842 Comments on Fraud Alert!!!

Hope this spreads to other areas of the USA.  There are far too many transactions that are put together under false or fraudulent terms.  Thanks for sharing.

I believe it is coming... It is only a matter of time before a lot of this gets hewn down and thrown into the fire.

Thanks for the post. As Michelle indicated above, I also hope this spreads across the country!

Its about time!!!

Hi, David!  These characters seem to come up with new schemes as fast as they can, don't they?  Thank you for sharing.

Is franklin squires being investigated ? I have heard they are but I am unsure as I haven't heard anything from any credible 1st hand source. If they are and they are legit I assume we will all know soon? I assume they will also put out a press release saying they were not investigated or that they were but have been exxonerated. Did some of the producer's high end exotics get confiscated? What about driving $200,000 is in line with a principles govern philosophy? Arn't those cars overpriced, depreciate and just abou thet look at me factor? I don't think Warren Buffet drives those kind of cars. 

Franklin Squires is being investigated by a number of regulatory and law enforcement agencies.  Some scum-bag got an investigator from the Utah Dept of Securities on tape admitting the same. 

On a similar blog Koerber tried pulling the wool over everyone's eyes when this exact same subject arose.  Knowing what I do I couldn't let him sit there tell whopper after whopper.  Some of the people posting had actually invested money in his 'down-line' and were being stone-walled about their money.  So I called him out and dropped just enough info to let him know I was on to him.  After my post the entire thread was deleted the next day.  The operator of the blog was loosely affiliated with FS and he didn't want to lose his place at the feeding troth.    

FS is a huge cult of stupidity and criminality. 
 

David, You seem to know the most about FS from the outside.  I also notice that after about 9/15 all the questioning on thier web site disappeared and none has shown up since.  I have a brother-n-law up to his neck in FS or one of the downliners.  I have tried in vain to get them out or to just use sensable reason with securing thier money to no avail.  It is a very cult like organization in that anyone who opposes them does not understand the constitution, is envious of them, or is just plain "consumers" (not producers) even though he has not worked in over 2 years.  He just hunts, rides motorcycles or goes to another FS seminar to become a "holding company".  I listened to Rick Koerber's radio program and he admitted that he was under investigation.  The sad thing is he told an investor "you invested with one of the holding companies not with me, therefor I have never done business with you, I may owe the holding company you invested with, but not you" he also stated that he stopped paying one holding company because they were suing him and "it was not prudent to pay someone who was suing you".  Do you have any information that I could pass on to help my brother-n-law see the light in time? or is it already too late?

I have been assisting Michael Hines with the Division of Securities and Exchanges for the State of Utah.   Yes they are under investigation "Franklin Squires and the Down Line companies" From the information I have the State and Franklin Squires and the down line holding companies have come to an agreement.   This has had implications for over a year...One year ago the Division placed restrictions on Franklin Squires from accepting any more outside investments. The new agreement is that Franklin Squires and Down line companies sell off assets and repay investors @ 12% interest. The Division believes it is possible to do with assets currently held by these companies. I have questions as the market ir rapidly depreciating. I know Franklin Squires shelled American Timber craft....and other Portfolio Companies have not paid investors interest Payments since June. My in laws have 237,000 With Gabriel Joseph and Anuit Coepetis....a Down line of Franklin Squires....Gabe is Ricks right hand man.  He has failed to repay the note and has not made this months Interest payment on the Note. My opinion Rick told Gabe and others after his experience in Wyoming "Do not worry about it if you get caught there is no consequences"

 Looks like they will be getting off Scott free.....And investors will not get their 36% and could possibly lose everything even tho these scum bags promised a NO RISK INVESTMENT!

Steve M 

I just wanted to chime in here on Rick's defense.  I have no idea where you got the idea that they said it was an "no risk investment".  They have from the beginning told people to manage their risk.  Apparently, some people ignored that council and went straight for the gold.  Now, they're hurting.
 

Tim, I agree with you, there is always risk involved, and people looking for a quick buck ignore warnings. 

a friend of mine knows a group of people that's affiliated with Franklin Squires and they all drive nice cars.  he seems to think that they get them for free or close to free.  does anyone know what could be going on with them and how they can get nice cars like this for almost nothing? 

That group you are referring to is Atlas Marketing et al which I am told (third hand mind you) also had a company that invested 'capital' in Founders Capital/franklin squires.  Atlas execs and employees DID drive exotic and high-end vehicles.  The word is that they too have gone under and bounced payroll checks with their employees.  This whole scheme is crumbling.  The downline is getting crushed.  What a tangled web of deception.  Who knows how far it really goes.  One thing is certain, you won't get the truth from people who told you that "high returns don't mean high risk."  Koerber, Joseph, Wade Sleater, it doesn't really matter who it was--it was all a big put on.  Whatever trouble they are in is entirely of their own making.  

If Franklin Squires is indeed a ponzi scheme or a mortgage fraud scheme using straw buyer's ( http://deseretnews.com/dn/view/0,1249,600151169,00.html)  why haven't their owner's and principal employees been arrested or at least their names collectively and or individually been mentioned in  news media as possible fraudsters. I believe Dave Fox from a  Utah television station as well as a mayoral candidate of eagle mountain have been accused of mortgage fraud (see link above)  http://www.heraldextra.com/content/view/241427/I am also aware that a Utah county and Utah state task force (see link latter)  has been created but you would think if Franklin Squres was involved with this sort of nefarious activity they would be the first to be brought down as they have billboards  (cheesy and lame if I don't say so myself) literally all along I-15.It seems to me the only thing they may be doing illegally has to do with unlicensed and unregistered investment's which given the founder's prior history ignorance of that law doesn't seem to bode well. However, it seems I haven't heard anything from Utah Securities against Franklin Squires so I am assuming that they unless substantial evidence is presented are operating within the laws of the state and do not appear to be doing illegal. I do think that some of their economic principles and beliefs are elementary, unoriginal and play into the mormon culture for sure but it is not against the law to re hash or plagerize the beliefs  or writings of "the American founding father's". I look forward to more discussion and inevitably an exxoneration or charge I am thinking it will more likely be the former. 

John, 

I agree with you 100 percent--if Franklin Squires is engaging in questionable behavior, then why is there no press coverage? Why is there no information coming from sort of official outlet? I read all of these people who say they have researched the company, but they provide no concrete evidence to their claims. It's always "I have a friend..." If anyone has more information on the company, when you post, tell us how you know all of this stuff about the company.

Thanks! 

If I remember correctly, the FBI doesn't comment on current investigations.  Nor do they make press releases saying "We are investigating so and so," it is not public record. 

The charges against Dave Fox were from a transaction that happened May of 2006. Investigations take time.  When you consider the scope of the investigation that either the state of Utah or the FBI is possibly undertaking in an investigation of that type, it will take a lot of time.    

I have been paying attention to this because Franklin Squires bought my home with a "Seller Finance", where they pay me based on a purchase amount of $650000 and pay a monthly mortgage on the property to me through an Escrow company.  After a certain period of time, say 3 years, they pay the remainder balance.  Problem is... they are late on their payment, granted it was due on the 10th (last friday). They have a sign on their building that says "Franklin Squires will be closed today, we are sorry for any inconvenience", and that was there last week as well.  I have tried calling their company since Thursday of last week, and all calls just bounce back to the menu, no answers.  

So in other words, something stinks. It is frustrating, because they supposedly bought my home, and I moved out.  It will be a fun process of defaulting them, and moving back into the home, without jacking my good credit score, should it come to that. 

They espouse the values and principles of Ayn Rand, and the book Atlas Shrugged, however, I am almost done with that book, and I don't see how Mr. Koerber can claim that he is in the same mold as "Hank Reardon", who in the book created and manufactured a revolutionary metal, and Dagny Taggert, who developed and maintained a large railroad company, or John Galt who developed a revolutionary Engine, they were "producers", what has Rick Koerber produced? (This is an honest question I would like answered, not a slander of him, but seriously what has he produced?) 

I have heard many other things about Franklin Squires, but they are all 3rd party, but they are starting to appear to be true.  This is just my experience with them.

Notice of default filed in Utah County involving New Castle Holdings, LLC.

It looks like FS isn't being a good steward over their own property in Mississippi or even paying property taxes accordning to a mississippi newspaper....

http://www.clintonnews.com/apps/pbcs.dll/article?AID=/20071108/NEWS/711080330/1001/NEWS

 Tim ....they have gone looking for capital...My in laws were approached and offered a "No risk" Investment....It was documented. I have verified it first hand.

Steve 

I called their offices on Wed someone answered.  Wouldn't the property in Mississippi have a lien against it for non payment of taxes?

So does anyone have any idea of how many people borrowed money against their home equity to invest with directly or indirectly Franklin

Squires or how much money they raised? 

Anon:

You'd better check the title on your house.  Those douches have probably put a lien on it--meaning that your house is probably partly or entirely owned by someone else.  You should have checked your shorts before you sold to those turkeys.  Good luck, the equity in your house is gone.  Your credit score is the least of your worries.  

John:

If every Utah Valley scam were to make the news there would be no time or paper for anything else.  Lack of press coverage is not evidence of financial viability or ethical vindication.  Quit trying to protect these jerk offs.  You think securities violations are just some trivial matter?  You really think RK is going to be exonerated?  You're out of your mind. 
 

The rumor is $30 million.  

I think that RK is a dishonest man that when he goes to church on sundays and partakes of the sacrament, he thinks that makes it all better. He is the biggest hipocryte that i know

does anyone else have any info on atlas capital.  wade sleater, etc.  just curious what people might know.

Wade Sleater is working hard to liquidate assets to make payments. IT just takes time in this lending market.

Hold the phone.  Do you realize how stupid that statement is and how much it reveals about Wade's issues?  Liquidating an asset means selling off something you own.  How the hell does it have anything to do with the "lending market"?  Let me take a guess.  Wade hopes to "liquidate assets",  but can't because they were over-financed to raise his "capital".  And now it's the lending market's fault because no one (buyer or lender) wants to do 100% financing on something with 20% negative equity.  Talk about shifting the blame.  The ponzi is over an now they want to play victim because no one is dumb enough to bail them out.  Absolutely incredible.  These assholes didn't just play with fire, they were thieves from the start.  

Wade Sleater informed his workers today he was bankrupt.  He said he needed to fire them all so that they would be able to file for unemployment.  I have relatives who were working for him and were there today.

is Rick @ Franklin Squires in a similar situation? that sucks right before Christmas. They all loved him when he paid them well, turned a blind eye as to how and now that it has crumbled everyone talks about what  &Y#&*#&* these guys are. They only did what idiot naive and greedy people wanted them to do and empowered them to do by joining in. I do feel sorry for all the people that lost savings, jobs and shirts so some people could drive ferrari's and act like hot shots for a couple of years. if fraud was perpetrated they should go to federal prision. Let them take the sacrement there, lol

Does anyone know anything about Noveau Riche?

There is alive recorded conversation at www,FranklinSquireslawsuit.com with the DIRECTOR of the Division that is currently investigationrick Koerber and Franklin Squires.  It looks like a great site with a lot of information including the live call.  That says it all boys..

The URL IS HERE
 

Paisola your phone call proves nothing.  If they had a case against FS they'd have already done something.  Just because you are a convicted felon by way child porno and financial malfeasance it doesn't mean everyone else is of your same moral depravity.  We know you did some time in the joint, why are you so determined that everyone share in this same type of misery.  I think you are a disgusting individual. 

That is what I was saying people are accusing them but I would think that if they were involved like apparently a number of other organizations in Utah County are esp amongst LDS than they would have already had charges brought against them and so forth or declared bankruptcy. Unless people have specifics I think we should give franklin squires the benefit of the doubt. That being said I would pull any money I had invested with them just in case, but would presume they are innocent until proven guilty. 

Easier said than don John, I have been asking for all of my money for THREE MONTHS!!!!!!!!! I have been told that there is a PPM in place but nothing has been done yet.  I'll give franklin squires the benefit of the doubt when Hell freezes over which we all know will never happen.  Thats all i've been asking for is my money back, which whom i invested it does have a secured note with FS, but that seems to do no good. Claud Rick Koerber is a piece of dog shit.

Wade Slaeter moved out of the home he was living in on Saturday.  Of course the home wasn't titled in his name so some sorry sap will have a foreclosure on their record.  His right hand man Nelson moved out of his home two weeks ago, same deal.  A couple of his other guys have bailed out of homes also.  Yes, all of these guys drove 100K cars and had 20K wrist watches etc.  I know that Slaeter had 32K invested in a fund that you know hundreds of people lost retirement savings etc.  His father was down here for 3 weeks trying to find out where some money went that one of his close family friends from WA lent to him for "investments" 300K I think??  Dad had no idea??  Hot shot wasn't who he seemed to be......Unfortunately there are fathers out there beating there children because they are in bad moods because they have no food on the table, can't pay the mortgage and have no retirment because of Slaeters false promises and lies.  ALSO - don't listen to these guys cry that are in the line of "we lost 200K of equity because we gave the money to Slaeter" These fools over appraised the homes, skimmed the equity and could never sell the homes for what they are worth.  It is the lender who will lose the money when the home forecloses!!  Sorry but I don't have any sympathy because the housing mess in part is because of these types of equity strippers.  People don't realize how many properties and how many of these people are out there.

annon, could you clarify what you meant when you said slaeter had 32k invested in a fund that you know hundred.....  thanks!

Wade Sleater wasn't half as smart as people/investors thought he was. He was a pathetic businessman, a scammer and a con man. (not to mention compulsive liar) It's obvious he has been out of control and imploding for months, but investors couldn't wait to give him their money.  

Okay, so you don't like Robert Paisola--fair enough. Although I definitely question his motives, character assassinations are not necessary. If he's lying you should be smart enough to say why his is wrong rather than stoop so low. Go ahead everyone, listen to the phone call--I think it is interesting at the very least.

Rick Koerber and Gabe Joseph have been making interest payments again. All you have to do is stop by the office and get your PPM set up properly.

Hey, is 12 Daily Pro still around? We should all invest in that. I guarantee we could make like 46 percent a day doing that. Visit 12dailypro.com and register today. It is risk free.

Yeah you only started hating Sleater when the money stopped flowing.  It's good you've stuck to such noble principles.  You are a fair-weather producer.  Sleater will be back and you'll all wish you hadn't abandoned him.   I'm sure when the money flows you slither back, slap some shoulders, and ask for a job.  Too bad you failed this test of loyalty.  The Pinnacle turn-coats have probably saved themselves from immediate hardship, but I rather have financial problems than be labled disloyal.  "Backstabber" is hard rep to shake especially when you just moved to another sugar daddy when the going got hard.  This whole thing reminds me of the book.  D'anconia will be back.   

I know most of the people in the group you are referring to (except those in WA) and not one of them is crying about losing "200k in equity".  The only home that is being foreclosed is Wade's and that's pretty normal for a bankruptcy.  The values have also increased so the lender will be fine and if he isn't so what.  That's why the home is therel.
 

Sure some people lost some money and may have to tighten their belts for a while, but I think you are not principled in exaggerating and spreading lies.  Do you like to see other people struggle/fail?   People who took actions that led to them living off investments did so against principle.  Hopefully everyone will learn from this.  All I know is that everyone did pretty damn well for quite a long time.  Nothing lasts forever.  Sell the house, the toys, downgrade the autos etc.  Take that money and live a simpler life and enjoy your families if you got em.       

Do you really think it's appropriate to joke around about beating children?  Maybe you think this is all the end of the world but that kind of comment is extremely offensive to some people.  You should think before saying something so dumb.  

It's funny how everyone critisizes a person when he is down. A lot of investments go south. If you are not willing to take hits don't invest. It's funny how everyone loved the investment on the upside but when it slowed down it was a scam. Get educated....then invest. You have to be willing to take the ups and downs of every investment you make. Send the investment fairy over this dudes investment isn't going as well as he thought it would. When you invest accept the fact that things can slow down and at times go away. It's part of investing.