VSP North America LLC Reports & Reviews (1)
Victim Location 07751
Total money lost $107,986
Type of a scam Investment
This company advertised in the NY Times Business section I think it was early December, 2015. The ad stated earn 20% in 90 days, no risk, and insured. Safer than the stock market where you can lose all your money. I contacted the company and received an email back from John who is the President, and whom I dealt with entirely through the entire scam. He described it as a commercial business opportunity. He stated that VSP manufactures renewable energy generators. They sell to a dealer network all over north america. They sell to their dealers on a net 90 day payment term. Since it is hard for the manufacture to carry all the dealers for 90 days, they increase the cost of the unit by 20% to cover cost of financing to the dealers. They then sell off the dealers invoice to innocent people like myself at a 20% discount, so VSP is made whole and has no risk and really does not care if the dealer pays or not and when. The dealer signs a notice of assignment letter assigning the payment to the purchaser directly. We work with the invoice purchaser in many ways, if the dealer does not pay we take the product back and replace it with another dealer. All the invoices are secured with the product so worst case scenario would be we replace the account with another dealer and you lose 90 days. This all sounds great, but it was not the truth. My first invoice dealer was Xtiroyal Solar Energy Solutions LLC Fayetteville NC 28303, for which I paid $ 41,994.40. The date of the invoice was 3/16/16, the terms were net 90 days. Close to the payment date, I contacted the dealer directly, and he responded and told me that unless he sold the units he did not have to pay for them and could continue to try and sell them or just return them. This was a consignment sale approved by Ryan Walker National Account Manager, and was never disclosed to me; which I would of never financed. To date this invoice has not been paid, and I have no idea if the dealer still has the units. My second invoice dealer was River Cities Solar LLC, Bullhead City AZ 86429 dated 3/24/16, the terms were net 90 days for which I paid $ 29,996.00. Close to the payment date, I contacted the dealer directly, and he told me that he did not received any of the units until 5/13/16, which was almost 2 months after I gave VSP the money for this invoice. The units were received damaged, incomplete, and unusable and were not accepted and the order was immediately cancelled. VSP never let me know this fact, and lead me to believe I would get paid in the 90 day period right to the last day. So they have my money, and also all of the units back in their shop. I emailed VSP ( John ) in late June, and he said that he could give me two new invoices or give me all my money back. I told him that I do not want any more invoices and want my money back now. He said he would put me on the A/P list and pay it to me very soon. It is now almost the end of August and he just to me today that he will not pay me the money, and I should go myself. He is a crook, thief, con artist, fraud, and others should be aware of this scam. To make things even worse, I had a pension plan that I am the trustee for purchase one of his invoices for
$ 35,995.20, and they had the same problem. VSP took the money on 4/27/16, but according to the dealer the units which was short one was not delivered until 5/25/16, two months later. All the units were damaged and could not be sold and they wanted to return them, and the invoice was never paid. As of this week they still have the units, and the company does not return their calls or emails to come pick them up. Why would he, they were paid in full by the pension plan, and have nothing to lose at this point. Once again another fraud and scam. I hope you can help my client and myself, and protect others that may deal with them. It is very interesting that so many units are delivered broken and unusable, it seems like this is a pattern. Could it be that he does this on purpose, so he gets the units back, keeps the investors money for a big windfall, and does this over and over again. Please feel free to send this to the legal authorities.
VSP North America LLC Contacts
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