Complaint Review: Morgan and Lynch Group Inc. - hialeah Florida

Luis De La Riva presents himself as a business loan broker. He promises a guaranteed approval for a business loan. He initially requests bank statements, id, and all other pertinent business documents such as licenses, occupational permits etc. After a few weeks he says that everything looks good but that he will need an application fee to process the application. He asks for $1,500 per bank. I say per bank because he says that he cannot obtain the desired amount from one bank only, that he must submit applications to multiple banks simultaneously, when asked about the legality of this he says that it is perfectly legal.Luis said that the money is not for him, that he has to give it to the branch manager of each bank. Luis then takes your money and tells you that the loan will be approved in less than a month. He sets up meetings with the client and bank managers at his office. The strange thing is that even though the client hands documents and personal information to him plus a large sum of money, he never provides any contract or agreement to sign. There is no license or certificate on the wall to indicate that he is in fact a licensed  broker, neither is there information about him on the internet. The corporation is under his wifes name. Her name is Iosdalmia Rodriguez. She is his only employee. They are seldom in the office. A month passes and still no approval, then 2 then three and all he says to the client "you have to have patience. Him and his wife are never in the office. Every time you call them hey are eating lunch in a restaurant, that seems to be their biggest and most important event of the day after scamming someone. After 3, 4 months passes Luis says "I have great news, its almost approved, if you could get an approval as soon as 3 days from know would you do something to get it? The desperate client is eager to accept anything so Luis takes advantage of this and asks for additional money to give to the bank manager to expedite the underwriting process. Well in the end the client is left without the application fee and without the loan. It all seemed very real. The branch managers even meet with the clients!!!!! Luis sometimes gives back the money and sometimes not depending how aggressively the client demands a refund. Even when he does return the money its like he got an interest free loan for more than 6 months plus had access to personal financial information. The bank employees that I can speak of because I saw them for myself are Armando De Leon of TD Bank of Hialeah and Carlos Zepeda of Regions Bank. Please do not fall for this SCAM. If it sounds too good to be true RUN AWAY. By the way, the address that is on file for them on sunbiz is an old one. They moved out over a year ago but they have not updated it on sunbiz. They are now in a 2 story building that looks like it used to be a hotel with no elevators that is on NW 36 ST. IN MIAMI between 6-10 blocks east of the Palmetto expressway close to TGK Detention Center (Ironic isn't it???) 

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