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Wall Street Investment Bankers Inc. — a self-professed real estate investment business that promises between $20,000 and $200,000 a month with “no upfront or investment cost” — isn’t licensed to do much of anything resembling banking or real estate in Florida, where it’s based.
In a rebuttal to Business Insider’s reporting, the company asks potential investors, among other things, to “please feel free to validate us by contacting reliable local sources such as the Attorney General for your state or our Attorney: Spiegel & Utrera.”
So, we tried.
Larry Spiegel of Spiegel & Utrera hasn’t responded to multiple requests for comment even though his firm’s client is being “slandered.”
The Florida Attorney General — Wall Street Investment Bankers was incorporated in Miami this year — said they could not comment to us or potential investors.
“Complaints or cases regarding investment or security companies are exempt from public disclosure,” said spokeswoman Ryan Wiggins in a statement. “By law, we are unable release information pertaining to these complaints or cases.”
No luck with New York’s chief regulator either. “The Attorney General’s office doesn’t vouch for or validate any business,” said a spokesperson. “Consumers who believe they’ve been victimized by this or any company should contact our office.”
That’s in addition to not being registered with the National Futures Association, FINRA, the SEC, or the Mortgage Bankers Association, as we’ve noted.
What’s a potential investor to do?
Even if customers take seriously Wall Street Investment Bankers claims of being a “wholesale lender” and a specialist in “hard money lending and sub prime lending,” they aren’t allowed to do much by way of finance or real estate in their home state.
Flora Beal, a spokesperson for the Florida Office of Financial Regulation, notes in an email that “We have no record of this company holding licence or submitting an application to conduct business in any of the industries we regulate.”
Beal said those include:
- Securities Dealer – allows a firm to buy and sell securities to customers for a commission
- Investment Adviser – allows a firm or individual to provide advice on buying or selling securities for a fee
- Mortgage Brokerage Business – allows the company to broker loans between the borrower and a lender
- Mortgage Lender – allows the company to make a mortgage loan to a consumer
- Consumer or Commercial Collection Agency – allows the company to collect consumer or commercial debts owed to another
- Money Services Business – allows the company to either cash checks, exchange foreign currency, issue payment instruments (i.e. – money orders), or transmit money
- instalment Sales Finance – allows a company to finance retail goods (e.g. – motor vehicles, furniture, home improvement, etc.)
- Title Loan Lender – allows the company to make a short term loan with the title to a vehicle held as collateral
“I’m just suspicious,” said Beal after reading about the business. “I’m forwarding it up to our investigative people to try and get a breakdown.”
Meanwhile, we’re still waiting for Wall Street Investment Bankers to offer a credible defence. We’d be most interested to hear it.