- Report: #1346637
Complaint Review: First Resolution Investment - Internet
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First Resolution Investment
Internet, USA
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First Resolution Investment First Resolution Management, International Skip Tracing Senior Vice President Vancouver, British Columbia Nationwide
First Resolution Investment Corporation fraudulently appended a $400 "Locate Fee" to the debts it purchased, marking up it's wholly-owned debt puchases which now include Unifund.
If I bought a debt for $10, worth $2,000 dollars. I just bought $2,000.
I now own $2,000.
Not really.
I now own TITLE to $2,000.
I also own the Terms and Conditions (T&C) associated to that debt.
So for conviencince sake, we'll impute a 20% interest rate, (should be about 25%, but let's be generous). Afer five years, this comes to $4,366.
First Resolution purchased what is called "Quaternary Debt"... fifth attempt on collections.
My investement is $10.
It's cheap because nobody knows where to find the person who owes it.
Aha!!!!!
I own a company that finds people, and the T&C's allow that I "append search fees" to the debt.
So I fraudulently append $400 per debt that is never paid, and partially carried on the books. Pay $150.
My $10 is now $4,766.
Significant arbitrage.
Ipso Facto, there are thousand of fraudulent affidavits of appending $400 of "Locate Fees", never paid, signed by C. Timothy Rodenbush, and authorized by his son-in-law as the Notoary Public, Dean Simpson of "Simpson Notaries".
Collusion.
You can find mistere Rodenbush in his mansion in the British Properties of Vancouver, BC.
And no one said a word.
Best,
Scott
