Report: #289548


  • Submitted: Thu, December 06, 2007
  • Updated: Thu, December 06, 2007
  • Reported By: Towaon Maryland
    Virginia Beach, Virginia

FINANCING ALTERNATIVES CEO-CFO-VP SUBJECT OF FRAUD PROBE Customer's may lose Layaway Deposits while Executives keep huge salaries Virginia Beach Virginia

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At Financing Alternatives over 1700 customers lost $3.3 million plus after Kurt Dinkelacker CFO, Michael J Shrader CEO, and Walt Pollard VP walked out on the company after running it squarely into the ground.

Walt Pollard started when he was still working for Financing Alternatives. Walt was a trusted member of the FAI family for five years, and betrayed a lot of people. Anything for money. Walt helped develop Dinkelacker's and Shraders plans to "set up shop" elsewhere. At FAI, it appeared that nothing was amiss since these shysters were telling others in the company that "all was well" and it was "business as usual" They were secretly recruiting FAI employees to go with them to the new company while still in a Fiduciary role as corporate officers (a huge no-no). They knew the company was going under, yet they still took huge salaries ($400K, $235K, $100K) right up until the end.

If you Google "Kurt Dinkelacker" or "Michael J Shrader" you'll see what else Wall Street crooks do and still get away with. In 2005 Kurt Dinkelacker was hired by Michael Shrader at Financing Alternatives, a family business. Michael Shrader did not tell the owner about Kurt Dinkelackers' almost criminal background. At IKON Kurt was was accused of "cooking the books". This "creative" accounting caused his company's stocked to crash and investors lost $1 billion- yes '$1 billion. His company had to pay $111 million to make charges, including securities fraud, go away.

But get this, Michael Shrader knew all about him because they are friends and worked together as CEO/CFO at Telespectrum, a fact that Shrader conveniently forgot to mention before bringing him to FAI. Kurt Dinkelacker "did the books" at Telespectrum too. When the company tanked, they gave the shareholders the shaft. Because the shareholders lost their money, Shrader was able to dump the business for pennies on the dollar.

I worked at FAI , and I choose to remain anonymous because I may be called to testify soon. Do a little research and see for yourself. Let's get these jerks off the street so they can't get away with it again. This should be a crime.

Towaon, Maryland
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This report was posted on Ripoff Report on 12/06/2007 07:49 PM 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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