fbpx

Intertwined Safe Trust Financial, Vertexsoft, and P&E Solutions All File Bankruptcy. Blame FTC.

Table of Contents

On February 7th Safe Trust Financial, Vertexsoft Corporation and P & E Solutions all filed for Chapter 11 bankruptcy protection. What follows is a review of the documents filed in that case to date. As of the date of this article, the case is ongoing and clients have been receiving notices from the bankruptcy court.


Damon Day - Pro Debt Coach

2-7-2011

Safe Trust Financial

  • Bankruptcy filed but incomplete. – Source
  • List of 20 Largest Creditors. – Source
    • Intellidyne
    • Broadsmart
    • Broadsmart
    • One River Plaza
    • Johnston & Jenkins Enterprises
    • Safeguard Financial
    • US Debt Masters
    • Absolute Home Network
    • American Debt Care
    • Microcom International
  • Corporate Ownership Statement. Owned 100% by Efrain Garcia – Source

P & E Solutions

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.
  • Bankruptcy filed but incomplete. – Source
  • List of 20 Largest Creditors. – Source
    • Bruce Prestin, CPA
    • 1st Equity
    • Armored Knight Financial
    • A & A Associates Mortgage Litigators
    • Advanced Debt Relief
    • Affordable Debt Solutions
    • Amber Waves
    • America Debt Free
    • American Star Lending
    • BGM Debt Solutions
    • Automated Financial Transactions
    • Bounce Back Financial
    • Bulk Debt Solutions
    • Certified Financial Protection Group
    • Clear Concepts
    • Clear Financial
    • Clearview Financial
    • Cherry St Management
    • American marketing Systems
    • Anbri Consulting
  • Corporate Ownership Statement. Owned 50-50 by Anthony Passero and Kevin Ellis. – Source

Vertex Corporation

  • Initial bankruptcy filing. – Source
  • Twenty Largest Creditors. – Source
    • 1 Star Group
    • 1st Equity
    • 2BeDebtFree
    • A&A Associates Mortgage Litigators
    • Advanced Debt Relief
    • Affordable Debt Solutions
    • Amber Waves
    • America Debt Free
    • American Debt Resolution Group
    • Hope 4 Homes
  • Corporate Ownership Statement. Owned 100% by Efrain Garcia. – Source

2-18-2011

  • Attorney files statement stating he also represents P&E Solutions and Vertexsoft who share the same address with Safe Trust Financial. And Vertexsoft shares the same principal, Efrain Garcia. – Source

3-5-2011

Safe Trust Financial Case Management Summary

  • The reason for filing bankruptcy is, “In October of 2010, the Federal Trade Commission (FTC) issued new rules that effectively rendered the Company’s current business model unworkable. Furthermore, the Company has been suffering from consistent customer attrition, which the Company has been unable to counter due to a lack of resources to effectively market the Company’s product to gain new customers.”
  • Efrain Garcia earns approximately $200,000.
  • Company has 24 employees. – Source
See also  How Can I Start a Class Action Suit Against P&E Solutions? - Marjorie

P & E Solutions Case Management Summary

  • The reason for filing bankruptcy is, “In October of 2010, the Federal Trade Commission (FTC) issued new rules that effectively rendered the Company’s current business model unworkable. Furthermore, the Company has been suffering from consistent customer attrition, which the Company has been unable to counter due to a lack of resources to effectively market the Company’s product to gain new customers.”
  • Anthony Passero earned $248,079 in 2010 and $0 for 2011.
  • Kevin Ellis earned $0 for 2010 and 2011.
  • Company has 11 employees and claims wages are owed to Kevin Ellis – $50,000 and Anthony Passero – $40,000. – Source

Vertexsoft Corporation Case Management Summary

  • The reason for filing bankruptcy is, “In October of 2010, the Federal Trade Commission (FTC) issued new rules that effectively rendered the Company’s current business model unworkable. Furthermore, the Company has been suffering from consistent customer attrition, which the Company has been unable to counter due to a lack of resources to effectively market the Company’s product to gain new customers.”
  • Efrain Garcia earns $50,000.
  • Company has 11 employees and owes no wages to any employee. – Source

3-7-2011

Safe Trust Financial

  • Files remaining missing schedules and information. – Source
    • Assets – $93,886
    • Liabilities – $207,489
    • Company owns 18 computers, monitors, telephones and desks.
    • Of the 1,350 creditors holding claims appear mostly to be are mostly client refunds and affiliate funds due.
    • Sales
      • 2009 – $733,834
      • 2010 – $4,084,683
      • 2011 to date – $177,505.94
    • Most notable amounts paid to creditors in preceding 90 days:
      • FBL Associates – $35,768
      • Mazan Fitiany – $41,500
      • United Partners – $27,083
      • Greenspoon Marder – $20,000
      • P & E Solutions – $11,968
      • Andrews Second – $15,000
      • Electroklein Enterprises – $59,966 [No company found on web or registered in Florida under that name.]
      • Vital Financial Software – $10,000
      • Vital Software Corporation – $8,000
      • Frank Passero – $45,250
      • EAG Financial c/o Carlos Garcia – $100,000
      • United Partners Enterprise – $100,000 [Owned by Efrain Garcia’s brother, Carlos Garcia.]
See also  Safetrust Financial Announces Bankruptcy and Ditches Affiliates

P & E Solutions

  • Files remaining missing schedules and information.
    • Assets – $40,468
    • Liabilities – $45,387
    • Company owns 18 computers.
    • Of the 3,300 creditors holding claims appear mostly to be are mostly client refunds and affiliate funds due.
    • P & E Solutions has an office in Cali, Columbia, South America.
    • Sales
      • 2009 – $189,786
      • 2010 – $2,510,923
      • 2011 to date – $177,505.94 [The exact same dollar amount as Safe Trust claimed for 2009? Impossible. ]
    • Most notable amounts paid to creditors in preceding 90 days:
      • FBL Associates – $85,529
      • RanRo Legal – $14,217
      • Richard Rudner and Associates – $7,680
      • SOI – $52,962
      • P & E Cali Columbia – $16,552
      • Frank Passero = $17,727
      • Kevin Ellis Limited – $40,895
      • Vital Software Corporation – $9,000
      • Sharp Business c/o Anthony Passero – $34,566

Vertexsoft Corporation

  • Files remaining missing schedules and information. – Source
    • Assets – $20,843
    • Liabilities – $0
    • Company owns 6 computers and 6 telephones.
    • Of the 620 creditors holding claims appear mostly to be are mostly client refunds and affiliate funds due.
    • Sales
      • 2009 – $0
      • 2010 – $243,096
      • 2011 to date – $43,173
    • Most notable amounts paid to creditors in preceding 90 days:
      • Ama Jidais – $15,000

I can always use your help. If you have a tip or information you want to share, you can get it to me confidentially if you click here.

Follow Me
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
Steve Rhode
Follow Me

Comments are closed.