Complaint Review: Bob Buchan

I was referred to Bob Buchan in connection w $200M in project financing we were raising. & nbsp; This guy is a piece of work. & nbsp; He represents that he is & nbsp;the & quot;US channel partner & quot; for the largest private investor in the world, who & nbsp;is the second largest owner of gold assets in Canada. & nbsp; We Googled a list of the 25 wealthiest people and families in Canada and none of them are gold owners. & nbsp; Here are the loan terms he offered: & nbsp; 9-year term w interest-only payments and bullet amortization. & nbsp; 3% interest rate. & nbsp; & nbsp;No liens. & nbsp; & nbsp;No collateral. & nbsp; No personal guarantees. & nbsp; At the time, 9yr US treasury yields & nbsp;were over 4%, so he & #39;s was offering to loan us $200M at a rate over 100 basis points lower than the US Government is able to borrow. & nbsp; And he said Mynizaga may waive repayment in its entirety. & nbsp; That is, & nbsp;forgive the entire $200M. & nbsp;

For this too-good-to-be-true loan, Bob said they require a 25% set aside deposit, which in our case was $50M. & nbsp; He said this deposit secures the loan and is returned after 12-months. He said if we didn & #39;t have $50M, he would arrange it w a partner of his, but charge us a $10,000 origination fee. & nbsp; Non-refundable even if he fails to perform. & nbsp;

When we asked reasonable due diligence questions, he became & nbsp;belligerant. & nbsp; For example, we asked & nbsp;the identity of the Canadian gold family. & nbsp; We asked for proof of funds. & nbsp; We asked for a reference project that he has successfully financed. & nbsp; He refused to provide anything information. & nbsp; He would, however, shamelessly name drop, indicating relationships w Michael Dell and Ted Turner. & nbsp; Interestingly, and perhaps telling, Bob Buchan lives at 13 Mill Xing in Dawsonville, GA, which is a middle class home, despite his representation as a multi-multi-millionaire. & nbsp; This address is also Mynizaga & #39;s corporate address. & nbsp; Sound shady?

We stupidly paid his $10,000 for him to arrange the $50M set aside loan. & nbsp; Instead of introducing & nbsp;us to an investor, he introduced & nbsp; another broker who immediately asked for a $35,000 upfront fee, non-refundable if they fail to perform. & nbsp; It reminded us of a scam where the scammer continues to place & nbsp;value just out of reach and asks for more money. & nbsp; Bob acknowledged that he knew about their upfront fee and simply failed to disclose this. & nbsp;

After backing away, it took multiple, emotional emails and voicemails before Bob finally agreed to refund our $10,000. & nbsp; He didn & #39;t make it easy. & nbsp; As of this writing, we & #39;re still waiting for it. & nbsp;

We should have heeded the old adage & quot;if it sounds too good to be true ... & quot;. & nbsp;

Stay clear of this guy & nbsp; & nbsp;

I am not reporting this guy anonymously. & nbsp; Happy to discuss my bad experience w anyone who has the misfortune of crossing his path. & nbsp; I am reachable at christmas7692@gmail.com

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