On a discussion thread on Blue Mau Mau, Attorney Paul Steinberg posted this disturbing comment:
[Regarding Elite & Cuppy’s]…there are unanswered questions which are indicative of fraud:
- There are persons who claim to have obtained funding from various sources, including loans brokered by Funding Solutions LLC .
- According to their website, that company placed over 90 loans at an average of $300,000.
- That equals $27,000,000 of loans, most if not all of that being government-guaranteed.
- Normally, build-out loans are disbursed as the work progresses, and the contractor tenders invoices evidencing progress.
- The contractor so tendering appears to have been Elite.
- Some borrowers allege that their bank fully disbursed the loan monies, but the work was not performed by Elite and/or SBT.
- All of a sudden, Funding Solutions removed any mention of Cuppy’s from their website after a certain Canadian attorney and a certain Pennsylvania bank began asking uncomfortable questions.
- Any person who borrowed money to fund their Cuppy’s should find out if all of the money was disbursed yet, and if the money was all disbursed but the construction not completed, the borrower should have their attorney get involved immediately.
“Wait and see” has not worked.
With the prospect of a investigation of Funding Solutions LLC and Cuppy’s Coffee by the Inspector General of the cognizant federal agency, certain people may be working overtime burning out the motor in the paper shredders even as they counsel others to “wait and see.”
WHAT DO YOU THINK? DID YOU DEAL WITH FUNDING SOLUTIONS? LEAVE A COMMENT BELOW.