Complaint Review: Charterstone Financial Group - Englewood Cliffs New Jersey

We just recently opened a small business and were looking for a small business loan to help us pay off some things that had fallen past due to get us personally and business wise "back on track." We applied for the loan online and received a call from Craig Bennett letting us know that we were approved for a $12,000 loan. Shortly afterward we were informed that a collateral payment of $2,000 would be required to "pay the lender" supposedly a good faith payment. We searched the company through the BBB, as well as calling the Attorney General in NJ, and doing our own online research and found nothing at that point that was detrimental toward Charterstone Financial. We borrowed the money from a business acquaintance since we were promised that the money would be wired into our account the next day. The collateral money was wired to Marie Blanton in Garden Hill, Canada via MoneyGram on Friday 10/3/08. We received a call from Michael Power on Monday morning, 10/6/08, telling us that an additional $2,000 was needed to secure the loan. When this was questioned we were told that it was for the insurance bond because of the fact that we were a fairly new company and we didn't have good credit.

At this point we became extremely skeptical and started asking more questions and involving different parties in our search. That was approximately the time that we came across the first report on this website. We spoke again with Mike Power and asked him for the Federal Tax ID Number and were told that we had to send in a written request in order to receive that information. We asked him a number of questions to try to validate the identity of the company all of which he had quick responses to. We delayed any further contact with Charterstone at that point and continued watching the scam unfold through the complaints on this website and others. We also ran a trace on the main phone number and found out that it is actually an Englewood exchange, different from Englewood Cliffs. A BCI check was done on Marie Blanton in Canada and that came up with no results...SHE DOESN'T EXIST!

Two days ago, 10/13/08 a call was made to withdraw our application to get the money back, and we were told that the funds would not be available until November 3rd. Which now we know is not going to happen.

Today 10/15/08 we drove from RI to 560 Sylvan Avenue, Englewood Cliffs, NJ. We were told that their suite was on the second floor. We entered into the main foyer of the building, which is a large executive building with at least 50 or 60 companies operating out of it. All of the names of the companies are on the directory EXCEPT Charterstone Financial Group. We called Craig Bennett, Mike Powers and Richard Benson to attempt to find out where exactly they were located in the building. We informed them that we were in the lobby and we were given the run around. First we were told to go upstairs and take a right off of the elevator and the suite was the 2nd door on the right side with a big American flag on the wall..."we couldn't miss it" we were told. Well, we went right off the elevator, and there was only one door on the right and it definitely was not the company we were looking for. We walked through the building looking for the suite as well as asking people who worked in the building if they had heard of Charterstone Financial or if they knew where Suite 301 was. It was a dead end at every turn. So we went back down to the lobby and called again. We were told by Craig Bennett and Mike Power that they would send someone down to the lobby to meet us, and guess what?! After one full hour of being absolutely lied to NO ONE CAME DOWN!! Big surprise, right? They did not exist in that building! We also spoke with the woman who manages the building and the man who owns the building and they were actually already aware that there were scam artists claiming to work in that building. It had already been reported to the local police department by them as well. Charterstone Financial DOES NOT EXIST!!

After leaving Sylvan Avenue, we went to the Englewood Cliffs Police Department to provide them with the information we had gathered through this process. They have started to receive information from numerous sources and are attempting to locate the above individuals, believed to be in Canada. We also received a phone call from the Detective that we spoke with this afternoon shortly after we arrived back in RI letting us know that someone else went in to report this company about 5 minutes after we left! If you do have any information AT ALL that could help them, please call the Englewood Cliffs Police Department. Anything can help!!

For all of you thinking about doing business with Charterstone Financial we hope that our story helps to keep you from being scammed. They are preying off of our weaknesses. Don't let this happen to you!!!! We are still continuing our research to find them and bring, well, our "sense" of justice. What they are doing is wrong and we're not giving up that easily!!! It's beyond the point where it's even about the money. It's NOT about the money anymore, it's the principle of the situation...it's personal, and it's happening to too many people...

NEXT STOP.. CANADA ...

Earl

Foster, Rhode Island

U.S.A.