Hi All
I have direct contact to working with this "Trust" /company and as a former investigator, and in following my gut intuition, I believe this is truly too good to be true. Since getting somewhat intertwined with this within the last 2 months, I have been doing my own questioning and research on this Trust and this company. I have access to all their documentation and to me it is a backwards situation.
I can offer as much info as I can about this, although some of it might be vague.
First, who on here knows the complete value of the Trust that Apogee states it can provide? I do, and it is in the multi-billions, USD.
Their 'standards' for projects are anything humanitarian (which just means it creates growth, adds jobs, etc etc - not necessarily a non profit) and no casino's (no gambling ties).
They demand a 40% share in the company they are providing the funding for. That has switched from 40% to 44%, depending which week I ask about it.
They require a bank security instrument from the Principal(s) or Company requesting the money every month to 'guarantee' this company or this person(s) are 'good for their money'. I don't know about you, but how many times do you have to prove to a lender that you are good for your money, when they have reviewed the project itself, and your credit reports and financials or your companies financials? They make interest off the security instrument every month, so even though they give this back to you at the end, they still make money off your money while you aren't.
Why would you go out and 'borrow' a security instrument where someone else is making interest off you, when you could just borrow the entire loan project amount and pay interest back to someone/bank yourself? It doesn't make sense.
In essence, what you are really doing is borrowing money monthly to basically fund your own project, without you even realizing it.
They require the Principal/Company requesting the money to open an offshore company. It's a requirement. That gets a bit costly with legal fees unless you know how to do this on your own. So again, you are continuing to rack up charges just to get money. That money for those legal fees could be better used to fund your own project.
The reason they require the offshore company is b/c Apogee Ventures, LLC is a Greece company actually.
The company that is going to hold your money (that name I can not disclose due to my projects situation) in escrow requires a background check to make sure you aren't involved in money laundering, or any other illegal activity, etc. They charge $5,000 US Dollars for this.
I use to be a former special investigator for DoD. For the highest security clearance, (TS/SCI) it costs the government between $5,000 -7,000 USD per individual, depending on the position being sought and amount of work that needs to be done.
This is the only clearance the requires a lie detector test (which is also why it becomes so costly). I highly doubt the money holding company is giving lie detector tests and there is no way a basic criminal background check, which is all computerized, is as expensive as an Special Agent going out and doing interviews, collecting documents, assessing information, creating and typing reports, etc. etc. They are raking people seriously here.
Legally, US Law, for any private company or institution or person doing a background check on anyone, the can only charge a 'reasonable amount' if the Principal/person has to pay for it themselves.
By legal definition, a 'reasonable amount' is considered 1/2 of what the investigation would cost. It is up to the person or company requesting the background if they want to charge less than 1/2, but they really should not legally be going over that 1/2. A basic background that is computerized is about $1,000-$1,500, depending how in depth you get. I have colleagues who do background's on prinicipals for high stake projects, and the most those Principals have ever paid is $500 - $1,000 USD per individual. Not $5,000 USD.
My skeptism with this company goes further as they is never revealed in the documentation where the company actually is located.
My contacts - the Principals who are trying to use this Trust/company for funding - have experienced quite a lot of frustration with the lack of communication from this company. Months on months go by without them answering our questions, but they still make sure to remind you of the monthly security instrument they are do. Also, no letterhead has ever been provided to show who they are, and they don't feel the need to release any 'papers' to you.
George Alexander is a new addition - a new co-trustee to this Trust. He avoids all conversations and commnication at all costs. Brian Higley has been the more long term person.
There are numerous other reasons I would stay far away from this Trust/Company. I have been advising my Principals of this, but all I can do is advise. It is up to them to decide.
If you have a project you want funded, I would say use them as your very very very last resort, and keep in mind, there are other ways to get investors/money that doesn't require you to give up close to 1/2 of the equity in your company.
Abbey :)
Aug 22 '08, 03:06 PM
