Complaint Review: MSI Credit Solutions

Before you do any business with MSI Credit Solutions you may want to think twice.

If Rey Salomon scammed 22 people for $903,195 then what will he do to you. Please take the warning and never trust anyone with your money or SS #.

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 20747 / September 25, 2008

Securities and Exchange Commission v. Rey Salomon, Jr. and Ellen H Development LLC, Civil Action No. 3:08-CV-1695 U.S.D.C./Northern District of Texas (Dallas Division) SEC Settles Securities Fraud Case With Rey Salomon, Jr. and Ellen H
Development LLC

Today, the United States Securities and Exchange Commission (Commission) filed a civil action against Rey Salomon, Jr. and Ellen H Development LLC (EHD) alleging that they made material misrepresentations and omitted material facts regarding the use of investor funds in connection with the offer and sale of unregistered securities in an oil and gas drilling program. According to the complaint, the defendants violated the antifraud and registration provisions of the federal securities laws. The Commission also alleges that Salomon acted as an unregistered broker-dealer. Salomon and EHD have agreed to settle the charges against them, without admitting or denying the Commission's allegations.

From at least March through September 2007, EHD, at Salomon's direction, raised $903,195 from 22 investors through offers and sales of fractional interests in a "turnkey" oil and gas drilling program to be conducted in Denton County, Texas. The EHD offering was not registered with the Commission, and was not otherwise exempt from registration. In addition, the EHD offering documents included material misrepresentations and omitted material facts regarding the use of investor funds and the costs of the drilling program. Specifically, the offering documents stated that: (i) all investor funds would be used to drill
two oil and gas wells; (ii) investor funds would not be used to pay the debts of EHD or Salomon; and (iii) the cost to drill the two wells was approximately $4.5 million. Contrary to the express terms of the offering documents, Salomon used at least $220,000 of investor money for his personal benefit, including the repayment of a loan made to EHD and Salomon to help capitalize EHD. EHD and Salomon also knew that the actual cost to drill the wells was more than $1 million less than the offering documents represented.

Specifically, the Commission alleges that Salomon and EHD violated Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder. The Commission further alleges that Salomon violated Section 15(a) of the Exchange Act. Salomon and EHD consented to judgments that permanently enjoin them from future violations of these provisions and hold them liable, jointly and severally, for disgorgement of $903,195 plus $81,809 of prejudgment interest, for a total of $985,004. Based on the defendants' sworn financial statements and supporting documents, the judgments do not order Salomon and EHD to pay civil penalties and payment of $382,069 of disgorgement and pre-judgment interest was waived.

Rey Salomon, Jr., and Ellen H Development LLC On September 25, 2008, the SEC filed a settled civil action against Rey
Salomon, Jr. and Ellen H Development LLC (EHD) alleging that they fraudulently raised $903,195 from 22 investors in connection with an unregistered securities offering in an oil and gas drilling program.  The SEC also alleged that Salomon
acted as an unregistered broker-dealer. 

Salomon and EHD agreed to settle the charges against them, without admitting or denying the allegations in the SECs complaint, by consenting to permanent injunctions.  In addition, the defendants agreed to pay, jointly and severally,

$903,195 in disgorgement and $81,809 in prejudgment interest, for a total of $985,004.  Based on the defendants sworn financial statements and supporting documents, the judgments did not order Salomon and EHD to pay civil penaltie
and payment of $382,069 of disgorgement and pre-judgment interest was waived. 

Salomon also agreed to be barred from association with any broker or dealer, with the right to reapply after 5 years. 

For more information about the SECs action, you can read Litigation Release

Nos. 20747 (Sept. 25, 2008) and 58679 (Sept. 29, 2008).

The Court appointed Wayne M. Secore as Special Master to submit a plan to distribution to the Court and, upon approval, to distribute funds to approved claimants.  If you have questions or believe you may be able to participate in any distribution, you can contact Mr. Secore at:
Secore & Waller, L.L.P.
1222 Merit Drive, Suite 1350
Dallas, Texas 75251
Phone:  (972) 776-0200
Email:  wayne@secorewaller.com

SEC Complaint in this matter http://www.sec.gov/litigation/complaints/2008/comp20747.pdf

I have created a list of websites you may want to take a look at. Rey Salomon is on the BLACK LIST and has been listed as the one person you DO NOT want to do business with EVER. SEE BELOW

http://www.sec.gov/divisions/enforce/claims/reysalomon.htm
http://www.sec.gov/litigation/litreleases/2008/lr20747.htm
http://www.corporationwiki.com/Texas/Dallas/rey-salomon/37553137.aspx
http://www.sec.gov/Archives/edgar/vprr/07/9999999997-07-023978
http://www.formds.com/issuers/ellen-h-development-llc
http://capitalstrategies.biz/resources/black-list/
http://www.vippa.net/femagazine/Publication4.pdf
http://www.thehomeeconomist.com/component/alphacontent/?view=alphacontent&start=30
http://www.sec.gov/litigation/complaints/2008/comp20747.pdf
http://www.docstoc.com/docs/56371231/34-58679
http://www.ogj.com/articles/2008/10/sec-charges-north-texas-man-and-firm-with-violating-securities-laws.html
http://fpn.advisen.com/articles/article83710426-1052072421.html
http://www.sec.gov/news/digest/2008/dig093008.htm

If your still not sure if you want to do business with MSI then this may also help. Seems like Mr. Salomon can't stay out of trouble.

LN AR                                   DOB         CASE/BOND         CTCHARGE              DISP

01 SALOMON REY CA             012076      MA9938133 ME    UCW CLUB               DISM

02 SALOMON REY CISNEROS  012076     MB0143002 MM    FAIL ID FUG NO       PGBC

03 SALOMON REY JRA            012076     F-9502012 FH       ASSAULT                 NBIL

04 SALOMON REY JRA            012076     MB9619813 MM    DWLS/SR                 DISM

05 SALOMON REY JR              012076     F-0039559 FW      THEFT AGGREGAT    PGBC

Read what is listed on his criminal record at http://www.dallascounty.org/criminalBackgroundSearch/

And thats not all! I have other employee's/associates with criminal records, so every time MSI make a comment or theatens anyone, I will post another one. God works in mysterious ways.

Mr and Mrs Allen you have received your refund even though we did nothing wrong. You couldn't take responsibility for your faults and had to blame it on us. Do you remember the Refund and Release Agreement that you signed before we issued your refund? Well guess what... you have violated the agreement and now you have a lawsuit coming your way. Good job on continuing to run your mouth, your mouth has know got you in trouble. You should be receiving a letter from our attorney very soon. 

God Bless you,