--NAELB
Expels Lease Capital Corporation/Principal Martin J. Barteske--
( PLEASE
PLACE A NOTE IN YOUR LETTER THAT LEASE CAPITAL, INC OF ALABAMA , BO
BOHANNON PAST BOARD MEMBER AND VICE-PRESIDENT OF NAELB, IS IN GOOD
STANDING WITH NAELB AND IS NOT AFFILIATED WITH LEASE CAPITAL OF CALFORNIA
.
THANKS
BO BOHANNON, PRESIDENT )
Martin
Barteske, CEO
20902 Brookhurst Street, Suite 204,
Huntington Beach, CA 92646-6637
Toll Free Phone: (866) 836-5600 (866) 964-8350
Toll Free Fax: (866) 834-5600 (800) 964-2140
www.LeaseCapital.net / ceo@leasecapital.net
TO: ALL
MEMBERS OF THE NAELB
FR: JOE BONANNO, ESQ., NAELB LEGAL COUNSEL
DT: NOVEMBER 15, 2000
To All
Members of the NAELB:
This
correspondence is to advise all members of the NAELB that the Board
of Directors, in conjunction with the NAELB Ethics Program, has taken
action against a member of the NAELB. The Board of Directors takes
this action after there is a process of a complaint being filed against
a member, a response process taking place, a review by the NAELB Ethics
Committee and a referral by the NAELB Ethics Committee to the Board
of Directors. Therefore, this is a process whereby there is ample
time for the resolution of the matter, review by multiple individuals
and finally a review by the Board of Directors. Every benefit of the
doubt is extended to the parties involved and there is a specific
procedure that is followed along the way.
A matter
that did reach the Board of Directors involving a company called Lease
Capital Corporation located at 20902 Brookhurst Street, Huntington
Beach, CA of which an individual known as Martin J. Barteske is the
principal. The Board of Directors, in accordance with the Ethics Procedure
voted in place by the voting membership of the NAELB, has voted to
expel Lease Capital Corporation from membership in the NAELB effective
immediately.
As always,
the NAELB encourages our members to conduct business with members
and in the event there is difficulty between members, the NAELB can
attempt to resolve the matter or in the extreme case, expel a member
from membership.
We at
the NAELB are hopeful that our members find the ethics program to
be a great member benefit.
( We
had a posting regarding an incident with Lease Capital Corporation
and Martin Barteske with much documentation, but believe we were successful
and the sender asked us to withhold the information. Much of the "complaints"
we get are settled by others, such as the National Association of
Equipment Lease Brokers. The $295 membership fee is the lowest in
the industry and you not only get help such as above, but the naelb
post, ability to instantly contact fellow members on line for help
in finding a source, or answering a question, is worth much more than
the membership fee, believe me. Having access to both Barry Marks
and Joseph Bonnano---that's priceless. www.naelb.org.----editor )
FMC Leasing Confirms Gibraltor Financial Complaint 10/05/2000
I don't doubt Paul Von Bruck's story regarding Gibraltar Financial.
We have had a similar experience. They accepted upfront lease payments
and then declined the deal. They then refused to return the payments
with the justification that they had to work on the deal; therefore,
they had earned the money. There is no upfront disclosure. We only
became aware of their questionable practices after they had accepted
funds.
I'm sure this won't be the last email you'll receive regarding Gibraltar.
Ron Jupka
FMC Leasing Corp
;fmcsales@mt.net
Gibraltor
Financial Complaint 10/04/2000
We brokered
a transaction to Gibraltar Financial recently and suffered serious problems.
It started when they requested we obtain a signed commitment letter.
We did. Cliff Wagner, Beth, Donna and Todd told me they were funding
the deal. This was a lie. No big deal however as long as the deal get's
done. Our customer then received a letter from Ford saying they were
declined. Given Gibraltar's good standing among the various leasing
orginaizations(UAEL etc..), I gave them the benefit of the doubt. They
stated, we have someone who will do this deal. We delayed the vendor
and lessee for 75 days as we received the same statement over and over
from Cliff, Beth, Donna and Todd. Then they stopped returning calls
from us the vendor and lessee. After dozens of calls Cliff finally informed
me that they "could not get the deal done". We immediately requested
a return of the customers commitment fee. We overnighted our portion(2k).
We felt so sorry for this guy we could do no less. It has now been 135
days apx. 60 apx days since the decline. When I contacted Cliff and
asked why he had not returned the deposit, he stated "Oh, I forgot about
that. I'll get it taken care of." 20 days later I got a call from the
vendor's Attorney. They are threatening us since we put the deal together
and since Gibraltar will not return their calls. (The vendor and lessee
have known of Gibraltor through the whole deal) So I called Cliff again.
He stated, " Oh wow, they are still pursuing this, I'll get there money
out ASAP." 30+ days later nothing has been sent. Cliff Wagner refuses
to return any calls. Every time we call, he is on the line. They must
have a call identifier. This assumption is backed by some evidence.
He refuses to return messages. Based upon his comment "they (the lessee)
are still pursuing this?" as if he is confused why a customer would
want their $5,000 back, I believe Gibraltar wants to keep this person's
money. If any of you can help this lessee with a lease feel! free.
I thought they were reasonably solid. They are called Cap of MB out
of South Carolina. My number is 888-468-5822 x 208 Paul von Bruck Capital
Funding Group.
P.S: I
have Gibraltor's messages saved on our message machine if any of you
doubt this message
---Leasing
Network Purchase Option Problems---
Notice: Received reports from three brokers now about leases they put
together through network group to funding source has fmv not 10% purchase
options. Disputes trying to be resolved. Any broker experiencing the
same, please notify Leasingnews.org. All information will be kept confidential
and will not be published without your specific permission.
7/26/2000
---Universal
Capital Services---
Kit, my company, Citation Financial Group located in Fair Oaks, CA (Sacramento)
is one of the companies having a problem with Universal Capital Services.
They have not returned a Lessee's advance payment nor have they paid
us our commisssion on a brokered transaction. I have sent documents
to the NALEB attorney, who is following up on our complaint with UCS.
We have also contacted a collection attorney in Florida. If you know
of others who have been wronged by these people, please have them contact
me. If you want all of the details I will be happy to e-mail them to
you. We need to stop companies who make a bad name for the industry.
Thanks,
Allen Greenberg
Citation
Financial Group
(916)535-7710
ag-cfg@pacbell.net
---Bruce Zwillinger, BSB, cuts off Universal Capital Service---
Bruce
Zwillinger, BSB, cuts off Universal Capital Service, Springhill, Florida
informs NAELB of their action. This company not returning money to lessee
from deal funding by BSB. Many attempts to get money returned to lessee,
but many broker promises by Universal Capital Service.
7/12/2000
---Universal
Capital Services---
Source states Universal Capital Services, Springhill, Florida, took
up-front fees on deal and has not returned to lessee. Lessee is complaining
to funding source. This is the third complaint received on this. Source
is trying to find out more and request this be posted on bulletin board.
Source will allow us to state name, if this is not resolved.
7/5/2000
---Universal Finance / Universal Manufacturing---
Avoid
this company like the plague. I believe that if it is the same one they
also run companies under the name(s) Universal Manufacturing -(Vendor)
& Universal Finance (Credit repair company). I'll look up the e-mail
I received on this a while back. I think what the story was is that
Universal Capital would submit a deal to funding source, then if declined
due to personal credit, Universal Finance would repair credit then resubmit
elsewhere. The vendor would be Universal Manufacturing who would sell
$2,000 computers for $40,000 invoice (just under F/S disclosure). Then
they split excess with lessee. Though I'm not sure about the Florida
part. I'll get back with the additional info ASAP.
6/12/2000
Do
you know anything about Univerasl Capital Services, Inc., in Spring
Hill, Florida 34606. One of the lease brokers I work with is having
trouble getting paid on a deal. He thinks the company is owned by Jim
and Anita Koper. Please let me know if you hear anything. Thanks.
6/12/2000
---Metropolitan
Mortgage---
Metropolitan
Mortgage and Sec in Washington had a division that funded the lesser
credits. Well they have stopped and are not honoring their approvals
if they don't already have signed docs. This was told to me by a broker
in Arizona who has 10 deals sitting with them and she is now scrambling
to replace them.
6/12/2000
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