Complaint Review: Blue Coast Securities Corporation

On 28 January 2013 Wyatt Miller, Senior Vice President of Blue Coast Securities emailed me in respect to a Property Development project that I was seeking Investment funding for . He said : 

"On Friday, January 25th, 2013 the Fund Managers for Blue Coast Securities Corporation and Blue Coast Real Estate Fund I reviewed the business plan for Lombok Developments, Pty, Ltd. Upon the initial review of the business plan, the Fund Managers mutually agreed to issue the attached Investment Commitment Letter to State File Company. The proposed investment of $7.4M USD will be made jointly from separate investments from the Blue Coast Real Estate

Fund I and a group of Investors associated with Blue Coast Securities Corporation. The full investment would be made pursuant to SEC Regulation A (Blue Coast Real Estate Fund I and Blue Coast Securities Corporation do not make investments pursuant to Regualtion D) upon successful registration and approval of the Regulation A by the U.S. Securities and Exchange Commission's Washington D.C.'s Office.

As a stipulation of the investment, the Company must agree to form to a U.S. Stock Corporation and file a Form 10 with the U.S. Securities and Exchange Commission (making the Company a public reporting company) and list it's shares on the U.S. OTCQB or OTCBB Market. If it is the Company's prospective to remain a private

company, neither Blue Coast Real Estate Fund I nor Blue Coast Securities Corporation would be interested in proceeding with the proposed investment(s).

Upon reviewing the attached information, should you have any questions, you may email me back here or you may call my direct dial at (561) 945-2629.

Sincerely,
Mr. Wyatt Miller
Senior Vice President
Blue Coast Securities, Inc.
U.S. Bank Tower
633 West 5th Street

After some emails, he then said that Blue Coast Securities was willing to proceed provided "Costs are: Upfront $3,750 and then 10% of the invested amount taken from the investment.

 Have to form a U.S. Corporation, a foreign corporation can trade OTC in the U.S., but the registration can take up to one year. If you are willing to wait that long, we can do that, but 4-6 weeks vs. about one year, I think the answer if fairly obvious."

Since the Application Fees were paid, communication slowed down immediately and there was just excuse after excuse when I kept asking for updates and progress of the SEC A documents which he was supposed to be lodging on my Company's behalf.  In this day and age, I am astounded that these type of companies and Individuals still exist and are allowed to get away with this in a country such as USA. Where are the Financial Regulators. I can see on Google I am not the first to be scammed by this Company and regrettably I am sure I wont be the last. PLEASE BE INFORMED