Report: #1042147

Complaint Review: Blue Coast Securities, Inc.

  • Submitted: Wed, April 10, 2013
  • Updated: Wed, April 17, 2013
  • Reported By: Michael — Plano Texas
  • Blue Coast Securities, Inc.
    633 West 5th Street, 28th Floor
    Los Angeles, California
    United States of America

Blue Coast Securities, Inc. Investment SCAM, Los Angeles, California

*Consumer Comment: Blue Coast Scam

*Author of original report: Blue Coast Securities Scam

Show customers why they should trust your business over your competitors...

Our Company was contacted by a person named Wyatt Miller, from Blue Coast Wealth management, offering to invest 5 million iin exchange for 50 percent of our company, and we would need to convert to a public corporation in order for them to invest.  We paid a FEE of 3750.00 in wire transfer to Blue Coast for them to handle the Edgars SEC filings and conversion.  Wyatt Miller sent a convincing documennt with how they would invest once the paper work was finalized and submitted to the SEC.  When I asked for a copy of the paperwork that was sent to the SEC and the State, I got no reply and became suspicious.  I have since found wyatt millers cell phone number disconnected, as well as noone answering the commpanys main number in California.  Small Company Owners BEWARE!!!!! This seems to be a scam, and I have filed the complaints with both Texas annd California Attorney Generals offices.
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This report was posted on Ripoff Report on 04/10/2013 09:19 AM and is a permanent record located here: 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. READ: Foreign websites steal our content

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#1 Consumer Comment

Blue Coast Scam

AUTHOR: Morton Hari - ()

They are a scam indeed.  They are taking everybody, the "advisors" who fork over $20,000 for a non-existent "business" opportunity, the business owners who agree to shell out good money for a useless report (which may or may not be produced but which, if it is, then has to be done by an accountant) and they are ripping off every taxpayer in America as theirs is a tax scam.  Even the IRS is even defrauded.  My advise to the complainant is simple:  (1) Contact the SEC and complain, provide them with copy of everything you have;  (2) contact the FBI and do the same (others have already done so as well so the FBI is already on their trail); (3) hire a lawyer and try to find others who have been taken like you and then sue their pants!  Take them to the cleaners!  They have been banned in a number of states already and the government needs to get involved at the federal level.  There are many people like you who have been had and they will not hesitate to stand behind you when you go for their throat.  Good luck!

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#2 Author of original report

Blue Coast Securities Scam

AUTHOR: Michael - ()

First of all, thank you for violating our NDA.  I also did not see any explanation as to why your blocked cell phones have been turned off. 

Here are the important points from our dealings with Blue Coast: 

1.      We did not contact Blue Coast; we were CONTACTED BY  Blue Coast via email on 1/21/13 we asked more than once how they found us (as the email indicated it was a via broker representing our company funny that we have NEVER retained a broker to represents this venture.) and never really received a clear answer What broker? When?

2.      We stupidly agreed to their proposal.  They fed us just enough documentation for a time to keep us on the hook.

3.      We have an email dated 3/12/13 that states that the information was filed with the State on 3/11/13 date (got the conversion document and fee out to Texas yesterday)   we contacted the State and as of 4/12 they had not received anything and they indicated items they receive are executed promptly.  We never saw a copy of the document , proof of delivery or proof the fee was sent.

4.      On 3/12, Mr Miller emailed us that it takes 7-10 days with the State.

5.      On 3/18/13 we received an email that they expected the conversion to be completed Tuesday or Wednesday this week.  Again key is to get the Reg A in the Fed Ex by COB Friday high pressure when we had at this point not even seen the Reg A draft

6.      We received an email with an incomplete and incorrect Reg A on 3/21/13 We sent feedback via email on 3/22/13 and are still waiting to see a revised document. The Reg A was very sloppy it was incomplete, and there were several inconsistencies related to number of shares, amount of the investment.

7.      We have an email dated 3/27/13 that states that the information was mailed too DC on 3/23 and arrived yesterday   we contacted the SEC as of 4/12 and they had not received anything.  Again we have NOT seen a copy of the Final
document that was sent even though we asked repeatedly.  It was very worrisome that a document was
submitted on our behalf when we had not reviewed and approved it.

8.      On 3/28/13 we received an email stating Lets talk on Friday or Monday on what to expect now that we have the submission in. 

9.      Having not heard anything, we sent an email for status on 4/1/13 and received a reply on 4/2/13 We were closed yesterday for a site audit, any time today works for me  Emails have been coming from the fictitious Wyatt Miller.  His response ignored our request for a copy of what was sent to the SEC.

10.  The last email received was dated 4/2/13 call me today after 4:00 pm at 561-945-2629 when we called the phone was disconnected

11.  Wyatt Miller, our contact from Blue Coast in Florida, does not appear to exist and phones have been turned off.  He was based in Florida but had an address in LA. 

12.  All contact ceased on the day (4/10/13) that we asked if Blue Coast was still doing business the response Yeah, what prompted that question? was sent from an iPhone.  Very Professional (Not)

13.  Requests for conference calls to discuss this were ignored throughout this debacle.

14.  Finally, you are in violation of the NDA executed with Blue Coast on 1/23/13

Refund our money; we will retract all statements provided you do the same.  Simple..  Easy. 

Provide proof that the documents were submitted as stated. Provide the completed documents.  Provide what you promised and indicated you did.
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