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  • Report:  #548088

Complaint Review: N. Vincent D'Metayer - Miami Florida

Reported By:
Anonymous - Blue Springs, Missouri, United States of America
Submitted:
Updated:

N. Vincent D'Metayer
17740 Northeast 10 Avenue Miami, Florida, United States of America
Phone:
Web:
Categories:
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We are a US investment company that owns a collaterialized mortgage obligation (CMO). We were contacted in October 2008, by a Mr. Lon Chen and a Mr. Vincent DMetayer concerning our CMO and an investment opportunity to make the CMO work for our organization, which provides funding to humanitarian projects across the United States. We were told that if we placed our CMO in a blocked account with a major, top 25 bank, this bank would monetize our CMO and a trading platform that Mr. Chen and Mr. DMetayer represented would utilize a line of credit for investments in which our company would share in the profits. We were told that we would partner with William Kent Limited and CT Matrix (UK) Ltd, through a Mr. San Jik Han, in a Consortium Agreement to work on this trading platform. We were further told that the trading platform operated under the name of PW Bush, Inc. through its financial director, Mr. Ken Tanaka.

Our agreement provided that our company would receive a $9 million advance from the Consortium upon transfer of the instrument from our account to either Deutche Bank or HSBC Bank in Europe. We signed the Consortium Agreement after which time Lon Chen, Debra Daniels, and Vincent DMetayer each told us that we would receive the advance payment within 3-5 days from the delivery of our CMO to the custodial bank. Subsequently, we were told that CT Matrix had set up a sub-account at HSBC Bank-Singapore in the name of our company and instructed us to transfer our CMO to this account. Once we received the advance payment, our company was to receive weekly payments on the profit of the trading program each week thereafter for 40 weeks and the return of our CMO within one year.

Mr. Chen and Mr. DMetayer repeatedly told us after numerous questions on the topic of control of our CMO due to our concern about the possible hijacking of the CMO, that our CMO would reside at all times reside in the custodial bank, HSBC-Singapore, within the D&S subaccount, unless our representative, authorized the CMO to be moved. We have never authorized the transfer or our CMO out of HSBC-Singapore. According to Mr. Chen, Mr. DMetayer, and Ms. Daniels, a European Bankthe hypothecating bank would hypothecate the CMO, but that this bank would only look at the locked account at the custodial bank, and was never to take possession of the CMO in the name of our name, CT Matrix, PW Bush, or anyone else.

Ms. Daniels was instrumental in the transfer of our CMO. She first provided DTC wiring instructions to UBS Bank in Singapore. That bank rejected our transfer and Ms. Daniels stated that it was because they had exhausted their credit line at that bank. She then instructed us to DTC the CMO to HSBC Bank-Singapore. We had to transfer the instrument three times before receiving confirmation that HSBC accepted our instrument into the blocked account. The final transfer was on November 20, 2009. Mr. Chen confirmed receipt of the CMO at HSBC Bank-Singapore on November 21, 2009 and confirmed the details of our payment agreement. On December 4, 2008, we received a Funds/Assets Management and Signatory Agreement from PW Bush outlining Mr. Tanakas responsibilities with our CMO and for payment from the trading platform. Although we were told that we would have our first payment 3-5 days from transfer of the CMO, we were now told that we would have our payment within 3-5 days of returning the Funds Agreement, with weekly payments thereafter. When D&S was not paid as agreed, Mr. Chen stated on December 24, 2008, that the trading platform would issue the payment directive detail document to their designated bank within this week or Friday due to tomorrow as the Christmas holiday. He further stated that all details about disbursement in this transaction would be self explanatory. We also requested the monthly coupon payments coming into our subaccount as these payments were not part of the agreement. Mr. Chen stated that due to little amount of coupon about some thousand US dollars, we will check the figure after Christmas, but we will also include it in the disbursement details. Mr. Chen apologized for the unforeseen delays on the Payment Directive Letter and the actual payments. He further stated that Friday is the date we have been given for our Investors including our company to receive the Payment Directive and that our payment would follow in 5 days after receipt of this Letter.

On December 23, 2008, Ms. Daniels communicated to us that our company would receive disbursement within 5 days. She reported that the Central Bank of Europe was requiring all banks to provide their annual Hypothecation Report before Christmas so no one's money will go out before Christmas, and that not even Mr. Chen or herself would receive any money before our company. She further stated that Mr. Tanaka and his Compliance Manager went to Switzerland to work through the issues, but that our company would receive its Disbursement letter within a day and could count 5 days after receipt of that letter for funds being in their account.

On December 27, 2008, Mr. Chen provided the Payment Directive Letter. This letter and the disbursement schedule attached did not provide for the advance payment and cut the payments from the platform due to our company under our agreements by 50%. We were told that this was due to the current economic crisis and the banks valuation of CMOs. Mr. Chen further stated that our CMO had been hypothecated, which was the originating event for payment under the agreements, and that our disbursements would begin under the Disbursement Schedule in early January 2009.

In early January 2009, Mr. Chen informed us that he believed that the 4th quarter 2008 CMO pool transactions will receive one payout in January 2009. However, it is unlikely to be Friday, January 16, 2009, because of the Chinese New Year and that we should expect our first payment on January 30, 2009. At this point, we were very concerned about the transaction. Mr. DMetayer informed us at this time that we were secure because our company had a consortium agreement with CT Matrix signed by Mr. Sang Jik Han, we had received the Fund Agreement, PW Bush and the Fund Manager added an additional 9% from their own assets to assist the platform, we were issued a Payment Directive and Disbursement Table Mr. Sang Jik Han signed, and that our first payment would arrive onJanuary30, 2009.

On January 15, 2009, Mr. Chen issued us a new disbursement schedule stating that our return on investment was cut again due to hypothecating banks loan for line of credit. We were told that if we signed the new schedule, we would be paid the following week. On January 31, 2009, Park Dong Kyu, a Director of William Kent Ltd. and CT Matrix(UK) Ltd. informed us that our initial disbursement would arrive on February 3, 2009. Mr. Chen communicated with us in early February 2009, and stated that our initial disbursement would go out on February 13, 2009. He further stated that our final disbursement, due the first week the 1st week of November 2009, would not change. Mr. Chen advised that Mr. Tanaka might adjust the 1st of 4 February payments to compensate among 3rd and 4th disbursement so that 2nd disbursement will be on target -- February 13th. Mr. Chen stated that the probability of us receiving the first disbursement on February 7, 2009 was about five percent, but that there was a 90% probability that we would receive our first disbursement on February 13, 2009.

By the middle part of February 2009, we were informed in our communications about the percentage of the transaction that the hypothecating bank had completed each week. It was at this time that we learned that these entities allegedly were working with ABN AMRO for the hypothecation and line of credit. Mr. Chen informed us that ABN AMRO coordinated board of bankers in Hong Kong had unofficially and internally informed them that the final RBS-London board had no issue with our transactions because of all of the enhanced assets that CT Matrix brought to the bank to aid the transaction. Mr. Chen told us that the bank will notify the fund manager with the official approval in the next RBS board meeting , and after issuance of this official notification, the hypothecation banker will let the disbursement banker proceed in the final disbursement step that month.

On March 11, 2009, Mr. Chen informed us that we will be paid no later than the end of March 2009. Later in March 2009, Mr. Chen communicated to us that the board of ABN AMRO or RBS headquarters London had officially sent notice regarding the approval of hypothecation transaction. The hypothecation bank operation department stated that March 27, 2009 completed the blocking of all assets in the CMO pool, and that hypothecation will be completed by the following week. After that, Mr. Chen assured us that the disbursement banker can specially and expeditiously disburse on every Friday for the remainder of our 40-week platform.

No payments were received by the end of March 2009. After that time, we were told on multiple occasions that although the platform was trading, the bank was not making disbursements. This was in direct violation of the Funding Agreement. Then on May 23, 2009, Mr. DMetayer informs us there is yet another disbursement table that cuts our payments in half again, but that if we sign it and immediately return it, we will have our first payment the next day. From that day until November 6, 2009, Mr. Chen and Mr. DMetayer told us that the line of credit was extended to the trading platform and the trading platform was generating profits, but that the disbursement bank was not paying the funds to our company. At various times during the promised disbursements, both Mr. Chen and Mr. DMetayer personally guaranteed us that we would receive all of the monies due to our company. We were repeatedly assured, however, that the disbursement banker would distribute all of our funds no later than the end of our 40-week platform, or November 6, 2009. Mr. DMetayer even gave his personal guaranty that we would receive all of our funds by that date.

The Funding Agreement expired December 4, 2009. By that date, D&S was to have received all of the funds due it from the trading platform, and D&S CMO was to be back in its account at Penson Financial. CT Matrix, PWBush, William Kent Ltd., Mr. Chen, Mr. DMetayer, Ms. Daniels, Mr. Tanaka, Mr. Han, and Mr. Kyu failed to honor the terms and conditions of the Funding Agreement. They will not tell us where D&Ss CMO currently resides or when the disbursement bank will release our funds.

The CMO was to be returned free and clear of any liens. On December 8, 2009, D&S was presented with another agreement requiring it to leave the CMO in the hypothecating bank for another year. When D&S refused to sign this new agreement, it was told by Mr. Chen and Mr. DMetayer that D&S had no choice to sign the new agreement because they, through the trading platform, had already liened the CMO for another year. D&S signed no documents authorizing this additional hypothecation. Mr. Chen proceeded to read verbage from an alleged agreement, but it is an agreement that D&S never signed. It appears that CT Matrix, PWBush, William Kent Ltd., Mr. Chen, Mr. DMetayer, Ms. Daniels, Mr. Tanaka, Mr. Han, and Mr. Kyu have been forging documents in D&S name to allegedly keep the CMO tied up in some banking process and without any compensation to its rightful owner. When D&S refused to sign the new agreement, Mr. Chen proceeded to make strong-arm threats to D&S if it took any actions to recover its CMO or lodged complaints against all of the actors involved in this fraud.

This is surely a scam. We have pretty good information that our CMO no longer is lodged in our subaccount at HSBC-Singapore, as the agreement required. Mr. Chen, Mr. DMetayer, Ms. Daniels, Mr. Tanaka, Mr. Han, and Mr. Kyu refuse to return the CMO to our United States brokerage account. This fraud has been going on for over a year with so many written and oral communications that one would think the agreements must be genuine. At the end of the day, however, they are not. We are now utilizing all powers, both nationally and internationally, to find and retrieve our CMO. Be careful if contacted by any of these people.



1 Updates & Rebuttals

anonymous

Hanover,
Quebec,
United States of America
This is an on going transaction and D&S Investment is in Breach of their contract.

#2REBUTTAL Individual responds

Fri, July 23, 2010

From the beginning Sean Tebbe and Dave Zeiler Principals of D&S Investments were told to seek council for any and all documents that they received prior to signing. In these documents they presented that they were sophisticated investors and understood the business.It is quite evident that they do not understand the business and mis represented to get into the transaction. No one contacted D&S they made the contact to the program through Vincent D'meteyer, since before October 2008 no one knew of Sean Tebbe, Dave Zeiler or D&S Investments. D&S Investments through Zeiler submitted a eleven file due diligence package requesting that they be allowed into the program, in it they swore under penalty of purgery that no one solicited them and that they were entering the program of their own free will. They also presented the value of their instrument at a much higher value than was eventually discovered after the instrument was already sent to the program. When Dave Zeiler was questioned about the difference in value he acted like he did not know what happened. All information that was given to them including the 9M advance was based on their representations. Ultimately after the real value was discovered and they were notified  that they could not receive the advance they did not opt out of the deal they wanted to continue. During that time the financial crisis occurred and further devalued their instrument and put the financial world on it's head, and that included this business. D&S kept pushing forward and wanted to continue, even in view of the fact that their proceeds would be diminished. D&S signed a Asset management contract with P W Bush giving the program Manager Mr. ken Tanaka FULL control over their instrument via a Special Mandate document, to do what ever necessary to accomplish and attain the financial goals that D&S requested of their Consortium partner, via an agreement called a "consortium agreement" In the Asset Management Agreement"AMA" It clearly states that the "Agreement may be extended and or renewed by mutual agreement by the parties, by written amendment, but in all respects shall be subject to satisfactory market conditions and or other governing economic factors to be determined by the sole election and discretion of the program manager hereto" In view of this the agreement was extended at the program manager's sole discretion and is still ongoing waiting for disbursement. By filing suit and violating the confidentiality clause, D&S has breached their contract and has lost their position. A counter suit was filed against D&S In the PRC courts, both criminal and civil and there is a judgment against them. The program manger and companies are now seeking damages against D&S Investments, Sean Tebbe and Dave Zeiler. No one in this transaction with D&S has ever forged their signatures or signed their names to any agreement. THIS IS A BLATANT LIE and so is everything they mentioned in this statement . This statement on this website has caused the parties mentioned here irreparable financial damages!!!

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