EFG Leasing Closed? by Christopher Menkin For over a year and a half brokers and vendors have been asking and telling Leasing News that EFG Leasing, also known as the Equipment Leasing Group, in Fresno, California, with Kenneth Wheeler, as president, is closed. On October 26, 2004, the telephone did not answer. Leasing News later found out a new temporary number: “559-226-4776 ext #29 “New numbers until the T1 line is completed by SBC. We are not able to keep our 888 number and have changed our headings on the UAEL, ELA and Monitor Daily sites. We will be going to 800 numbers first of the week it should be done. “Give me a call in the morning if you like to talk. I will be in after 9:45am. “EFG Leasing Inc. Kenneth Wheeler” Since last Friday, January 13 th , the main number 888-808-3065 has answered “disconnected.” The “4776” number above also did not work, nor the telephone number 800-648-6950 on a press release from EFG. The main number is noted in the Equipment Leasing Association, as EFG was a member in 2005. While the web site states EFG is a member of the United Association of Equipment Leasing, the company nor individuals are listed as members. This EFG web site has Donald Coleman President same telephone number, address, and second suite, empty at last visit 559-226-4776 ext #29 http://www.leasingnews.org/Pages/EFG_Srvc_team.htm They attracted brokers with very low rates, plus this claim: *Application Only to $150,000* http://www.leasingnews.org/Pages/Rate_updates_efg.htm Leasing News printed the story from the Fresno Bee, Fresno, California newspaper, and Kenneth Wheeler subsequent response: http://www.leasingnews.org/Conscious-Top%20Stories/EFG_Rumors5.htm http://www.leasingnews.org/Conscious-Top%20Stories/EFG_Rumors4.htm Here are recent complaints, in which we were able to contribute information, technique, and practical experience with the leasing company in question. (without a signed “complaint,” copies of documents signed, and copy of check or bank transfer, Leasing Here are brokers who recently contacted Leasing News (we are withholding their names as we have not been able to determine if EFG Leasing is still in business. In the last story, they had incorporated in Nevada and perhaps may have moved to this state, as The Funding Tree previously did. “…Thanks! for the info. I will keep you in the loop as things progress. I did a deal with them in January 05 for $80,000 which they funded, and in the last month I started shooting some deals over and they approved a lot of them, but also declined a few, which is puzzling, because if they were going to scam you, you would think that they would approve everyone and take as much money upfront as possible. “I also saw their rating in the (magazine) in **** of this year, so I suspected nothing. I started to get nervous in the last 2 weeks, when I continuously call and send e-mails, and you don't hear from anyone for 3 or 4 days, and then you still don't get the answers you want or indication of what is needed to close the deals. That's when I decided to do a search on your site and what I found freaked me out.” Another one: “I have brokered a transaction to ****** and for the last two weeks they have not answered their phones and any email reply is cryptic at best-they have not funded either. My customer sent signed docs and checks to them 2 weeks ago. Have you heard anything negative? I thought if anyone would know you would? At this point I am very concerned because you of all people know that this is a service business and service starts with answering the phones. I would appreciate any info.” A third: “In reading your email, we were extremely discouraged to find out that a funding source can hold onto an advanced rental check for over 4k for over 3 months, without returning calls, and get away with it- simply because we, the broker, felt obligated to fund this elsewhere. I'm not sure how this should have been handled any differently; we do know what the documents state, but when we have 4 vendors calling every day for payment and the funding source is not returning calls, what were we supposed to do? “I have contacted the customer, and he is prepared to write a letter of complaint as long as he remains anonymous, but at this point – will this even help? Or is this a lost cause since we funded this deal elsewhere. Please advise.” (The agreement had no time frame, and also called for specific documentation, plus it had a clause if the party went elsewhere, they lost their deposit.) And a fourth one: “Thanks for your reply, and we understand where you are coming from, However, ****** never answers your questions, he always recites his problems, and will not address the true subject. “I am sorry that we were not reading your stories until recently However, if it has been going on that long there must be some truth to these complaints. “We would have been more concerned. we will be complaining to what ever agency we can to stop this out and out Scam. excuse me "Alleged Scam" “I say it looks like an alleged RICO case to me. “Thanks again, you will be hearing more from us as we go after this lot.” Ironically, the last several communications are that this leasing company is out of business. We have informed the reporter for the Fresno Bee, who is on the scene, to up-date his first story on EFG Leasing. Here is a collection of our previous stories: http://www.leasingnews.org/Conscious-Top%20Stories/EFG_Rumors.htm Brokers, if you have a “tough” deal, one that you know is going to be “difficult” to do, consult the “Story Credit List:” http://www.leasingnews.org/Story_Credit/Story_Credit.htm |
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