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The Clearing House Inc.

The Clearing House Inc. review: Fake Desarrollo Marina Vallarta shares 5

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Author of the review
7:01 pm EDT
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On 10 Sept. 2021 I was contacted by a Mr. Ross Basri of The Stock Broker LTD, Corp in New Jersey notifying me of "shares" that I was entitled to from my timeshare at the Grand Luxxe, Grupo Vidanta, or Royal Marina Vallarta aka Desarrollo Marina Vallarta. He instructed me to contact the finance department at Vidanta to obtain a Book Entry # for my shares. After attempting to upsell me on other freebees they gave me my book entry number. I provided this to Mr. Basri who told me I had 89 shares valued at $1850 each totaling $164, 650 USD. He instructed me to contact my bank so he could trade these shares and send the money to that account. On his recommendation I contacted The Clearing House, Inc. in NYC and spoke with Alex F. David with whom I have had numerous daily discussions. Alex stated he is the underwriter for Vidanta's IPO (which appears to be non-existent), he instructed me to open an account with him by wire transferring 5% of this amount, $8, 300, on 16 Sept. to activate the account with CitiBank with the beneficiary Vector Casa de Bolsa SA, located at 111 Wall St. NYC 10005, with reference "Sistemas Y Control EMSY, SA DE CV [protected]". Basri was informed and transferred the $164, 650 into this account. Further, Basri informed me that an additional 116 shares previously blocked by Vidanta had been released. Mr. David instructed me to wire an additional $10, 300 on 20 Sept. to activate this additional amount to the same aforementioned account. A total of $18, 600 had been very reluctantly wired from my Wells Fargo account. Now 205 shares were deposited totaling $379, 250, plus my activation amounts which totaled $397, 850. When attempting to withdraw this amount on 22 Sept. I was told by both Basri and David that Vidanta on 20 Sept. was holding the transfer up due to delinquent "Assessment fees" amounting to 13 years at $850 totaling $20, 050 which was required to be wired with Mr. David. I reviewed my Vidanta contract and spoke with Vidanta HQ accounting who stated that I was correct that there is now and never was any assessment fees and that this was a scam. I googled Mr. Alex Francis David, registered with Morgan Stanley and called him at his office in NYC. This was not the Alex Francis David at The Clearing House who previously rendered to me his CRD#5829569, which is the real Mr. David's #. It appears that Mr. David at The Clearing House is impersonating the real registered broker with that name. Mr. David cancelled my agreement today while I was investigating the bogus assessment fees. He had told me numerous times that my $18, 600 activation fees were totally returnable if the transaction did not complete as these funds, "were my money", but when asking for the return of my $18, 600 activation fees, he stating he would not return them, that they were in Mexico and hung up on me. I notified my bank which has initiated a recall of these funds but advised me that if Vector Casa de Bolsa refuses I will have little recourse. Please let me know if you have any advice to return my badly needed money.

Desired outcome: Repay deposited $18,600

5 comments
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Myrthala Orta
US
Dec 03, 2021 5:00 pm EST

Thank you very much for sharing your experience. Thanks to this note I did not fall into this scam myself. I was also contacted by the Stock Broker LTD and had similar conversations than yours, but when giving my brokerage account I was told that the transaction could not be completed unless I opened an account with The Clearing House Inc with 5% of the value of the shares. I am very sorry for what you have experienced and hope you are able to get your money back. Regards

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mily2000
Everett, US
Dec 06, 2021 7:35 pm EST

I am so sorry this happened to you but thank you very much for posting your experience, I will pray that you may recover your money. Today I received that phone call and was back and for with Vidanta HQ and the Broker company, too bad Vidanta is involved in any way in something like this.

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Author of the review
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David Brent Moore
Salem, US
Dec 06, 2021 8:34 pm EST
Verified customer This complaint was posted by a verified customer. Learn more
Replying to comment of mily2000

Vidanta is not involved at all unfortunately . But I think they should get involved to clear their name from these scammers.

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Woody5
Smithville Mo, US
Dec 10, 2021 11:26 am EST

GMorning. Thank you Mr David Moore for your heads up description of the Vidanta scam. It is criminal what these scammers keep creating to dupe we trusting usa citizens.
I’ve been approached 3 times over 3 years & I refused the first two offers. Now stock brokers ltd mr John Garza & Jonathan Lucas. 77 shares unlisted & foreign otc trading. I’m being pressured to also send 5% down to a “new brokerage co” to liqudate the shares.
There is another scam going around that various resort companies are being sued by Mx Gov’t & they give me a settlement from courts of a large amount. Then I have to pay high court & transfer fees to access the funds. Be wary of any offer from Mx that does not allow you to escrow your funds in the usa & debit it on payment. I pray mr Moore can recover his money. You might google law firms specializing in scammed funds recovery in Mx

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Author of the review
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David Brent Moore
Salem, US
Jan 08, 2022 5:10 pm EST
Verified customer This complaint was posted by a verified customer. Learn more
Replying to comment of Woody5

Thanks for the update. Very sorry to hear that you are also being hassled but very appreciative that you posted so that others might benefit from our scams.

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Bulldog1982
Chula Vista, US
Jan 08, 2022 11:53 am EST

I’m going thru the same deal, but I did not understand your story, did you got all that money or none at all an you are out of your own money? Please advice.

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Jeff Conklin
US
Feb 12, 2022 11:13 pm EST

There had to be a way to make Vector Casa de Bolsa and Citibank accountable for their actions. Citibank is allowing this activity to take place and need to be held accountablez