One thing that caught my interest is the following statement at the bottom of the FCSL homepage: "First Capital Savings & Loan is offering financial services as a Finance Company and not as a registered bank under supervision by the Reserve Bank of New Zealand. Services are not available to the public in New Zealand."
Another thing that caught my interest on the homepage is First Capital's address in Auckland. The first line of the address is: "Auckland Compliance Ltd."
So I did detective work. I'm a CPA and an attorney. I used to do audit work for Arthur Andersen & Co., the now defunct accounting giant.
I found that FCSL is registered in NZ as just another company, not as financial institution. The term "Savings & Loan" has no meaning in NZ. FCSL is just an ordinary registered company. It is not under the supervision of Reserve Bank of New Zealand, nor in any way a financial institution.
I also found that FCSL's address at Auckland Compliance Ltd. just an address, nothing more. It turns out Auckland Compliance Ltd. is nothing more than a storefront for dozens or hundreds of companies that want a NZ address. It is what is commonly referred to as a business services company. I'm familiar with this because I used to use such a company in Las Vegas, called Business Office Suite Services. I had a Nevada Corporation that used a Las Vegas address.
Finally, FCSL has no physical presence in NZ, no employees, no business activities, no nothing. That is what I have learned.
First Capital Savings and Loan Client
Dear, Jeff Lowrance. You are a liar.
15 years ago
15 comments:
Does anyone have contact with Tucker Maile? He apparently was the bank admin for a time and had full access to all bank accounts. If anyone knows if the trades are real, he does. He also must know a lot more information than anyone else given his close proximity to all that was happening.
We need him to provide some insight.
we knew that. it is just registered there because o f the non-compliance NZ has with US government agencies. the savings and loan name is indeed a misnomer.
has anyone on here been told as to what happened to Tucker ? why he's no longer with Jeff
I think we need to simplify things here. All these different demands are pointless. What we really need to know is how much money he has left. In his 4 week update, that is all we really need to hear. We know he can make money based on the last 4 years.
We need to all push the same thing and that is a request for the account total. That will give us the hope we all need.
To the person that authored the IMPORTANT UPDATE
So how much money did Jeff lose? How much is left? Did he touch any of our initial investment?
If so what makes anyone think in 4 months he can double or triple the money he has left to pay what he owes us and break even.
I would rather not chance it. Give us what you got, when people try to go outside what they do best and choose not to follow their own strategy it is a formaula for failure.
When they get desperate and i beleive Jeff did, he looked for what he thought was easy money and a quick hit and lost.
My question would be this. Can or will Jeff make good decisions from here on out or is he behind the eight ball and continue to make bad ones and lose more. This is why all of us have to consider all of the points i have brought up and make an intelligent decision.
I posted this on a different thread. This blog is almost becoming the same JOKE as the updates. If we continue to do this under the tag of anonymous then we truly do deserve what we get. As one poeter has said Mack and ben have the email of those clients they worked with. However maybe they have consulted their attorny and he has said run do not walk away.
I'm surprised by how little most of you know regarding his business structure.
First, the congenial tone, praying for Jeff to do the right thing and trusting that he has the best of intentions will serve us a lot better than the combative legal tone some of you are advocating.
You cannot touch this issue legally. It's time to get over it and quit trying to go down the legal road as you will have no grounds. Jeff deliberately made sure that would not be possible. Not because he's pulling a scam, but because he's trying to protect himself, his endeavors and each and everyone of his clients.
His original corporation is protected in Belize. Our funds are backed and sitting in a brick n morter shell bank that has all the banking authorities and priviledges, not in New Zealand, but orginally in Portugal and later switched to Netherlands. the New Zealand corporation owns the shell and therefore gets to lay claim to the regulatory limitations, of which Jeff has legally distanced himself with 2 or 3 fold.
Of course he can always move, but I, as well as several other clients, know exactly where he lives and where his offices are, his law firms etc. He does not live in the US and only comes here as needed. His life and family are in Panama and we really need to give him the breathing room he needs to do this right.
Let's stop the badgering and threatening and instead encourage him and credit him for all the integrity goodwill he has built up with us in the last 4 years. He's an upstanding guy who made some mistakes and is now trying his best to deal with it.
I have to agree with this last anonymous message: He really HAS
protected himself with so many firewalls...it is incredible. I believe our best chance of getting our money is to give him the benefit of the doubt and the time he says he needs. It means having faith that he
will make it right. Not easy perhaps but worth it if he comes through. We must give him that chance. He has made good in the past....has a track record of rectifying mistakes, which tells me he does have a sense of responsibility somewhere inside his overworked harried soul.
The post about Jeff's business structure is very well said! I agree with the approach you are recommending. I do not think that threats of legal action will benefit anyone. You do seem to know Jeff quite well based on your writeup... can you give us some insight as to why he is refusing to provide basic information to us as investors? I personally believe that he has a large base of money to work from and that all will be rectified but I am concerned/frustrated by the lack of information. I am not saying he should have to submit to an external audit or anything that drastic but I do think he should be more open about the amount of money left and the plan of what he will be doing to rectify things.
The lack of information only serves to get people's imaginations going so that they build this up to be something way worse than it truly is. And that leads to people taking drastic actions based on assumed data.
I just hope we do indeed get an update in just over a week (4 week update)and that it provides something substantive to quench the fires that have been ignited in people's minds!
I for one have faith in getting our funds out and propose that folks just hold tight. I recently spoke with my uncle who has millions in the fund and he has met jeff, been to panama, and talked recently with jay olmos. He has complete faith that we will pull out of this ok. If people go the legal route to fight this, they will spend much money in doing so and 1/ they will either get their original money out (which will happen anyway if it is there)or 2/ if the money is not there they will not get it anyway but they will have dug a hole deeper with legal fees. I say let it alone. and I too have much at risk but knew as much getting in.
When is Jeff's first update due? What should we do if he does not honor his word?
When is Jeff's first update due? What should we do if he does not honor his word?
I think we need to stop posting rhetorical questions. Don't keep asking, "what should we do" but send your opinion on what you think we should do and see what kind of feedback you get. Stop putting the responsibility for action on others!
If I remember right, according to Asset Strategies the money is held at Post Bank in Amsterdam.
I,m sure the money is sent there but not necessarily held and kept there.
About an hour before Jeff posted his newest update (at 3:50pm) I talked to Joseph Love. This is a conversation with information I have personally obtained.
He says he has been working for Jeff for the past year. He also said that the assignment from Jeff to Tucker and Ben was to talk to each Premier Investor and get them converted over to the new program at the lesser interest rates (that are now on the FCSL website). They did not do this so that was a problem for them.
Joseph said their job was to move us over to the NEW program which he (Joseph) runs.
Joseph also says that Jeff is working hard along with Joseph's team and they fully intend to pay all of us Premier investors our money back.
Joseph promises he will personally do everything he can to make it work and says he is working long hours (12-14 hours a day) to ensure that.
He said that whether I or anyone believe that is not something they can change but his personal feeling is that it will happen.
He also says that the freeze on our funds was needed so the trading could build back up the funds in the accounts to be closer to the level they were at so Jeff would have the ability to pay everyone back due to the funds Jeff took out.
I asked Joseph about the affect of the blog and he said they are aware of it and have read all of it.
Joseph had a $300,000 client that was about to put funds in last week but he saw the blog and pulled out at the last minute. They have lost at least three clients recently due to the blog.
Joseph said regardless of the blog and those that are upset, they will continue to work hard so they can get things back to normal, pay those that want to be paid back and move forward.
As I blogged before to everyone, I think this blog should be PUT ON HOLD until we see what happens by January.
This BLOG only hurts us and any efforts that Jeff is attempting to get back to normal or to pay us. It does not seem to be the intention of Jeff to hurt his investors and does not make any logical sense for him to do this. Jeff's newspaper is out there and is starting to make headway. Jeff knows perfectly well that if we want to we could completely ruin him and his efforts with the newspaper.
Of course no matter what I or anyone else says, there will be a number of you that DO NOT CARE at this point and want to get even or do damage. There is no way to combat this feeling due to the fact that many of us have been hurt financially by putting too much of our trust into such a good thing. I for one am guilty of that.
Let this be a lesson to all of us to spread our funds out among our investment opportunities so we are not left with nothing for our families. But...I feel we have some hope here and I have enumerated those feelings before.
Please....all of you on this blog...you need to let the owner of this blog know who you are, provide your email address and ask that this blog be suspended or at least made PRIVATE (by invitation only) so it is NOT viewable to the general public.
If you would rather join another private group/website we can set that up easily but your responses need to be non-anonymous. Who are you?
We need to get to know who each other is and commit to working together on our options. We need to be organized so that when January comes and goes we will have been on the same page together to HELP JEFF MAKE IT A REALITY and get our funds back or to DESTROY Jeff's DREAM if he does not do what he says he will do.
How many of you are for suspending this BLOG till January? STOP BEING ANONYMOUS if your money means anything to you, step up and don't waste everyone's time on this BLOG complaining and whining. Be Pro-active!
Thanks,
Bruce
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