GSC Capital Bulletin Board Complaint

---- GSC Capital-----

 602 North Park Center Drive, Suite 2302

Santa Ana, CA 90720

Frank Veloz at Coptech, Sunnyvale, California:

This is recap of what happened with a lease deal we were setting with

GSC Capital. Their address is 601 N. Parkcenter Dr. Santa Ana CA 92705. Ph

(714)479-0334.

The VP of operation is Chad Lee and he is also the agent for service. The

controller is Mark Johnston. Their emails are mjohnston@gsccapital.com

<mailto:mjohnston@gsccapital.com>  and clee@gsccapital.com

<mailto:clee@gsccapital.com> .

 A quick summary this. We applied for a $ 175,000 lease for equipment. We were told we were pre-approved for a $100K line and they were confident their underwriter would approve the increased amount.

 We sent a check for $7510.26 as a deposit on July 24, 2002. This was

for the 1st and last month payments and we filled out their standard deposit

form. After many emails and phone calls in July and August telling us the

deal was at their underwriters, they notified us August 29th that they could

not get the deal underwritten and would promptly refund our deposit. Since

then , they have not returned calls and when pressed said they were waiting

for their underwriter to return the deposit.

Their VP operations, Chad Lee has refused to talk to us and our controller, Pat Cohan talked to their controller, Mark Johnston. He said they cannot return the deposit at the

present time because of their financial condition.  I have lots of emails

detailing the deal and if you need more information, let me know. Anything

you can do to get our deposit back will be appreciated.

 ( Frank Veloz is a personal friend of mine, president of the San Jose Opera Association,

has sat on the board of the directors of the San Jose Arts Council with me, is a customer

of American Leasing, where I am managing partner.  I tried to reach the parties

mentioned above, plus left voice mail messages with Mark Johnston, who is listed in the United Association of Equipment Leasing roster as the “primary contact.”  In addition, two faxes were sent to Mr. Johnston.

After the first one was sent, Frank Veloz was telephoned and told him he would

never get his money back for making a complaint to Leasing News.  At this

point, Mr. Veloz made arrangements to file a small claims $5,000 court action

in Santa Ana.  I also suggested he contact the local police department, the district attorney’s office, and the attorney general’s office, plus the Department of Corporations

who issues licenses to conduct business in the State of California under the

Finance Lender’s Law. I also suggested filing a grievance with the UAEL. Editor)

Leasing News has repeatedly requested GSC Capital for their side of the story.

For other Bulletin Board postings, please go to:

http://www.leasingnews.org/bulletin_board.htm