Wall Street Investment Bankers Inc. — a real estate investment business that promises between $20,000 and $200,000 a month with “no upfront or investment cost” — is outraged at Business Insider’s “negative slander.”
While Wall Street Investment Bankers did not formally respond to our requests for comment, their website now includes a page defending itself against “false information.”
Their rebuttal is unconvincing.
First, there’s virtually no explanation of how the business works and how investors can expect to make up to $200,000 a month.
The site implores customers to “Please request a PDF formatted brochure to be emailed to you by calling our 24 hour Customer Service,” but the answering service for the company had never heard of such a document. “They didn’t tell me nothing about this,” said a woman who picked up the phone at the number listed. (She promised to forward to request to “Bob”).
Second, the number provided for “Thomas J. Loftsgard,” the “investor” in their company listed as a reference, goes to a woman’s personal cell phone in Iowa City, Iowa, who had never heard of Mr. Loftsgard.
Third, we found virtually no internet or media references to the company or its five listed executives, despite the claim that “we have 30 years experience in the banking industry.”
Fourth, Wall Street Investment Bankers claims it’s a “wholesale lender” and their “specialty is hard money lending and sub prime lending.” But the Mortgage Bankers Association told us it “does not have any information” on the company.
Lastly, the company asks potential investors 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.”
But Larry Spiegel of the Miami firm did not respond to multiple requests for comment and the Florida Attorney General (the firm was incorporated in Miami after filing on January 21, 2010) said it could only check if there were complaints against the business (we did not immediately hear back, as with the New York Attorney General). Of course, it’s unlikely that there would be any complaints on a firm that is less than two months old.
Kate Arney, who is listed as the company’s Investment Relations Coordinator, called us this morning to dispute our articles, saying she was “unhappy” that we would write something negative without knowing “anything about the firm.”
But Arney hung up when she was told the conversation would be on the record and recorded.