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Report: #1173910

Complaint Review: The Great American Food Chain - Dallas Texas

  • Submitted:
  • Updated:
  • Reported By: donewrongbygmac — Dallas Texas
  • The Great American Food Chain 703 McKinney Ave. STE 306 Dallas, Texas USA

The Great American Food Chain GAFC Took my money and ran Dallas Texas

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In 2012 I made a loan to this publicly held company, the Great American Food Chain (GAMN) because an acquaintance of mine was the CEO, Ed Sigmond. I was told the reason they needed the loan was to file the S-1 Registration, and then after that the company would be able to get loans from bigger sources. Apparently, filing this document with the SEC is expensive and lengthy process. 

Over two years have gone by and my money has never been repaid. It took a long time to serve Ed Sigmond with the lawsuit, and apparently none of the information they reported to the SEC is correct, including the company's address, legal representation (attorney), CPA, etc. Also, several businesses they were operating/managing at the time of the loan are now closed, and it's not clear if the company even has any business at this point. The company hired an attorney and they have not responded to requests for information so a Summary Judgement is underway.

However, after hiring an investigator I learned that the CEO was in serious financial trouble with the IRS in 2011 just before I issued the loan in early 2012. Mr. Sigmond wanted to claim that the loan wasn't given, but he happily cashed the check. With all I have learned about his personal finances, I don't believe the money was even used for company purposes. 

Mr. Sigmond was also pursued by the State of Texas for franchise tax evasion on another of his businesses to which he himself admitted. This business is a bar and restaurant in Dallas. He also is an owner of a Hooters franchise outside of the United States, but apparently with all of the businesses he owns his company GAMN can't afford to pay a rather small loan. 

There is more to this story than just the non re-payment of a loan, and it needs serious investigating. This company SCAMMED several people on these "loans"-I'm sure I'm one of many. 

 

This report was posted on Ripoff Report on 09/02/2014 12:54 PM and is a permanent record located here: https://www.ripoffreport.com/reports/the-great-american-food-chain/dallas-texas/the-great-american-food-chain-gafc-took-my-money-and-ran-dallas-texas-1173910. 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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