Complaint Review: 1st American Financial - Torrance california
1st American Financial First American Financial Nater Associates Paul Nater Steve Jones Stephan Jones 1ST AMERICAN FINANCIAL AND NATER ASSOCIATES CAUSE LOSSES OF OVER $100 MILLION Torrance california
*REBUTTAL Individual responds: Rebuttal to the rebuttals from Richard Olsen, Darren Williams and Todd Copley dated 9/13 to 9/14
*UPDATE Employee: Response to fraudulent complaint filed against me on Ripoff Report
*Author of original report: More Ridiculous Excuses and Rhetoric
*UPDATE Employee: FRAUDULENT REPORT
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The following is a narrated version of the report being finalized and soon to be sent to various authorities in regards to the illicit activities being perpetrated by Paul Nater of naterassociatesinc.com and Steve Jones of 1stamfi.com whom have victimized several entities by causing them well over $100 Million in losses and these allegations are 100% backed with written and recorded verbal communication from several parties.
This report is being made and published in the interests to help others prevent suffering losses at the hands of Nater and Jones as disclosed below. I make no claims to the accuracy of the information and alligations contained and it’s important to know there is and will be ongoing civil and criminal investigations which will provide more proof of what’s being shared in this report.
If all of what’s alleged herein is found to be true, Nater and Jones practices don’t only cause their clients to suffer hundreds of millions in losses but also cause huge risks to vendors and large banking institutions who trust these financial instruments to be lawfully cash backed and insured as represented by Nater and Jones.
1st American Financial also goes by First American Financial and I believe Steve Jones is AKA Stephan Jones and Charles S Jones among others. I have full background reports on Nater and Jones which I’m happy to share as well. It’s also important to note that while Jones lives and does business in California, he refuses to talk directly to clients and will at best communicate in writing. He and Nater have stated several times that Jones only communicates through Nater and his other representatives.
There are several others I’ve spoke with whom have been defrauded by these characters and collectively, we plan to seek and hope for remedy to the great losses we’ve all suffered while Nater and Jones reap the rewards and profits they do from defrauding businesses of their money, time and energy.
The following represents Nater and Jones absolute disregard to their clients and performing responsible and legal business transactions which causes much greater losses to the people who trust them than just the money Nater and Jones unjustly receive from their clients.
As the managing director of 2 businesses and after much due diligence including many conversations with Nater, I made the decision to trust Nater and Jones in issuing my company a $20 Million Cash Backed StandBy Letter of Credit (SBLC) which was to be used for purchasing $20 Million dollars of gold twice a month which would in turn, net my company over $9 Million per month. The $20 Million cash backed SBLC was initially intended to secure the mutual interests of gold seller and buyer by preventing the buyer from having to risk payment for the gold before receiving the shipment and the seller would have access to the funds backing the SBLC in the event the buyer didn’t make payment in time.
The $20 Million cash for backing the SBLC was to come from a loan provided by Jones / 1st Am with me signing for the company I manage as the obligator. I signed 2 promissory notes which one was for borrowing the funds which were to be held in an account in the event the SBLC had a draw against it and the other promissory note was to ensure I would repay any portion of the $20 Million if there was a draw against the SBLC thereby drawing against the $20 Million cash being held in an account. To date, Nater nor Jones have never responded to repeated requests to prove the validity of the funds borrowed or the account for which the funds were supposed to be held in so as to protect the interest of the beneficiary of the SBLC.
To protect 1st Am, Nater stated that the cash funds backing the SBLC would be protected by Credit Default Insurance (CDS) which the insurance premium was to be paid from the proceeds they received from the fees they charge their client. In the event of any default and the SBLC not being returned unencumbered to 1st Am, the insurance company would pay for any losses to the account holding the $20 Million cash and then seek compensation for the defaulting party.
By making the gold seller the beneficiary of the SBLC and sending the SBLC to the gold sellers bank, the gold seller could confidently send his product to my refinery and know he would receive payment and in the event of my default of not making payment, the seller could take a draw against the SBLC thereby mitigating all risks to all parties.
While this scenario is to create a win/win for all parties, Nater and Jones chose to operate a fraudulent based business which only produces wins for them and significant losses to all the parties trusting them to produce the financial instruments they promote which Nater and Jones have produced many victims to.
Nater and or Jones represented
On their website they have in excess of $3 Billion in assets.
Nater had been in banking for around 30 years and with 1st Am for over 4 years
1st Am had been in business since or before 2010
They had issued many SBLC’s in the past in amounts up to $1 Billion
Their SBLC’s are insured with CDS or other type of insurance
Their SBLC’s are cash backed
They would loan the $20 Million to my company which would be used to cash back the SBLC
The SBLC would be issued within 24 hours from receiving payment and paperwork
The SBLC would be sent via SWIFT by CitiBank NY to the beneficiaries bank
Client payments are protected in an escrow account until the terms of the agreement have been performed
They ordered a 5th SWIFT to be sent by Barclays UK for the SBLC issued by 1st Am
Nater paid and lost $75 Thousand for a 5th SWIFT transmission
All SWIFT’s were to be MT760 or MT710 messages
On April 20th, 2018, I signed an agreement with 1st Am and on April 23rd, 2018, United Escrow received my payment of $300 Thousand dollars. I received a client copy of an SBLC which has as much value as a photocopy of a bank note. The only way an SBLC could be accepted by a bank for benefit of the beneficiary of the SBLC is if the SBLC was sent via SWIFT which is why Nater and Jones had originally set up the SWIFT transmissions to be facilitated by CitiBank.
A total of 4 SWIFT’s were initially and presumably sent by CitiBank to a total of 3 banks, Santander, United Bank of Africa and Wells Fargo which I directed as receiving banks. I received transmission reports from Nater for each of the SBLC’s however, none of the 3 receiving banks received any of the 4 SWIFTS. I was lead to believe by Nater and Jones that the receiving banks I had directed the SWIFT’s to be sent to failed in their responsibilities to receiving the SWIFT’s. Nater and Jones charged me another $75 Thousand in total for stopping the SWIFT’s, extending the time of the SBLC and charging me for sending 2 more SWIFT’s on top of the first one I paid for which was included in the $300 Thousand initial payment.
After the problems with Santander not receiving the SWIFT as promised and causing many weeks in delays, my gold supplier cancelled my contract which my company was to receive over $9 Million in monthly profits. After several attempts to resolve the problem of the receiving bank not receiving the SWIFT, I later worked out another deal with an existing trade partner who agreed to pay my company $1,333,333 per month in income for the use of the $20 Million SBLC. While it was significantly less than the $9 Million I had lost, I was grateful for the opportunity to profit from the SBLC I had paid $20,300,000 for in borrowed funds, paid $75 Thousand more than originally expected and still waiting for after over 2 months to be received by a bank which was originally to only take 3 or 4 days
Now after more than 2 months and receiving 4 fraudulent SWIFT transmission reports by Nater, which he forwarded to me from the party he and Jones had contracted with to send the SWIFT’s, Nater confirmed the SWIFT transmission reports were fraudulent and he was going to arrange with another company to send the SWIFT which was now supposed to go through Barclays UK and Nater offered to pay the $75 Thousand SWIFT fee.
It was on Wednesday, June 27, 2018, when Nater confirmed that he and Jones had a solution to the SWIFT issue and as stated above, the SBLC was going to be sent via SWIFT by Barclays UK and should be received by the receiving bank the following week at the latest. Nater even updated me on the transfers and payments of the money he used to pay the SWIFT fee.
Nater stated he would pay the $75 Thousand SWIFT being charged by the new agent and of course, Jones would provide the cash backed SBLC and all would be expedited.
I waited for another 23 days and on Friday, July 20, 2018, being absolutely frustrated with the fraud and delays, I gave Nater and Jones an ultimatum to either produce the SWIFT and SBLC by having it received and accepted by the receiving bank I designated or I will report them to the authorities as well as fraud reporting websites, news media and anywhere else I can legally expect help in upholding Nater and Jones accountable to their contractual obligations and breaches of contract. I also demanded the $375 Thousand to be refunded since they shouldn’t have received the funds due to the fact they represented to me they wouldn’t receive the funds until they had performed to the conditions of the agreement between 1st Am and the company I represent.
In response to my threats, Nater and Jones informed me that they had canceled the SBLC and the SWIFT which was never received by the 4 receiving bank after waiting another 23 days or so and they went on to accuse me of extortion. They even claimed they had performed to the terms of the agreement and wouldn’t refund the $375 Thousand as they had lawfully earned the payment.
Jones even used the excuse that he nor 1st Am are responsible for the SWIFT being sent which is ridiculous in all sense of the word unless they’re admitting to intending to commit fraud in the beginning as the only way a SWIFT will be sent by a bank (Advising Bank) for another financial institution such as 1st Am in this case, is if 1st Am makes a request to an Advising Bank to SWIFT the SBLC which the funds backing the SBLC would first have to be verified and to date, Nater and Jones have never verified the funds and they refuse to do so even after continued requests and threats.
Nater and Jones failed to
Register one or more of their California based financial businesses
Provide a $2 Million loan as contractually promised
Provide the borrowed $2 Million in cash backing for the SBLC
Provide any proof of a CDS or other insurance being used to protect the funds being used to back the SBLC
Successfully deliver a SWIFT to any of the 4 receiving banks after 5 attempts
Verify any assets they have represented to have
Provide any value whatsoever to several of their clients while enriching themselves
It’s my opinion and belief that Nater and or Jones
Committed fraud through Bait and Switch techniques and other misrepresentations of their businesses and their abilities to provide products and services for which they charge for.
Committed fraud by slandering and demaming Richard Olson and other clients
Don’t have the $3 Billion in assets as represented in the 1st Am website
Don’t have access to the $20 Million in cash assets which they represented to have
Never paid for a CDS or other insurance to protect the cash backing the SBLC
Never expected a legit SWIFT to be received by a receiving bank.
Fail to make legally required reports to the IRS
Never paid the $75 Thousand for the Barclays SWIFT
Illegally attempted to circumvent Olson and Maverick of what they paid for by dealing with another party.
Caused losses in the hundreds of millions of dollars to several businesses including ones managed by Rich Olson which to date are well over $100 Million.
Created fraudulent financial instruments which was to be used for defrauding their clients and banking institutions.
Received Unjust Enrichment through their many actions of fraud they played out on several victims who trusted them
There were many people in many parts of the world depending on Nater and Jones to simply do what they promised and contractually obligated to do. Nater even spoke to a few of the people worried about this transaction taking place and he convinced them as much as me that all would go as represented and agreed which didn’t happen whatsoever. This has caused many people great financial harm which Nater and Jones have no sympathy for as exhibited by their lack of interest in fulfilling their obligations.
Nater and Jones hide behind their narcissistic ridiculous rhetoric of making allegations, accusations, excuses and other defaming, slanderous and incriminating remarks instead of remedying their many fraudulent acts and breaches of contracts to the companies I manage as well as others who they have defrauded and is more apparent in other reports of their fraud.
If you would like to be a part of the criminal action that’s being pursued against them or about any of the info being reported, please contact me and the number and or email address so we can discuss this further.
This report was posted on Ripoff Report on 08/29/2018 03:12 PM and is a permanent record located here: https://www.ripoffreport.com/reports/1st-american-financial/torrance-california-90503/1st-american-financial-first-american-financialnater-associatespaul-natersteve-jones-1458737. 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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