Complaint Review: Capitol West Advisors - Beverly Hills California

I was easily swayed into purchasing CWA services due mainly to Mr. Schwartz assurances by verbal promises and written agreements that we would receive a A more thorough and complete professional investor grade business plan that most importantly would be completed in an outlined time frame. In fact, I had initially spoken with several other business development companies, until Mr. Schwartz advised me otherwise to choose his company.

Mr. Schwartz swayed me on the premises that Capital West Advisors would complete a thorough business plan by March 15th, 2007 after indicating to him that my primary investor is eagerly anticipating my plan to review on his trip to Rome Italy. Mr. Swartz indicated this would not be a problem, and continued to assure me by indicating that he would delegate his entire staff to oversee the completion of this project.

Furthermore, Mr. Schwartz vouched how his company Capital West Advisors, strides for originality and how his fellow competitors contend by copyrighting and pasting material as original content. He made it clear that all of his work is original and would be written by highly qualified business professionals with extensive industry experience. Please note for later in this report, that Mr. Schwartz indicated that the act of copyrighting and pasting material is not used, permitted nor tolerated by his company.

On March 7th, 2007 I commissioned Capital West Advisors of Beverly Hill, CA to produce a professional investor grade business plan. Capital West Advisors total fees for service summed $2,500.00 to initiate services; a required $1,250.00 payment was required and paid

On March 8th, 2007 Mr. Schwartz referred his associate Ethan Cowen from New York, to begin working on the business plan. Throughout the week Ethan and I had exchanged many e-mails as well conversed via the phone. As Ethan indicated to me, he had expected to have the he portion of the plan completed and in the hands of Reginald Nugent by Wednesday, March 14th, 2007 of whom was responsible for Pro-Forma's.

It was not until March 15th, that Mr.Reginald Nugent started working on the plan, which happened to be the same day the Plan was due, at 12:00PM PST. Again I commissioned CWA on the premises of delivering us a plan in an outlined time frame. It was imperative that I have the preliminary investor grade plan in order to present it to my primary investor of who was leaving late that evening to Rome The plan was delivered to me at 10:39pm that evening . Almost eight hours past the deadline. Unfortunately eight hours was too late, and in part due to this I lost a primary investor. I contacted CWA [Reginald Nugent] by phone to express my concerns in regards to receiving this plan far past due and loosing a primary investor. To summarize his remarks, Mr. Nugent bared no concerns!

The preliminary plan itself reflects an inadequate amount of detail, incorrect financials, and evident copy & paste material. For example; In the preliminary business plan under Exit Strategy Section ___, states Company would be bought out by the health care industry MY god our business had nothing to do with the health care industry This indicates clearly that this section has been copyrighted & pasted keeping in mind Mr. Schwartz indicated the act of copyrighting and pasting material is not used, permitted nor tolerated by his company.

The following Monday rolled around, we heard no communications from CWA.

Tuesday followed feeling disgusted with the way the preliminary business plan had been developed and direction this is going, I politely e-mailed Mr. Nugent in professional tone, asking him to contact me as I had many things to discuss! At this point, there was no need to become hostile or aggressive with not receiving the plan in a timely manner, as we had already lost and investor.

Wednesday follows, still have yet to hear anything from Mr. Nugent who now has responsibility for the plan. At 4:52PM on Wednesday I e-mailed Mr. Nugent asking him to contact me, as I have yet to hear anything from him since almost a week prior.

Thursday, March 23rd Received E-mail from Mr. Nugent. The email indicated that he would be traveling on vacationing from. March 20th to March 26th 2007. Again nothing has been done for this plan between the dates of March 15th to 27th (the date we receive an e-mail from Reginald).

During the week of March 22nd, I contacted Seth Schwartz to express my concern of where we are in the development of the business of plan.

I informed Seth, that nothing had been completed with the plan the week prior, that now this week Mr. Nugent is on vacation and how we have repetitively tried contacting Mr. Nugent with no response.

Mr. Schwartz's response was that he ultimately did not care, told us that he was to busy to deal with our project and that is was out of his hands.

Received email on Saturday, March 24th from Mr. Nugent stating that he would continue working on the plan during his vacation, and to follow up with him on Monday when he would return. We left several voice messages with no reply.

March 27th, received email from Reginald Nugent. He indicated that he just returned from his trip and that he would begin working on the plan that day.

March 28th, received inadequately developed Pro-Forma documents with once again inaccurate financials. These financials were incorrect all across the board including the years beginning with 2002,2003,2004,2005 and ending with 2006. I may be mistaken. But we are already a quarter ways through the year of 2007. Equipment costs were incorrect. Administrative expenses were very high and far off. Although Mr. Nugent and I discussed several times over the phone the development of the financials, Reginald failed to ask key questions and assemble the correct numbers.

After receiving the Pro Forma's, I immediately contacted Reginald and once again was forwarded to his voice mail. This continued until Wednesday, April 4th, 2007 when I was able to get in-touch with Seth Schwartz, Managing Director of Capital West Advisors. At this point, I expressed my disgust and dismay and asked for a resolution. His exact words were that he did not care nor have the time.

Thursday, April 5th, 2007 we were finally able to contact Mr. Nugent. He informed us that he was almost complete with the corrections and that he would have the plan in its final completion by the evening. I pondered how the plan could be completed without the needed materials and proper communication. Once again I received no plan.

Friday, April 6th, 2007 still no plan. No communication with Mr. Nugent.

Monday April 9th, 2007 still no word from Mr. Nugent.

Tuesday, April 7th, 2007 sent e-mail to Mr. Nugent stating my disgust with the business plan. I did hear back from Mr. Nugent that evening. Again he said he would complete the plan that evening and send it to me, and once again did not receive a plan.

It was not until Monday, April 23rd that I was able to correspond with Mr. Nugent and requested a full refund for services not completed adequately as outlined. Mr. Nugent informed me that he does not work for CWA, and that he is a subcontractor. Although interesting to note he is listed on their website as a managing partner [http://www.capitalwestadvisors.com/reginald.html]. He informed us that he is unable to do anything, and that this situation it is out of his hands? Interesting, correct me where I am wrong, but I heard this exact response from the managing director Seth Schwartz. So who is charge? It may seem as if no one exactly knows.

My efforts to resolve the dispute directly with the CWA have been unsuccessful. As stated in the previous paragraph, I attempted to resolve my dispute with Mr. Nugent on April 23rd. That same day I made a second attempt to resolve this matter by contacting Mr. Schwartz and requesting a full refund. To quote him directly Chalk it up as a business learning experience...... I'm not refunding your money over a typo.

It is more than just a typo, I have experience no returned phone calls, e-mails the have gone unanswered, and over all a serious lack of communication on the part of CWA.

I NEVER received a 55 page investor grade final business plan (as stated by Mr. Schwartz) with all the changes and modification, outlined in our engagement letter.

They have taken $2500 of my money and I sit here with a preliminary business plan. All I wanted was an Investor Grade Professional Business Plan as promised by Mr. Schwartz. which I paid for and never received. To this day I have never received.

I have contacted the BBB in California, and they were unable to get a response from MR Schwartz.

Also I have spoken with the Attorney Generals Office in California and they did not have Capitol West Advisors list as a business entity in the state of California

Beware of this company. Complete Rip Off.....

Charles ****

Meredith, New Hampshire

U.S.A.