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Report: #604186

Complaint Review: 3rd Street Financial LLC - Dallas Texas

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  • Reported By: iggyboo — Garland Texas United States of America
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  • 3rd Street Financial LLC 3030 LBJ Freeway, Suite 700 Dallas, Texas United States of America

3rd Street Financial - Frank Sullivan - Ed Molz Definitely a scam, we are collecting evidence ... Dallas Texas

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I'm a victim of 3rd Street that happens to be local to where this business is located, but I'm part of a much larger group that got taken by this guy.  Basically what this company supposedly did was allow you to purchase aged corporations that they had developed for the past 4-5 years with lines of credit already in place to the tune of $120,000 to $450,000, depending on which level of aged corporation you wanted to purchase.

The way this worked is that you'd pay them a 'smaller' up front fee which would go to the personal guarantor, which was supposedly some high ranking hotshot Wall Street firm, and then the company would take a 17% fee off the back end of the loans for their part of the deal.  But they would need to apply for and get the funding in your aged corp's name with you as the signatory which would take approximately 9 to 12 weeks to get everything done.

When several contracts started running late - past the 12 week time frame - we started asking questions and that's when things started coming apart.

We had a contact that said he had gotten funded by this company and it worked as advertised.  Last week this guy finally came clean and admitted he had lied to us all, that he had never gotten funding or anything else from 3rd Street.  So we did some investigating and we are now positive that this whole thing has been a scam from the beginning.  We have evidence to support our findings which we are in the process of collecting to hand over to the Dallas DA and Texas State Attorney General's office.

We know that Edward ("Ed") L. Molz Jr. used the alias of Frank Sullivan to scam people through the business of 3rd St. Financial LLC.  I have the story and his picture posted at iggyboo.com/3rdStreetScam.html.

If you have been scammed by this thief, please fill out the form at that page so we can pass your information to the DA and AG.  The more information we have, the worse it will be for FrankEdstein (as I like to call him).

And please pass this information and site on to your contacts, blogs, forums, etc.  With the power of the internet and your help, we can put this guy behind bars where he belongs.

This report was posted on Ripoff Report on 05/17/2010 02:34 PM and is a permanent record located here: https://www.ripoffreport.com/reports/3rd-street-financial-llc/dallas-texas-75234/3rd-street-financial-frank-sullivan-ed-molz-definitely-a-scam-we-are-collecting-evid-604186. 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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