• Report: #1078602
Complaint Review:

Gramercy Commodities, Inc.

  • Submitted: Fri, August 23, 2013
  • Updated: Thu, December 18, 2014

  • Reported By: Anonymous — New York New York
Gramercy Commodities, Inc.
548 Market Street, #27695 San Francisco, California USA

Gramercy Commodities, Inc. Gramercy Millennium Group, Gramercy Private Equity, SRS Global Commodities, Inc., Michael Gale, Tony Choi, Ivar Tabrizi Scam San Francisco California

*Consumer Comment: Michael's a guy....

*UPDATE Employee ..inside information: More of the same.....Fraud

*Consumer Comment: Michael Gale Amy Gale the Thief, Conman, Fraud, Scam

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Michael Gale and Gramercy Millennium Group are names synonymous with scams. A simple Google search will yield several results alleging them of fraudulent activities.

 Gramercy Millennium Group has in the past year also expanded into commodities trading using the front Gramercy Commodities, Inc. They also claim to have a joint-venture relationship with a company called SRS Global Commodities Inc. The individuals who represent include but are not limited to Tony Choi and Ravi Kumar. They claim to be seasoned commodities traders. They make outrageous claims such as trading up to 8 million barrels of aviation kerosene in a month.

 SRS Global Commodities Inc.

955 S. Virginia St., Reno, NV 89502 USA
Registration Number: NV20121673086
Administrative Office: Inner Harbor Center, Suite 800; 400 East Pratt Street, Baltimore, MD 21202, USA

 I am not sure if the above information is correct, but this is the information they provide about themselves. A simple online search will show that the Nevada address listed has half a dozen companies registered to that location. The SRS and Gramercy individuals will try to convince you that they have a network of high profile individuals in the United States, Australia, Europe, Russia, Saudi Arabia, the UAE, India, Hong Kong and China. However, a simple search or some due diligence will prove these individuals are not what they claim to be.

 Tony Choi claims to be a former employee of the United Nations. He also makes outrageous claims of his close knit relationship with the Russian Consulate and they can provide him background on any Russian companies.

 Michael Gale will tell you he is a very seasoned investor and entreprenuer from Australia but based in the San Francisco Bay Area. He also claims to rub shoulders with very reputable individuals in the venture capital and entreprenuer scene in Silicon Valley. Incidentally I shared a mutual connection with Michael Gale in the Valley. This individual works for a very well known venture capital firm (I won't name which one, but I will say this is one of the venture firms that invested in Google in 1999). I contacted him to perform due diligence on Michael Gale and was told that he didn't actually know Michael Gale.

 We also performed due diligence on another one of Gramercy Commodities's director, Nawaf Al-Oraini. This individual claims to be the head of Corporate Banking Business Management of the Saudi British Bank aka HSBC Saudi Arabia (SABB). If you check the SABB website, there does not seem to be this department. I also called SABB, and no one at SABB seems to know this individual. A search within their system also does not yield any results for this individual.

 The claim made by these individuals is that SRS is the operating partner and Gramercy is the fiduciary partner in their relationship. They provided us a Bank of America bank account to us under the name of Gramercy Commodities Inc. for us to do due diligence. After a long and exhaustive process and paying a 60 USD fee, Bank of America finally faxed us a report stating that the account they provided only has an average balance of a moderate four figures. 

 This is the company that claims to have traded in excess of 8 million barrels of aviation kerosene in a month, yet they only have an average bank balance of a moderate four figures? Based on current market prices, 8 million barrels of aviation kerosene is approximately 720 million US Dollars. I will not reveal the bank account information of Gramercy here because I have integrity, but I will provide the name of the Bank of America employee who provided us with the Gramercy account information. Her name is Carolyn B. Cooper. Please feel free to verify everything I have stated.

 We are a very serious trading and brokerage house that trade physical commodities. We are used to dealing with scams on a daily basis. However we feel the need to report this group of scam artists because of their very inappropriate scam tactics. Obviously all scams should be exposed, but most scammers are in all honesty pretty stupid. This scam operation has a complex and intricate network with individuals not afriad to lie, cheat, threaten, and intimidate their victims. We strongly believe their heinous crimes should be exposed and hopefully prosecuted by law enforcement authorities.


This report was posted on Ripoff Report on 08/23/2013 10:20 PM and is a permanent record located here: http://www.ripoffreport.com/reports/gramercy-commodities-inc/san-francisco-california-94104/gramercy-commodities-inc-gramercy-millennium-group-gramercy-private-equity-srs-global-1078602. 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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#1 Consumer Comment

Michael's a guy....

AUTHOR: OA - ()

Michael's a guy
Who knows some guys
Who've got some money in Asia
That's all I know

He'll fly to Dubai
At the blink of an eye
And he'll call us the moment he lands
On the ground in Malaysia

Bank guarantees
Tankers at sea
And he'll call us the moment he lands
On the ground in Malaysia

Michael's a guy
Who knows some guys
Who've got some money in Asia
That's all I know

But until his guys pay him
I'm afraid the answer is no....

From a former Open Amplify employee

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#2 UPDATE Employee ..inside information

More of the same.....Fraud

AUTHOR: Conned - (Switzerland)

Since this posting Mr. Gale has been a very busy guy; opening and closing a series of worthless companies ranging from more fraudulent commodities companies to family offices, to asset management firms claiming to be managing in excess of $3BN.  The reality is quite different.  Mr. Gale is homeless and penniless somewhere in the UAE.  Mr. Gale has expanded on his fraudulent and delusional empire which now includes duping investors and former employees in Switzerland and the United Arab Emirates.  This posting was from 2013.  It's hard to imagine four years later that Gale is still destroying companies and lives all over the world. It's hard to understand how or why law enforcement hasn't put an end to this corruption and criminal behavior. One reason could be that Mr. Gale doesn't have a fixed permanent address, but he did manage to obtain UAE and Swiss residency permits which have granted him the ability to move between various jurisdictions.  He has forged documents, contracts which are worthless, and defrauded investors out of millions of dollars.  

Investors include companies and individuals from the United States, Switzerland, and the UAE.  Money in excess of $3M has been squandered by Gale at his discrection.  This amount represents only a small amount from two investors in the US.  They know Gale is a fraud and have said as much.  They know they will never see a dollar of that money again.  They also know that Gale needs to be stopped.  It's up to those of us to make sure Gale is finally stopped so we don't need to keep re-visiting this online forum.  

If anyone needs more detailed information, please contact me here and I will be happy to supply you with anything you need.  

 

 

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#3 Consumer Comment

Michael Gale Amy Gale the Thief, Conman, Fraud, Scam

AUTHOR: Conned in NYC - ()

Michael and Amy Swartz Gale are professional rip-off artists; they have been travelling around the world with money stolen from various people and entities throughout the USA, Europe and Australia. The claim to have relationships with established people but use this as a confidence scam of sorts. Today they are being investigated by several law enforcement agencies in the USA (including the SEC), at least one in Michael Gales birthplace of Australia and now Swiss authorities are looking at him because of a failed attempt to acquire what Michael claimed to be Bank but was really just an investment club with major regulatory issues (MB Depositors AG). We have identified at least US$10,000,000.00 that has been taken by Michael and his wife over the years but in truth we believe that the number is much higher. Michael is no stranger to these tactics we think and have evidence that proves he’s been out conning various people and entities for over 10 years. Michael is now on his third (3rd) wife and has children from previous marriages. Michael’s current wife Amy refers to herself as a “Travel s**t” on several social media sites.

 In 2012 Michael and Amy Swartz Gale were on a Bravo reality TV show called “Start-ups: Silicon Valley” the duo wrote a US$500,000.00 check on camera, gave it to the lucky recipient only to take it back after the camera stopped rolling, in fact the money to cover the check never existed, Michael and Amy explained that they would send a wire the next day, guess what……the money never came, it was an elaborate con arranged by Gale. This is well documented; spend a few minutes with Google.

 Please contact us if you’d like to come forward.

 Here’s a list of links to various entities that Michael and Amy Gale use as well as some people involved with them:

 https://www.linkedin.com/in/michaeljgalehttp://www.gramercyventures.com

http://www.humanequity.com

http://www.gramercygrp.com

http://www.gramercyprivateequity.com

https://www.facebook.com/pages/Chagatai-Ltd/569689759807860

http://www.endole.co.uk/company/09101692/chagatai-limited

http://www.ccdni.com/director-michael-gale-22

http://www.companieslist.co.uk/08893660-ogedei-merchant-grp-limited

http://www.aida.co.bw/team.html

http://www.corporationwiki.com/p/2bx5ab/garry-vernon

https://www.linkedin.com/profile/view?id=64356&authType=OPENLINK&authToken=_79S&locale=en_US&srchid=109782131418156366777&srchindex=1&srchtotal=243&trk=vsrp_people_res_name&trkInfo=VSRPsearchId%3A109782131418156366777%2CVSRPtargetId%3A64356%2CVSRPcmpt%3Aprimary

http://www.ogedeimerchantgroup.com/

http://www.aida.co.bw/team.html

http://gramercycommodities.com/

http://www.ogedeimerchantgroup.com/

http://www.aida.co.bw/team.html

http://www.endole.co.uk/profile/168277/michael-gale

http://borjigincapital.com/

http://www.mjrenuae.com/

http://kherlentrading.com/main.html

http://www.depositoragent.ch/

http://gramercycommodities.com/

 

1. Borjigin Capital.

 

2. Chagati ltd

 

3. Ogedei Merchant Group

 

4. Kherlen Trading

 

5. Mjren Commercial Brokers

 

6. Gramercy Commodities

 

7. Strategic Wealth Inc.....Chicago, Cliff Morgan

 

8. MG Depositors, AG- Zurich

 

9. AIDA- Africa development fraud

 

10. Gravitas Capital Partners

 

Contacts:

 

  1. Michael Gale, CEO: US
  2. Amy Swartz or Amy Gale, Partner/Director:

 

  1. Randy Boyer, President/Partner, Director:

 

  1. Martin Cooper, Board Member: Mobile:

 

  1. Angad Paul, Board Member and Chairman of Gramercy Millennium Group: Office: +44. 207.486.1417

 

  1. Garry Vernon:  Controller:

 

  1. Tina Bilger:  Office Manager: Scott Mize:  EVP Corporate Development and author of Gramercy documents and marketing collateral. Mobile:
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