Authorities Contacted

6 votes on the poll indicated that authorities were contacted, yet no information surrounding this has been shared. Please provide any details you can regarding what authorities were contacted and any other information that can be given. You can leave a comment or send a private e-mail to firstcapitalsl@gmail.com.

First Capital Savings and Loan Clients

Update from a blog member

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

Blog change FYI

The comments on the blog are no longer moderated. This will allow you to see your comments immediately for quicker response time. It is also a way to relinquish more control to all of you. We can check it once daily instead of feeling like we need to constantly moderate comments throughout the day to get them posted quickly. Please continue to e-mail us with information you may not want to have posted as a comment.

On a side note: For those of you who have contacted authorities, there have been requests for further details.

First Capital Savings & Loan Blog Admin

Poll Changed

I changed the poll. If you already voted on the old one, please re-vote. Remember, you can put more than one answer. You can even change your vote later.

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