012 Stearns County, MN
http://goo.gl/6gWkU
http://goo.gl/xj8b3
Mugshots Online JOSHUA MERRICK Saint Cloud Minnesota
Jan 7, 2012 Charges. CRIM AGNST ADMN JUST-MS-OBST LEGAL PROCESS / OBSTRUCT LEGAL PROCESS-MS. An arrest does not mean that the


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Provident Metals is operated by 30 years old owner, Joe Merrick with PO BOX address in Texas.
Their price quote is higher than market price, and does not reflect market price reflections which they refuse to explain.
You will see a lot of complaints against this company that it is actually scamming.
1. they charge false market loss fees when there is no market loss (never purchased)
 2. they also charge false market loss ADMIN fees.
3. [continued below]....
..... timing is great. they wait several months until gold price goes down, then demand/extort market loss/admin charges.
4. gold price fluctuate. their policy is to keep gains, but customer pays losses. so they wait several months to see gold price drops, then demand false market losses.

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OK I talked to Joe again and he will consider giving you the $119 market loss if you will allow him to explain Provident's policy.  He understands you might be frustrated if you somehow missed it, and that is the only reason he is considering it.  What time are you free to talk to him?
  
Josh Merrick

Well, I talked to him and I think he is going to be sending you the $119.  The only thing is he wants to explain what happened over the phone.  Is that possible?  

 Josh Merrick
josh merrick tama_dude_42@yahoo.com

Provident Metals is operated by 30 years old owner, Joe Merrick with PO BOX address in Texas.
Their price quote is higher than market price, and does not reflect market price reflections which they refuse to explain.
You will see a lot of complaints against this company that it is actually scamming.
1. they charge false market loss fees when there is no market loss (never purchased)
 2. they also charge false market loss ADMIN fees.
3. timing is great. they wait several months until gold price goes down, then demand/extort market loss/admin charges.
4. gold price fluctuate. their policy is to keep gains, but customer pays losses. so they wait several months to see gold price drops, then demand false market losses.



This report was posted on Ripoff Report on 07/02/2012 09:38 PM and is a permanent record located here: http://www.ripoffreport.com/r/Provident-Metals/lavon-Texas-/Provident-Metals-Provident-Precious-Metals-gold-scam-false-market-loss-charges-false-mar-905996. 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:
0Author 0Consumer 1Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Owner of company

All lies - no facts

AUTHOR: Matthew - (USA)

We are a United States based company so our level of disclosure and transparency is greater than Switzerland. Our Director, which has been referenced in internet posting, is currently affiliated with a United States Federally Insured, Publicly Traded Bank, with billions in assets. They don't hire fraudsters or conmen - Check out the requirements to obtain a United States Federal-Chartered designation. Daniel Terry or his cohorts could never pass the background check. In comparison to a United Stated Federally Chartered bank, Garrison/IntaCapital is a broker without its own money. They reveal this is the hidden disclaimers on their website. They attempt to solicit High Net Worth individuals so they can broker introduction to Swiss Banks. Clients have very little financial recourse against such an entity in Switzerland. Unfortunately, many clients have learned this fact by personal experience that has millions of dollars in fees and damages. 

Garrison/IntaCaptial just recently reactivated their Garrison website. It was previously taken down. They are no longer located at Batiment Banque National Suisse Rue de la Paix 6 Ch-1003 Lausanne Switzerland. The investigations over the last 3 years have severely crushed their business financially. But, we suspect they never really had a business just a fraud scheme to pay expensive overhead. 

Secondly let's address the lies posted on Garrison/IntaCapital website titled Postings. 
Garrison/IntaCapital reconstruction of events on their website posting as it relates to a Danish developer is filled with lies. Garrison/IntaCapital stole money from this Client. They accepted this clients application and approved it and then requested that 150,000 Euros be paid for processing the deal on behalf of their "confirmed investor". The money that was released was in a US based escrow company. Therefore, there exists 3rd party verification of contracts and wire transfers that were executed and issued as part of Garrison/IntaCapital fraud scheme. Information within escrow can reveal the deceptions and misrepresentation that was used by Garrison/IntaCapital to allow for the release of the Clients funds without securing an investor. 

Lawyers, UBS and Credit Suisse bankers ultimately discovered that Garrison/IntaCapital never had an investor! When the Client officially requested his money back, they agreed (Client has written proof of this agreement), but they never did so. He and our Director traveled to Switzerland and met with Paul Jordan and Swiss authorities on this matter for 2 days. Daniel Terry was conveniently absent and Jason Mitchell, their Director of Business Fraud, hid in his office during the entire meeting. On their website, they state that invitations were offered to meet in their office and we refused. Once again, we have travel itineraries, phone records, and Switzerland police, Vaud, Lausanne records to refute this claim. They state on their website that they rejected this clients deal, but not his money, because of his history of bankruptcies in unrelated businesses. However, the fact remains, they accepted the application and approved it after performing due diligence and rather than inform the client that they deal was rejected and return his fee deposit, they kept the funds. These actions are consistent with similar actions taken against 10 other clients. Clients, their brokers, and attorneys can confirm these facts and are willing to provide confirmation to anyone who wants to inquire. 

A few months later Garrison/IntaCapital requested arbitration via the ICC in Geneva to avoid court. They knew they had no case or evidence to stand on to fight our fraud charge. Unfortunately, the ICC dropped the arbitration filing because Garrison/IntaCapital was not able to pay the $10,000.00 filing fee. This is also documented. They probably knew they didnt have the money and used this as a stalling tactic. In the end, the Client never got his money. He decided to file fraud charges with Swiss law enforcement agencies and the FBI. We paid the Client our referral fee that was paid to us by Garrison when it was discovered that Garrison/IntaCapital was perpetuating a fraud scheme. The Client never paid any additional funds to us since the transaction was never completed. All our deals have been and are success fee compensated. On their website they stated that we charged the Client a large fee. This is untrue. The only fee that was paid by the Client was the upfront fee stolen by Garrison/IntaCapital.

Lastly let's address why the statements made on this post should be investigated.
All information concerning this matter can be verified and referenced by ICC letters issued to the Client's attorney, contracts issued by Garrison/IntaCapital, court filing documents, emails, and bankers from several prominent banks in Switzerland. In addition, more verification of their fraud enterprise can be evidenced by many more clients and law enforcement and legal filings against Garrison/IntaCapital. They may be barely operational now but their days are numbered. Lies will not set them free. We prefer not to trade further internet rebuttals against their fake postings. A Client recommended that a site be created so defrauded clients can upload documentation verifying their fraudulent and criminal business practices. If they continue to post lies to misdirect, we will work with this client and others to do just that. Facts and Evidence concerning this matter are on our side!

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