A Tennessee businessman, Charles McKuhn, Jr. was found guilty of scamming consumers and churches out of advanced fees for debt reduction, debt consolidation and foreclosure prevention services.
McKuhn had claimed his company Taurian Worldwide, Inc. (TWI) has some arrangement to use government bailout dollars to assist people in financial trouble. He also continued his ruse through Interstate Capital Trust, Commercial Solutions Consulting Agency, TWO Financial, TWI Financial Tristate, and Intersec Capital Trust. – Source
The indictment for McKuhn said:
McKuhn defrauded “…various individuals and institutions, by representing himself as a legitimate debt reduction service, and international private banker, able for a front-end fee to reduce the debt owed by individuals and institutions and establish lines of credit and secured loans for building projects.”
Pastors of churches caught in McKuhn’s debt relief scam has paid dearly for promised services. One church had been promised a line of credit if they would pay a fee of $102,000 up front. They unfortunately did.
Another church wired $270,000 to an account controlled by McKuhn in an effort to restructure the current debt of the church. – Source
McKuhn tried to ply the Freeman, Strawman defense that rules over him were not effective because he was a sovereign citizen all of his own.
TWI Financial is a private bank that is the engine behind this incredible opportunity. Their unique vision has allowed them to produce products that can reduce your debt, eliminate the inflated expenses of interest and restructure your finances in ways that will stimulate your personal economy.
Creating an opportunity to relieve the pressures of today’s tough economy, while directly serving those in need is THE MISSION of this company and the products that they have designed.
As a Private Bank, TWI Financial has enjoyed the benefits and profits from the buying and selling of paper (debt) on the open market. Because many people’s financial positions has forced them to choose between paying their bills and feeding their families the buying and selling of paper has become a failing venture. Because this is how most private banks make their money this has created a major obstacle in that industry. As with most road blocks, it’s the solutions to those pending problems that create the opportunities that transforms those who create them. TWI recognized this as an opportunity to create a win-win relationship that allowed them to maintain their business practices while simultaneously serving those in need.
Imagine a bank innovative enough to create products that would allow for the consumer to benefit from the profits normally only available to lending institutions. By sharing in some of the upside of the profits in TWI’s normal bank transactions in the form of saving in interest and in the reduction in the amount of debt owed, both TWI and the consumer wins. The consumer gets the benefits of a 0% fixed interest rate and a reduction in debt to the tune of 30% or more and TWI gets to purchase currently performing and non-performing debt at deep, deep discounts and reissue that debt to the consumer at a price point that’s still profitable due to their note purchasing abilities. This unique product allows both the bank and the consumer to benefit from these transactions. – T.W.I._New_Independent_Representative_Packet_1_
The Taurian Debt Negotiation Agreement
The Taurian debt reduction agreement claimed to offer a Debt Management Plan (DMP) that is commonly referred to as the plan offered by credit counseling groups.
From the actual client agreement:
I engage in the professional services of Taurian to provide debt management in negotiating a repayment plan with my creditors, referred to as the Debt Management Plan, or (“DMP”). I understand that the DMP serves the dual role of helping me repay my debts and helping the debtors collect the money owed them.
Disclosure and Release of Information
I understand that I am responsible for disclosing to Taurian accurate information, to the best of my knowledge, about all of my creditors and sources of income. I have full authority to provide the information regarding my debts, and no consent or approval of any other party is required for my participation in the DMP.
I hereby expressly authorize Taurian, its employees, or agents to:
Disclose any information concerning my financial condition and status, including but not limited to income, debts, creditors, earnings, assets, phone numbers, and residential and work addresses to any creditor listed by me and to other unaffiliated financial institutions unless I give written direction to the contrary or as otherwise required by law; and
Obtain whatever financial information concerning me as Taurian deems necessary from any creditors; and
Obtain a copy of my credit report in order to enable Taurian to better assess my financial situation and thereby increase its ability to assist me in the negotiation of my debt. As a result, an inquiry will appear on my report. All information contained in my credit report will be considered confidential and used for legitimate business purposes under the Fair Credit Reporting Act.
I authorize Taurian to act on my behalf and take any action it considers necessary and proper to protect my interests in connection with the negotiation of my debts. However, it is understood that there are no warranties regarding a successful outcome of the negotiation or the length of time required to complete a DMP or consider a matter and that any representations made by Taurian or its staff are opinions only. I am employing Taurian for its counseling services. Taurian will use its best efforts although no specific result is guaranteed. I understand that assistance rendered by Taurian includes credit counseling, negotiations, and a DMP. Taurian does not provide specific legal advice as such advice may be rendered only by an attorney. I understand that Taurian will negotiate with such creditors as are listed on the Client Questionnaire and which I provided. Taurian shall use its best efforts to reduce the interest, principle, or monthly payment amount as appropriate under the circumstances to allow me to restructure the debts.
For the consulting services of Taurian to represent me in the negotiation of certain debts on my behalf, I agree to pay Taurian a one-time fee of $__________________
for such services. – Source
Marketing Material From TWI
Franchises Were Sold and Representatives Recruited