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Report: #1533700

Complaint Review: Bob Buchan - Dawsonville Georgia

  • Submitted:
  • Updated:
  • Reported By: John — Alexandria VA USA
  • Author Not Confirmed What's this?
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  • Bob Buchan 13 Mill Xing Dawsonville, Georgia USA

This guy offers "Too-Good-To-Be-True" financial terms for brokering loans in exchange for an upfront $10,000 "origination" that is non-refundable if he fails to perform. Internet

*General Comment: So.....

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I was referred to Bob Buchan in connection w $200M in project financing we were raising. & nbsp; This guy is a piece of work. & nbsp; He represents that he is & nbsp;the & quot;US channel partner & quot; for the largest private investor in the world, who & nbsp;is the second largest owner of gold assets in Canada. & nbsp; We Googled a list of the 25 wealthiest people and families in Canada and none of them are gold owners. & nbsp; Here are the loan terms he offered: & nbsp; 9-year term w interest-only payments and bullet amortization. & nbsp; 3% interest rate. & nbsp; & nbsp;No liens. & nbsp; & nbsp;No collateral. & nbsp; No personal guarantees. & nbsp; At the time, 9yr US treasury yields & nbsp;were over 4%, so he & #39;s was offering to loan us $200M at a rate over 100 basis points lower than the US Government is able to borrow. & nbsp; And he said Mynizaga may waive repayment in its entirety. & nbsp; That is, & nbsp;forgive the entire $200M. & nbsp;

For this too-good-to-be-true loan, Bob said they require a 25% set aside deposit, which in our case was $50M. & nbsp; He said this deposit secures the loan and is returned after 12-months. He said if we didn & #39;t have $50M, he would arrange it w a partner of his, but charge us a $10,000 origination fee. & nbsp; Non-refundable even if he fails to perform. & nbsp;

When we asked reasonable due diligence questions, he became & nbsp;belligerant. & nbsp; For example, we asked & nbsp;the identity of the Canadian gold family. & nbsp; We asked for proof of funds. & nbsp; We asked for a reference project that he has successfully financed. & nbsp; He refused to provide anything information. & nbsp; He would, however, shamelessly name drop, indicating relationships w Michael Dell and Ted Turner. & nbsp; Interestingly, and perhaps telling, Bob Buchan lives at 13 Mill Xing in Dawsonville, GA, which is a middle class home, despite his representation as a multi-multi-millionaire. & nbsp; This address is also Mynizaga & #39;s corporate address. & nbsp; Sound shady?

We stupidly paid his $10,000 for him to arrange the $50M set aside loan. & nbsp; Instead of introducing & nbsp;us to an investor, he introduced & nbsp; another broker who immediately asked for a $35,000 upfront fee, non-refundable if they fail to perform. & nbsp; It reminded us of a scam where the scammer continues to place & nbsp;value just out of reach and asks for more money. & nbsp; Bob acknowledged that he knew about their upfront fee and simply failed to disclose this. & nbsp;

After backing away, it took multiple, emotional emails and voicemails before Bob finally agreed to refund our $10,000. & nbsp; He didn & #39;t make it easy. & nbsp; As of this writing, we & #39;re still waiting for it. & nbsp;

We should have heeded the old adage & quot;if it sounds too good to be true ... & quot;. & nbsp;

Stay clear of this guy & nbsp; & nbsp;

I am not reporting this guy anonymously. & nbsp; Happy to discuss my bad experience w anyone who has the misfortune of crossing his path. & nbsp; I am reachable at christmas7692@gmail.com

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This report was posted on Ripoff Report on 08/09/2024 09:29 AM and is a permanent record located here: https://www.ripoffreport.com/report/bob-buchan/dawsonville-georgia-guy-1533700. 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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#1 General Comment

So.....

AUTHOR: Flint - (United States)

POSTED: Friday, August 09, 2024

 You had all these extremely obvious red flags and you still sent this guy $10k? What would it have taken for you to conclude that he's a scammer? And what would be the point of a 25% "deposit" on loaned funds? He is gonna give you $50M just so you can give it back to him? Not to mention, who the hell would lend out money at less than Treasury rates? That's the definition of a risk free investment. And why in God's name would they waive the principal? Do you think there are people who just hand out free money? Anyway, I think you are far too gullible to be trusted with even $200, much less $200M. So you can safely assume that anyone who would even pick up your phone call is a scammer. Best of luck getting your money back. I am 100% sure the guy has zero intention of doing so. I seriously doubt you even sent your money to the person you think you did. Most likely it's a cyber criminal thousands of miles away.

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