ED Magedson – Founder
Liberty National Financial Corp.P.O. Box 6089 Norman, Oklahoma United States of America
In 2006 we started a Freight Brokerage Company. We used Liberty National Financial Corp. as our required Bond Agency. We gave them $10,000.00 Cash to hold as security in a Trust Fund situation (per DOT/FMCSA requirement on a BMC-85) On February 12, 2010 we decided to "get out" of the freight brokerage business. We sent in our cancellation notice to the Bond Company as described within the contract. We also had two outstanding debts that were to be covered by this Bonding Company, in total $3,530.00 (to be covered in Dec. 2009 so they said).
In February they told the DOT/FMCSA they paid both Notes Due, and in March filed with the DOT/FMCSA that we did not reimburse the money for the Bond as per the contract and they were cancelling the Bond. The DOT/FMCSA, in turn, revoked my authority to remain a Freight Broker.
Now it is May 21, 2010 and I discover that they not only did not pay the Trucking companies, but they had lost the Cancellation Notice I had sent in Feburary, then again in March (they rec. via certified mail), and faxed them for the third time on May 18, 2010.
Their attitude was and remains disgusting throughout this entire situation, and still is today. They act as though they have been fringed upon, and even to the point and being extremely condescending, and most often will not return or answer the telephone.
Ironically, I asked the girl now handling the situation if she realized she lied, and got my Freight Broker license revoked due to not reimbursing the Bond Amount, rather than stipulating the cancellation situation. SHE COULD CARE LESS. SHE SAID IT WAS OKAY TO DO THAT, AND IT WAS NOT A PROBLEM!!!!
Now she states she will have to obtain a letter of withdrawal from the Trucking companies she stated she paid months ago but indeed did not pay -- and developed the Revocation of Authority of my Freight Brokerage with the DOT/FMCSA. Again, the contract quite clear on these issues, and their consistently violating their contract on several occasions and per several situations within the contract.
I told them I may have an Attorney handle the situation, in order to obtain my refund (and as odd as it sounds, per the contract which is very plain reading and unquestionable about refunds in 30 days, et al, of cancellation). Here is their response from whom I can only assume is their supervisor or owner of the company, and received from someone by the name of Martinian: "Please do. I'm sure he would address the issues much better."
So they remain holding $6,540.00 of my money. Per undisputable contract they had 30 Days, from cancellation, to send my refund to me -- a cancellation that I have sent them 3 times now, starting on February 12, 2010. The 2nd sending of the cancellation was sent on March 24, 2010 and per certified USPS Mail, was delivered at 9:58AM to an individual on March 29, 2010 at Liberty National Financial Corp.
So let me see -- write a check -- put it in the mail -- I receive and cash it -- done deal and issues resolved.
This company is not a good company. They are quite incompetent to handle money, especially your money, and yet they seem to be a finacial instituion in the State of Oklahoma. It is almost a moronic situation, and their responses have most often been quite abnormal and either rude or ignorant. They do not abide by their contract what so ever. And their owner, as outlining his statement above about the situation, is even more ignorant, as there is no issues other than what they had created to begin the situation. We are currently checking to see if their company is valid, their liquidity is in equal reslationship with funds given, and what they do or how they hold or invest these large amounds from Trust Funds.
Do not give these people money -- do not sign a contrat with them -- Ironically the term "Trust" is not within grasp of their language.
This report was posted on Ripoff Report on 05/21/2010 07:07 PM and is a permanent record located here: http://www.ripoffreport.com/reports/liberty-national-financial-corp/norman-oklahoma-/liberty-national-financial-corp-a-bonding-company-that-is-a-nightmare-to-work-with-and-t-605951. 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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