• Report: #944897
Complaint Review:

Wecosign Inc.

  • Submitted: Fri, September 21, 2012
  • Updated: Fri, September 21, 2012

  • Reported By: RIPPED OFF BY WECOSIGN — Laguna Beach California United States of America
Wecosign Inc.
Internet United States of America


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 Dear Shareholder,

 Welcome to this edition of Con-men, Deadbeats & The Dysfunctional Wives Who Enable Them.

I would like to bring to your attention recently uncovered documents which are all public record at the Central Justice Center Orange County Court in Santa Ana that blatantly contradict Franks own words in his shareholder letter dated January, 2012. In Franks words, Tara Pacific Inc. was and is a corporation formed to house another private business venture of mine, and believe me; it is NOT used to house any assets of WECOSIGN Inc. WELL FRANK, ID LOVE TO SIMPLY BELIEVE YOU BUT IM CURIOUS: WHAT IS ANOTHER PRIVATE BUSINESS VENTURE AND HOW DID YOU EVER FIND THE TIME TO DEVOTE TO YOUR OTHER PRIVATE BUSINESS VENTURE? Adam Jaffe in his shareholder letter (SEE ENCLOSED) states, As many of you may know, he (Frank) has not received any compensation from the company for over two (2) years, despite working 50-hour weeks and no vacations. What exactly is Tara Pacific Inc. and how does it earn money? Whats the purpose of this corporate entity? The shareholders would like to know:

1. When was it formed?

2. Where did the $167,190.14 come from that is reflected on the Wells Fargo bank statements which are public record at the Central Justice Center Orange County Court?

3. What business does Tara Pacific Inc. conduct? How does it make a profit? Can you please share with the class?

 In Franks shareholder letter dated December 27, 2010 the Frankster (thats a Fraudster who happens to be named Frank) states in the third paragraph that it has been decided to emerge next year as a private company. Mind you, this is after many shareholders respectfully requested a shareholder meeting in writing and delivered it by courier to ask questions and be apprised of new developments at which the Frankster threatened to call the police and proceeded to sue several of the shareholders with bogus, trumped up allegations simply because they believed they were entitled to be kept informed. Now, in the shareholder letter authored by Adam Jaffe, Director of Business and Legal Affairs/General Counsel for Wecosign, Adam says in the second to the last paragraph: Wecosign is growing and is looking for a partner to merge with. We are on a knifes edge with one potential company and hope to be able to report a final resolution that will be put to you in a general vote to accept or decline the merger very soon. So apparently the Frankster suddenly wants the shareholders approval whether or not to merge with another company. Hmmm, why would he be so hostile to shareholder inquires two years ago but now suddenly wants to be one big happy Wecosign family? What was Frank hiding two years ago? What is he hiding now?

 Adam also states on the second page, first paragraph the following: Franks efforts to position the company often go unheralded, but do deserve recognition. As many of you may know, he has not received any compensation from the company for over two (2) years, despite working 50-hour weeks and no vacations.  THE FRANKSTER HAS SPENT HUNDREDS OF THOUSANDS OF DOLLARS ON 3 DIFFERENT YACHTS ALL IN THE 1/3 OF A MILLION DOLLAR RANGE, HE BOUGHT HIMSELF A 500 SL MERCEDES AND A HUMMER. IM NOT SURE WHAT HE CONSIDERS NOT RECEIVING ANY COMPENSATION FROM THE COMPANY BUT HES OBVIOUSLY PLAYING WORD GAMES. HE SPENT $44,000 IN ONE MONTH! THE ONLY THING HES DONE TO POSITION THE COMPANY IS TO POSITION IT FOR BANKRUPCY! I GUESS ADAM WANTS THE ANGELS TO HERALD THIS EVENT BY BLOWING THEIR TRUMPETS.
One shareholder flew down from San Francisco and marched into the Franksters back office to demand her investment back since Frank kept telling her the stock certificates were in the mail. They never arrived and as we now know, thats because they were never issued through the Transfer Agent. Shortly after this event, the Frankster had locking bullet-proof glass bank doors installed in the office so everyone has to be buzzed in to get in. This was an interesting move since Adam Jaffe states in the third paragraph of his shareholder letter, Frank has always held an open door policy for investors who had questions, and I know that he continues to encourage you to contact him, at your convenience, should you have any questions, at any time, about anything. That seems to be a far cry from installing locking bullet-proof glass bank doors in the office! So much for an open door policy!

 In the Shareholder Update January 2012, the Frankster states certain accusations which he claims are untrue and then attempts to explain what he claims is true. On page 2 halfway down (SEE ENCLOSED) he states, A separate corporation, Tara Pacific Inc. was created specifically to take and transfer assets out of WECOSIGN. My wife has been alleged to be part of this scheme. He then goes on to set everyone straight that this is a false allegation but lets take a look at the evidence. I dont know about you but Im always intrigued when someone tells me something emphatically with a great deal of certitude and then I obtain rock solid evidence to the contrary. This has led me to always check it out for myself. Having conducted detailed research, I obtained several bank statements from the WECOSIGN/JAKUBAITIS camp that are all PUBLIC RECORD from the Central Justice Center Orange County Court.  

One of these bank statements is named Tara Pacific Inc. (SEE ENCLOSED). On the second to the last entry at the bottom, theres an online transfer to another business checking account ending in 2121. The name of the account ending in 2121 is: Tara Jakubaitis, DBA: Organized Eye; this is Taras other business where she apparently organizes peoples homestoo bad she cant organize Franks bank accounts!

This transaction was a $500.00 transfer from Tara Pacific Inc. into Tara Jakubaitis, DBA: Organized Eye. As you will see from the other purchases on the bank statements ending in 2121, Tara uses the money for Nordstrom purchases, Crate & Barrel, Sephora, The Doggy Spa and all kinds of miscellaneous expenses so I ask once again, WHERE DID THE $167,190.14 COME FROM THAT WAS IN TARA PACIFIC INC. SOME OF WHICH SHE AND FRANK TRANSFERRED TO ORGANIZED EYE? ITS CRYSTAL CLEAR WHERE THE MONEY CAME FROM BUT THE FRANKSTER THINKS EVERYONE IS STUPID. Around this same time, Frank sold a lot of his personal stock in Wecosign and raised over a million dollars which was represented to be used for Wecosign businessnot for Frank and Taras personal enrichment! There are also dozens of online transfers to their other personal accounts which demonstrates clearly that they have been comingling funds. These are not unfounded allegations by disgruntled investors or crybabies. Ive provided you, the shareholder with clear evidence of fraud. Not to worry, this will all become clearer when we obtain a court ordered subpoena for all of Frank and Taras bank records and conduct a forensic audit on them.

You may find it interesting that with respect to Frank and Taras Federal and State tax liens (which were all familiar with) Frank and Tara had this money in their bank account when they neglected to pay their corporate income tax which shows how negligent and irresponsible theyve been with all of the investors money.

When they accepted the investment money from all of the investors, they had a duty to be good stewards of these funds. Many good people trusted them to wisely and responsibly use the funds to promote Wecosign Inc. as a business. FRANK HAD PLENTY OF MONEY IN THIS ACCOUNT WHEN HE NEGLECTED TO PAY HIS CORPORATE AND PERSONAL INCOME TAXES. INSTEAD OF PAYING HIS CORPORATE AND PERSONAL INCOME TAX, LOOK AT WHAT HE AND TARA DID SPEND MONEY ON! Sur La Table in South Coast Plaza, Crate & Barrel, Nordstrom, Haus of Mercedes, on and on it goes. They spent $44,311.00 in one month! During this period of time, Tara was working full-time at Wecosign which means she wasnt organizing homes for Organized Eye. I wonder where all the money came from that ended up in her Organized Eye bank account at Wells Fargo?

 My investigation of Frank and Taras fraudulent business activities has led to other significant discoveries that will soon be exposed. We are currently unraveling their convoluted accounting practices and will keep you informed.

cc: Horowitz, Cron & Armstrong
       Morris & Stone
       Knobbe Martens
      Dreyfuss Firm
      Adam Jaffe
      Wells Fargo Bank
      Orange County District Attorneys Office
      All Wecosign Shareholders & investors

This report was posted on Ripoff Report on 09/21/2012 05:18 PM and is a permanent record located here: http://www.ripoffreport.com/reports/wecosign-inc/internet/wecosign-inc-frank-tara-jakubaitis-an-investigative-report-on-frank-tara-jakubaitis-944897. 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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