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Report: #1498813

Complaint Review: Dan Wollmann - Boca Raton Florida

  • Submitted:
  • Updated:
  • Reported By: Tim — Houston Texas United States
  • Dan Wollmann 181 Suffolk East Boca Raton, Florida United States

Dan Wollmann Funding Solutions Intl, LLC Front money loan scam Boca Raton Florida

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Dan Wollman, Funding Solutions, Intl, Boca Raton, Florida offered me an attractive loan to launch my startup venture. In a loan agreement we signed, I agreed to pay Funding Solutions Intl, a loan processing fee, $1,5000 and Wollman agreed to provide the loan I sought. I paid the required front fee to an individual specified by Wollmann at a Jackson, MS bank.

Thursday, August 13 morning I received the following email from Wollman:

I will proceed with the transfer of your loan amount of $25M today, I will have it completed before 1 pm my time.

Thursday, August 13 afternoon, Wollman sent the following email: 

My team was at the bank without documentation backing up this transaction and the bank couldn't process the transfer to avoid actions contradicting the country money laundering laws.

Ordinarily all transactions of this loan size are to be insured before funds are wired to loan applicant, once funds have been insured, an insurance policy certificate will be issued to the loan beneficiary, the name on the insurance policy must be the name receiving the loan wire, these document will back up the transfer and secure funds once the loan amount has been wired out to your bank details listed above, in other words the funds are still secured when the funds hit your bank account and this will cover up the loan amount monthly payment and cover the borrower repayment plan should incase there is any monthly default by borrower.

The charges needed for the insurance policy is $6,000.00 and the borrower is expected to wire the fee to the previous account details, please notes that this fee will be added to the loan amount when transferring the loan funds to the account details above, borrower will be receiving $25,006,000.00 at closing. The fee is to get the Certificate and it is 100% refundable at the point of funding.   

In his email, Wollmann requires I send him $6,000 for ‘third party insurance’ of my loan wire transfer. No mention of wire transfer insurance in the loan agreement we signed nor that I would be required to pay $6,000 to the same individual Wollmann designated for the loan processing fee payment.

Wollmann explained that my loan for $25 million required loan insurance where earlier loans he made, including one for $22 million, did not because of the size of my loan. He did not respond to my request that my loan simply be broken into two installments of less than $25 million each. Nor that he pay the loan insurance from loan proceeds and deduct the amount from what I am sent.

I never heard of insuring a wire transfer to Chase Bank or any bank. I believe third party insurance of the wire transfer to be a fabrication a front money scammer used to renege on his promise to provide loan proceeds as promised. And, any event, payment of third party loan insurance is nothing I agreed to do.

I will allow Dan Wohlmann, in his rebuttal, to explain why he imposed wire transfer loan insurance payment as a condition for payment of the loan he promised and justification for his not refunding my loan processing fee which he earlier promised to refund if I did not receive promised loan.

My advice to any borrower considering a loan from Dan Wollmann and Funding Solutions Intl, LLC, is back away.

This report was posted on Ripoff Report on 08/15/2020 12:23 PM and is a permanent record located here: https://www.ripoffreport.com/report/dan-wollmann/boca-raton-florida-funding-1498813. 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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