ED Magedson – Founder
HP Financial Corp3200 Southwest Freeway Houston, Texas USA
HP Financial Corp HP Financial Group, Summit Group, Novo Solutions, Rob Morrison, Frank Caldwell, John Preston Scam for Business Funding, Check, Banking, Credit Repair Fraud. Promises to build a company $150,000 business loans.Summit Group Account at Chase Bank Houston Texas
Rob Morrison,Frank Caldwell or John Preston pose as being representatives and or owners of the company. The scam is that they contract to obtain/set up a corporation for the client and obtain up $150,000.00 in business lines of credit in the name of the corporation. They charge a $295 doc fee upfront to cover basic cost and then set up an agreement for the client to pay a 12% fee once the loan is obtained.
They have you sign different contracts and agreements and then have you deposit the $295 fee into a CHASE Bank Account in The Name of Summit Group. Once they recieve your money they send you bogus updates over the next 30 days stating completion dates of setting up corporation and bogus loan approvals from banks and credit unions.
Eventually they begin to come up with different excuses and ultimately disappear. They also SCAM people to become BROKERS and get them to sign up clients for 6% commision on each deal. I became a broker and signed up over 22 clients with none of them being funded. They beat us out of over $5000 in fees.
I happen to know they decieved over 15 different brokers (that I know of) who brought in hundreds of clients. They operate under the company name of HP Financial Corp or Group, NOVO Solution and Summit Group. SCAM SCAM SCAM
Lastly, They also collect clients personal information claiming it's needed to transfer ownship of the corporation to the client. All my clients have had to put fraud alerts on there credit files to be safe.
This report was posted on Ripoff Report on 10/24/2013 11:21 AM and is a permanent record located here: http://www.ripoffreport.com/reports/hp-financial-corp/houston-texas-77027/hp-financial-corp-hp-financial-group-summit-group-novo-solutions-rob-morrison-frank-c-1094314. 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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