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Jeff's Update

Dear Investors,

I deeply apologize for the delay in getting my update to you. The past few months have taken a toll on me as I honestly tried to do way too much with my businesses. I started the USA TOMORROW newspaper to create a vehicle for change and I didn't realize the response to the project to be as enormous as it has become. On the advice of a very smart friend of mine I have decided to set the paper aside, in part, for the next few months and take care of my financial responsibilities to each and every one of you. I have lost money over the past few months on some investments, not unlike almost every major bank in the world. I can't touch my main investment fund until January 5, 2009. At that time I plan to close the fund and return investors their money in full. Also, I am going to be restructuring the interest rates that we have been paying out to clients. Please watch for an update about that subject to come out soon. I have struggled recently, however. I am not tucking my tail, but I am communicating with all of you simply because I'm a man of my word and each of you will be paid in full. I don't need to spend pages here informing you of my various problems, both physically and time wise; I just need to inform you that I am working religiously on your behalf and you will be taken care of. I will be updating you by email at least every 4 weeks until I access our fund. I sincerely wish that I could talk with everyone but that is impossible for me - I need to work. I thank you for your patience.

Sincerely,

Jeff Lowrance
First Capital S&L

Waiting

From the comments and e-mails it sounds like most of us are in favor of waiting. I have heard word of double compounded interest in Sept. Is that what everyone sees on their account or just those not compounding? Is this just another carrot dangling out there that we may never get or is he trying to make it up to those expecting wire transfers? I hope it's the latter. The carrot is what Charles Ponzi did. That seems to be the big question on everyone's mind. Ponzi? The good news is that something happened that would have needed Jeff's approval. Does this mean he is trying to work on FCSL again?

We have sent our first attempt at contacting Jeff as a blog and will keep you posted. Communication is the first rule of customer service and what everyone is waiting for at this point. All we want is for him to keep us updated. Jeff, you need to stop leaving us all in the dark. We are all out here with nothing to go on but speculation as a group. What else can we do but discuss at what point enough is enough?

We will stay as patient and optimistic as we can, but that will run out at some point.

First Capital Savings and Loan Client

Everyone needs to participate in this discussion

When is it time to notify the authorities?
Whom do we notify? (New Zealand, FBI, SEC, Panama, California DA, San Diego DA)
Will this tie up all assets for years to come?

Please especially comment on the first question. We need to all agree that whatever we do, we do together. No one jumping the gun.

Ben Greenwood Resignation

To All Clients:

This is to inform all of you that I will no longer be representing First Capital Savings or Jeff Lowrance. I have taken on a new job and am excited about the opportunity it presents to me. This situation that we are in together concerning FCSL has been nothing short of life changing for the most of us. For some, it has generated an extremely large return. For others, it has wrecked our lives. I can no longer represent FCSL due to the fact that Jeff has failed to follow through on countless time-lines and promises with all of us. His endless procrastination is unacceptable and inexcusable. I put in my resignation to Jeff effective immediately on Friday August the 22nd if he didn't not either A) call me by the end of business or B) send all funds to clients. He called me later that day and we spoke for about a half hour, maybe 45 minutes. He stated to me that he was going to have his "Major Update" on the decision he was making out to all clients by the end of the weekend. Obviously, we never received it. I talked to him again that Wednesday, and he assured me he would have it out by that Thursday, at the latest, Friday. He said he had been bouncing it back and forth with his advisor Again, I gave Jeff the benefit of the doubt. After speaking with his advisor this week, I came to find out that he had never even seen the email. This is the first time I had ever caught Jeff in a lie to me. This was the last straw and I can no longer be associated with him. My paychecks havenʼt been coming as scheduled and I remained employed only because I was the last line of communication between the clients and Jeff. I kept hoping that he would live up to his promises and give everyone their money. Here we are Friday, September 12th, and we still haven't seen the update. Jeff told me during that conversation on the 22nd that he was in the "process of winding down the fund and was going to be returning everybody's funds to them, starting with the newest clients first that were taking the monthly dividend and were relying on the money to live on. And he would end with the older clients who had been compounding as they didn't rely on the funds for monthly bills." I asked him why he wouldn't just send one large wire and get everyone their funds back at the same time, and his response was "it just isn't that easy Ben. It will take some time." So I followed up with "Do you have the liquidity to pay all funds back to the investors" and he responded with "I do, but it will take some time." He figured it was going to be about a two month process. I have changed my cell phone number due to the fact that I had given it out to many clients over the course of the last couple months. I will however, give you my email address (separate from FCSL email address as I'm sure that one will be canceled) should you wish to you contact me for any reason. I won't promise how long it will take me to respond, and I won't have any further communication with Jeff from this point forward. Being that I am the last rep Jeff has, the last person to reach is Jeff as far as I know. The accountant doesn't have any more answers than I've had over the past few months according to what I have been told. The best way to reach Jeff is via email at jefflow22@hotmail.com and ceo@firstcapitalsl.com. His telephone number in Panama is 610-819-7678 Please forward this to anyone you know who is invested with FCSL.

Kind Regards:
Ben Greenwood
benfcsl@gmail.com


Ben Greenwood
Account Representative
First Capital Savings and Loan
1-866-805-3079
bengreenwood@firstcapitalsl.com
www.firstcapitalsl.com

Sept. 12 update

Jeff has asked us to stop trying to contact Carlos Olmos and Dito in accounting, that they did not have any answers. He said he would send out an update as soon as it was ready.
All wires are pending approval by Jeff.
He was working on distributing his new paper last week.
http://newswithviews.com/Devvy/kidd387.htm
Ben Greenwood reigned.
We still have not heard of anyone pursuing legal action. No one wants it to come to that. From many of your e-mails it is apparent that some of you still give Jeff the benefit of the doubt. I personally believe we need to stay positive. Hopefully Jeff will contact the blog personally and allow us at the blog to contact him by phone once a week. That way we can give updates to all.
Please view the new comments on the other posts.
Please notice the new question posted to the right.
According to Jeff, he still has all the principle money in the account and has not been touched.

First Capital Savings and Loan Client