Consumer complaint received 2021-10-04
Company: Smart Money Alliance
State: FL
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit repair services
Issue: Fraud or scam

Complaint:
i was solicited via telephone by XXXX XXXX of XXXX XXXX XXXX XXXX XXXX, after an online inquiry, regarding credit repair services for me personally and my business. Within a week of dealing with XXXX and XXXX XXXX, I discovered it was all a scambut not before I had sent them {$1200.00} for credit repair services. He also represents Smart Money Alliance XXXX XXXX for XXXX XXXX XXXX XXXX ( IIMFL ), XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. 

Through their Access to XXXX XXXX they guarantee they can raise {$100000.00} of capital for your business. However, they do not tell you up front of the HIGH INTERESTS rates, the SHORT TERMS and that they apply to tens of lenders that negatively impact your score. Furthermore, they offer a XXXX XXXX program that promises to erase negative off your credit report. 

When I decided to withdraw from this scheme and scam, he then proceeds to debt collect because I pulled out of the program. 

- Please investigate XXXX XXXX of XXXX XXXX XXXX XXXX XXXX ( XXXX ) of XXXX, Texas and previously located at XXXX XXXX XXXX XXXX, XXXX XXXX. 

It has come to my attention that the above person and company is a part of an elaborate credit scam that is illegal and violates the Telemarketing Sales Rule ( TSR ) and the Consumer Financial Protection Act of 2010 ( CFPA ) by providing substantial assistance or support to credit-repair businesses that use telemarketing and charge unlawful advance fees to consumers. 

In addition, Mr. XXXX has used XXXX as the company to run such scrupulous activities through, including two ( 2 ) questionable Paycheck Protection Program ( PPP ) Loan : Loan # - XXXX Approved on XX/XX/XXXX For {$27000.00} Claims 6 employees/jobs Lender is XXXX XXXX XXXX  XXXX XXXX. 

Loan # - XXXX Approved on XX/XX/XXXX For {$70000.00} Claims 4 employees/jobs Lender is XXXX XXXX Here are the following reasons why these PPP Loans are questionable and should be investigated : - XXXX  doesnt have employees as defined by the Texas Workforce Commission , as it is ONLY Mr. XXXX XXXX performing the day to day activities.

- XXXX decreased its employee count from 6 ( 1st draw ) to 4 ( 2nd draw ).

- XXXX  received a 2nd draw loan for more than 200 % of the first.

- Used two different banks : XXXX XXXX Bank ( 1st draw ) and then XXXX XXXX  ( 2nd draw ).

- The documentation that Mr. XXXX presented to the 2nd bank was significantly different from the documentation presented at the 1st bank. 
- In order for XXXX  to qualify for a {$27.00}, XXXX loanXXXX  XXXX wouldve had to have claimed at least {$130000.00} of yearly wages/payroll in XXXXaveraging {$10000.00} a month in wages/payroll alone. 
- In order for XXXX  to qualify for a {$70000.00} loanXXXX XXXX wouldve had to have claimed at least {$340000.00} of yearly wages/payroll in XXXXaveraging {$28000.00} a month in wages/payroll alone. 
- The HIGH discrepancy of wages between applications/banks for the SAME year is signs of fraud. 
- XXXX  doesnt pay Unemployment Insurance per the Texas Unemployment Compensation Act ( TUCA ) requirements for an employer.

Furthermore, this needs to be investigated because Mr. XXXX XXXX was also arrested on XX/XX/XXXX with he and XXXX still under investigation with the Texas Rangers for TAMPERING W/GOVERNMENT RECORDS and TAMPERING/FABRICATE PHYSICAL EVIDENCE and it shows relative pattern of behavior. 

See article - XXXX XXXX XXXXXXXX? 

XXXX XXXX - XXXX : XXXX Though my personal problems with him are not directly or indirectly associated with the SBA, I am providing you information because he continues to harass me and operate a scam that is taking hard earned money from persons looking for help. Please investigate and save the next family from his operations!

Company response to consumer: Closed with non-monetary relief