Complaint Review: Financial Group Inc. of Acceptance Capital

Today Wednesday September 29th of 2010 was an Interesting continuation of creditors meeting at the court house in Sacramento in regards to Vincent Singh Bankruptcy.

So today we found out from Vincent himself that he was not making any hard money loads with our money, as he had made us believe. So much for the 30 days, 45, days, 2 months or 3 months investement notes. They were just a fantacy he maid us believe to get our money.

My understanding is that he claims to be making his own investments with all the creditors monies. If his investments did not generate enough money and it does not seem like they did, then he would just use new creditors money to pay older creditors. If some else that attended this creditors meeting wants to correct me or add any additional info please feel free to do so.

In regards to asking questions to Vincent in the court room it seems that there is very limited time and we cant ask all our questions. I would expect the same amount of time given to questions again in the next creditors meeting continuation three weeks from today, so my recommendation would be for you to send your questions to the Trustee in advance, he seems to be the one asking most question and if your question are of interest to him he may just ask the questions himself.

 I know Vincent is aware of this posting because on June 29th he called me and asked me if I could remove this posting because it was not helping with his business and if I removed the this posting and co-operated with him he would pay me every single penny he owed me. A human being can only take so many lies and at this point I did not believe a single word out of his mouth. I knew that Vincent did not honestly intend to pay my money back and that is why I decided post this rippoff report.

Vincent told me back in February 2010 that he was not taking any new investment, so he could not pay me from others investors money. I have talked to many creditors that invested after this period and today in court I heard of many more proofs of claims that invested after that period. So button line is that Vincent received thousands if not millions of new investmets this year and if he really intended to pay me he would have done so.

I believe that he already had his bankruptcy plan in mind so he knew he could do without paying me or other creditors. Since February 2010 I had threaten to sue him, report him to FBI, IRS, Attorney General and California Corporation Department. He did not really care to protect his business reputation as if he knew his business was going down any ways and there was nothing I could do to hurt it anymore.

If you want to say anything to Mr. Vincent Sing this maybe the right place to say it because in court we do not seem to have enough time.

Something that would seem more important to me is if people can report any ideas on where they think Vincent Could have hidden money. After todays questions from the Trustee toward Vincent, he did not seem much like a gambler to have lost all that money. He did not know what games he played or the names of the casinos he attended. But if you know of any good piece of information for the authorities or Trustee please dont say it here because remember that Vincent and close friends of his also ready these postings.

Does anyone know of any creditors that were not reported in his bankruptcy statement? Any close friend of his that made lots of money and knew just the right time to get out?

Hey Danjo, I really wish I knew who you were.  Anyhow, bankruptcy isn't fraud, but stealing is.  That's exactly what he did. 

You say you're sick of people trying to include you in the 'creditor meeting' as you call it, so why not just say who you are and say what you did here.  Simple as that. 

I would like to see you before court if possible.  Maybe we could have a one on one chat about how you made money and the "changing stories."  Lets see if you can clear a few things out with me. 

The guy didn't lose everything because of our greed, he lost everything because he had a gambling problem and was greedy himself.   Lets just skip all this small talk online because it obviously won't get us anywhere.  Nothing will come from typing behind a computer.  Lets set up our own meeting and discuss a few things in person. 

WHEN DID BANKRUPTCY BECOME A FRAUD ??? HAVE TO DISCUSS THIS WITH DONALD TRUMP?? heee heee.

when did you all come out of the closet???? Clearly seems once the bankruptcy was filed all the dirty laundries coming out. You sound like a pretty intelligent guy, being anonymous, how could you even fall for something that YOU now believe is fraud. Sounds like "Greed" and when the going was good no-one was ringing any bells.

I am so sick of people trying to include me into their useless creditor meeting just to try to trap him lying in court under oath.  I attended the meeting in south san francisco just to get the scoop but lot of things sounds fishy as they all want us to say the same thing and keep the story straight. Also, that we shouldnt contact him at all. Doesnt this raise any red flags.

I may end up in court supporting him with my group and clearly stating and we all made money and i have proof.

Changing stories, spreading rumors and collaberating trying to cover your back wont help. Everyone knew exactly what was going on like me. All i see in this now is when the s**t hit the fan everyone trying to cover up for themselves. THE GUY LOST EVERYTHING BECAUSE OF OUR GREED. I will always trust him and continue to do business with him.

hmm...I see it worked out great for the ones that made money and profits out of this whole fraudulent scheme. And I guess it just sucks for the people who were manipulated into this whole situation towards the end of this scheme and never got a cent back from him? Sadly, now they are termed "sore losers". Not everyone who was scammed by this man was getting money "under the table" as you may think. In fact many who "invested " with him never got any returns back even when they were due back let alone the principal amount invested. Many involved were led to believe that this is a legitimate investment process and trusted that he was using their savings correctly. But Vincent Singh was taking advantage of the trust that these people had in him. He came into people's homes, pretended to be their friend and deliberately took advantage of them.

If this was just a bad investment, then what was the reason for all the lies about bank accounts being frozen and FBI investigating him? Why did a man who was doing things honestly have to lie to the people whose savings he had wheezled out of them? Every week for months, he had another story to tell about why the money was not returned. It was all just lies to hold off people while he laid out his cunning plans. He manipulated and convinced people to give up their savings and emergency funds even in the last few weeks before filing for bankruptcy, promising to return the money within just "10 days" or just " 15 days'. An honest man has nothing to hide but every word out of his mouth has been lies, lies and more lies.

If vincent was really using the money as he had been telling the people he scammed for the purpose of investing in his company, he is required to let investors be aware if the company is in trouble and may possibly go down. Instead he hid this fact from people and avoided/hid from people as soon as he had their money. And what about the almost 12 million in gambling losses on his bankruptcy report? How do you suppose he managed to get 12 million to lose? And this is the man walking around telling people he does not gamble. You really still think that this man was using your money in "investing" and it was just a "bad investment". Yet, more lies.

This whole thing reeks of a ponzi scheme. Giving investors returns initially to gain their trust. All he was doing was borrowing from 'Tom' to pay off 'Tim.' When he ran out of new investors to scam, he got into trouble. That's when he began to hide from those asking for their money.

Only Vincent knew EXACTLY what was going on...not his victims. It is quite obvious, that vincent singh has premeditated this whole thing and does not have an ounce of remorse for what he has done. He has stolen from temples, widows and the elderly....his own community, friends and family..people he knew he could manipulate. He knew that if the money he took was lost, it would cause the victim's life to fall apart..yet he lied through his teeth, reassured them that he guarantees the money back ...pocketed the money and walked away. Does he even have a conscience? It makes sense for those of you who managed to actually make a profit out of this scam to continue to support vincent because if this gets proven to be the fraud that it is...it will not be to your advantage and maybe you will feel like the "sore loser" then.

all about it, right?

 Get your story and facts straight and not try to cover your back. I am retired and i have made money. We all knew what we were doing and were rolling when we were making money. Now that the Investment went bad you all are crying fowl. We all were very well aware that we were making money and not reporting. Please speak for yourself and do not include other people and i am happy with what i made and am taking my losses and moving on. You are a sore loser and if Investments went bad you people are trying to get everyone involved. You made money! 

This message is clear that i do not want to be part of any problems. I am not violating any bankruptcy laws. I fully support mr Vincent Singh and my friends and family will continue to do business with him in the future as we have known him and fully trust him.

Vince if you read this buddie. contact me as i want to be there for you and your family during this difficult time. I tried calling you several times.

Please speak for yourself!!. I am retired and  I have made money over the years and no-one complained when they were making substantial interest. We all knew EXACTLY what we were doing. We were all making money under the table and not reporting. Now that the economy went bad and our investments went sour,everyone is crying fowl. It was simply a bad investment so dont accuse without hard core proof and more IMPORTANTLY speak for yourself. It was just bad INVESTMENT. Im taking my losses and moving on so please speak for YOURSELF only as i do not want to be part of this nonsense.

I have just read the entire Bankruptcy filing of Mr. Vincent Singh.
 I have concluded the this is a very well orchestrated PONZI scheme.
 There are about 215 people who were victimised by this scumbag.
 25 million stolen by Mr Vincent Singh. I am asking "where is this money gone"?
He promised huge returns to all but never delivered . He always had excuses like my ac. is frozen or I am being investigated by the FBI.
  if any of the 215 victims are reading this they should make a complaint to the FBI and also to their local police station.
 We should not let Mr. singh get successful in getting his chapter 7 bankruptcy thru.
We should convince our district attorney to push criminal procedures against him.

Mr Singh has messed up a lot of middle class hard working families. HE HAS STOLEN THEIR MONEY. I know of a lot of retired people even getting equity lines on their homes and giving that money to Mr Vincent Singh. Now where will these old folks go when their homes will be repossessed due to this Monsters doing.

  It seems that Vincent has stashed away all this money in a pretty secure location.

If u read this Mr Vincent Singh, All I have to say is MAY u rot in HELL. (and I hope that this Hells name is San Quintin)

BULA
   

Vincent Singh filed Chapter 7 on 8-24-10.  The case number is 10-42050-D-7.  He filed in the United States Bankruptcy Court Eastern District of California.  His attorney is (((Redacted)))

Signed

Concerned

I apologies to all employees of Perfect Financial Group. When I posted the initial complaint I checked out the business web site and listed employee names that appeared on the website. The initial thought was that they may be involved with the CEO business. But on a second thought they may not know anything about the CEO business and they may even be victims of his wrong doings. So, again please accept my apologies.

I would remove the posting if I could, but this is beyond me. I don't won or control this database. The best thing I can do is amend to the posting an clarify things.

To the user that asked if I I have gotten my money back. The answer is NO!
I consulted with a lawyer and showed him all the documents I have. I was told that the changes of getting any money back were very slim and if any money was collected, about 40% would go into the collection agency. So, I decided not to waste money in lawyers. I am still working on making the complains. I have filled out some conplaint forms but have not mailed them yet.

To the author,

Have you been paid yet?

Has Mr. Singh contacted you?

Have you filed any complaints?

Signed

Concerned.

To  the person who wrote the original  complaint ! I am a previous employee of Perfect Financial Group of Acceptance Capital,and  as a loan officer for the  company I worked on many FHA loans as well as conventional loans.All these  transactions were done with many different reputible lenders.Strict  adherehences were applied, before being able  to secure a loan for a purchase or re-fi.I had the utmost integrity whilst  executing my  job !!! I do not  know what  dealings you personally had with the CEO,(Mr Vincent Singh ) however you have no foundation in insinuating that all the  employees are  involved, as you put it, highly involved in a  fraudulent buisness. You have comitted Slander and Defamation of character ! For this I am considering legal action with the civil courts. I strongly suggest  that  you get all your facts  in  order before making accusations about people  you know nothing about. I have spent all my adult life going about my bisiness with extreme honesty and all the people who know me can attest  to that !!! I do not even know you, however I wish my name to be restored completely. !!!!!!

I apologize to Vincent Singh, Daniel Rama, Sonny Steele and Usha Singh for the last paragraph on my initial post. I wrote post close to midnight and didnt proof read it before posting it. I meant to say that you are highly involved in this business (Perfect Financial Group Inc) that may be fraudulent. I did not mean to say that you are committing fraud; there is no way for me to determine that. This is for the Attorney General and the State Department of Corporations to determine, not me.