I am an attorney representing a small business owner victimized by Alliance Acquisitions Associates. It is very interesting seeing some rebuttals defending this company which is an obvious scam for the following reasons:
1. The business valuations are a joke. They just take information provided by the owner an plug it into a fancy but meaningless report. There is no comparable sales or other supporting data. My client's business was greatly overvalued.
2. They lure you in with the promise of a refund, but obviously do not make a refund when requested. The contract is set up to trick you. The small business owner thinks they are going to be introduced to a potential buyer but are introduced to no one. The scam is AAA gives you a list of lenders ("capital funding sources") you could find in the phone book and says the company has performed its obligations so no refund is due. How many of the victims were looking for a lender? How many were actually introduced to the lender? My guess is none.
3. This allegedly huge company claiming $3 million in sales was formed in 2005, with Marivn Hicks as the CEO, Secretary, Treasurer etc. There is nothing real about it or its promises to sell businesses.
4. The reliance on venue and arbitration clauses in the contract vy AAA is nothing more than an effort to make it uneconimical for victims to sue them.
A class action suit will only be useful if you know where these crooks have assets. For most victims there is little hope of recovery and the costs of pursuing collection are too high. The best course of action is to seek criminal prosecution. Be vocal and insist upon this white collar crime being investigated. In my opinion, they have to show more than that they sold a few businesses. They must show they actually tried to sell the businesses of these victims. What did they actually do? The more victims that complain the more likely a prosecution will occur.