We have been working on a deal in Georgia that we determined to be fraud.
Further investigation uncovered a fraud ring in Georgia.
This group has taken on 20+ identities and are real good. There were
multiple ways to identify this as fraud. First, when we call the Secretary
of State to verify a corporation we try to ask if there are any name
changes. I recommend this always. The company, Southeastern Casket
Company, used to be Southeastern Carpet Cleaning only 6 months prior. This
was a huge red flag. The second way was to look real close at the D&B. If
you understand how a D&B is put together, one can understand which parts can
be manipulated by the customer and which parts can not. This D&B did not
look "iron clad" so we dug further. Internal statements provided by the
customer listed expenses that ended in 0 or 50. The odds of this are 0.
Phone bills, utilities etc do not end in 00.00. It was obvious someone was
lazy. The internal statements did match the tax returns. Most of the
trades were voice mails and so was the bank. We also called info to
determine through the banks main number that the number we had was not
related to them. Calling info to verify banks is a excellent was to sift
our fraud. While it takes time and money, it pays off. Through the use of
reverse directory and quick trac we also determined that the vendors, CPA's
and lessee were somehow intertwined.
This group was good. I am grateful to our excellent staff. A major
underwriter took 2 hits on this deal and they have also determined it to be
fraud. Extra due diligence ALWAYS pays off. If you have any concerns or
questions, please call. My understanding is the FBI is on this and if I can
help your firm I will.
-Paul von Bruck
Capital Funding Group
888-468-5822 x 208