Report: #5424

Complaint Review: Platinum Capital Group

  • Submitted: Wed, June 13, 2001
  • Updated: Thu, June 14, 2001
  • Reported By: tucson az
  • Platinum Capital Group
    17101 Armstrong Avenue #200
    Irvine, California

Platinum Capital Group- Now it's MY turn .. rip off fraud

Show customers why they should trust your business over your competitors...

I feel it is time that I have my say as to what has been going on. I have kept to myself, and let the others speak. Now it is my turn. Each and every posting on this site is true and can be backed up with documentation. This company has caused alot of stress and problems in the past 3-4 months and something needs to be done.

In August of 2000, I was contacted by Richard Smith to talk about opening a "branch" of Platinum Captial Group in Tucson, Az, where I have lived for the past 28 years, and worked within the mortgage industry for the past 16 years. Upon filling out the employment application and sending in all required documents, I was "Branch Manager".

I went to their Irvine "corporate"(I use this term loosely, hence the quotes) office to meet with everyone from the President, Mark Moses, down to the receptionist. I was told that they do everything by the book, by any regulatory agencies guidelines etc, if this is the case, why are there so many complaints with state and federal agencies??

Everything was fine, or so I thought, until March 2001. All of a sudden they stopped paying my employees commission, quit paying our rent, phones, 3rd party vendors (credit reports, appraisers, etc) BUT continued to underwrite, close and fund any loans that I or my staff had previously submitted without paying the commissions due!

I found this to be disturbing to say the least. Upon making continous phone calls to talk with different indivuals within "corporate", again all the way from the President down to the receptionist, and not getting any acceptable answers, only that "we will be sending a check out friday, next week, tomorrow...etc etc etc.

I received a notification on April 13th that my branch was terminated. WHY? Because inquiries were made to several agencies as to how we could collect wages due. They are also holding money in a trust account that is due appraisers, credit reporting agencies etc. Yes, I have proof of this and will share with anyone interested! I am tired of having companies like this ripping not only supposed employees off, but also past and future customers!!!

The only thing I have received from Platinum Capital Group is a bunch of grief, very vulgar emails from their employees, telling me to F-off, and no pay! I have each and every email, sent by these employees, and will share with any one concerned.

I am tired of dealing with this, as Mr. MacDonald knows, as he faxed 2 different settlement offers to my office, trying to include me in the settlement when the WHOLE issue is the pay for the loan officer and the pay due an employee for out of pocket expenses. ALL of this is documented and available to any other interested parties. I will not stop here, and I hope other "branches" will get involved so this rip off company can be terminated for good!
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This report was posted on Ripoff Report on 06/13/2001 12:00 AM 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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