Complaint Review: Watermark Capital Partners - Tom Lennon

Watermark Capital Partners, specifically Tom Lennon, is in my opinion, a fraud and a complex scam.  Our group approached Watermark Capital about 2 years ago to raise capital for our entertainment based start-up.  He told us that he would have no problem raising the capital in 3-6 months.  He then asked for a $5,000 / month retainer and a 4% equity stake in our company.    His sales presentation is flawless and he is one of the best salesmen / "potential con-man" I've ever met and he sold us hard.  We agreed to his term and from that point forward it was excuse after excuse about why the money could not be raised while he still drew his retainer.  After 3 months, we tried to get out of the contract for non performance and Tom then threatened to sue us into bankruptcy if we tried.  We did not have the resources to fight him in court so after 4 more months of Tom Lennon and Watermark Capital siphoning the founders investment in the company and not delivering, we had to bankrupt the company.  Watermark has demanded that we continue to pay them for the remaining 2 months or they would take us to court personally, which they would have no legal grounds.  

It's our opinion that any company looking to raise money should not work or contract with this group, it has cost us dearly.