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

By on March 15, 2011
Intertwined Safe Trust Financial, Vertexsoft, and P&E Solutions All File Bankruptcy. Blame FTC.

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.


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

  • 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

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.]

P & E Solutions

  • Files remaining missing schedules and information. – Source
    • 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

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20 Comments

  1. THIS IS FRAUD

    April 20, 2011 at 3:24 pm

    It seems to me that P&E and the other corporations are running a fraudulent business. Why are they and their employees not being held criminally liable this is theft. They took our sister’s money and DID NOTHING. They did not contact the debtors or anything. They stole over $3,000.00 from her. We have called the company but they give you a number for attorney Brown Van Horn – 954-765-3166 but his number is never answered. They have a pretty good scam going on here. I can’t believe that they have not been SHUT DOWN.

  2. THIS IS FRAUD

    April 20, 2011 at 7:24 pm

    It seems to me that P&E and the other corporations are running a fraudulent business. Why are they and their employees not being held criminally liable this is theft. They took our sister’s money and DID NOTHING. They did not contact the debtors or anything. They stole over $3,000.00 from her. We have called the company but they give you a number for attorney Brown Van Horn – 954-765-3166 but his number is never answered. They have a pretty good scam going on here. I can’t believe that they have not been SHUT DOWN.

    • diablo panikar ellis

      January 31, 2012 at 9:57 pm

      Well perhaps a well known DIRECTOR AT AMERICAN EXPRESS whose home addresss has been linked to these fleecers is at the center of this,

  3. Ian Stanton

    March 31, 2011 at 9:12 pm

    Steve,
    I advised P & E Solutions (Anthony Passero) and Safe Trust Marketing (Efrain Garcia) that they had copied the “Method” we utilized in our process. I did further investigation and found an disproportionate number of hits on our website from the Fort Lauderdale area shortly after we launched our product. I had a credit counseling company sign up for our service under an assumed name during the same week. Each of this visits from this logon also came from the Fort Lauderdale area according to this IP address.

    I informed Anthony Passero and his IP attorney of this issue on April 8th, 2009, and had an additional discussion on April 9th, 2010. In each of these conversations with Anthony Passero was very evasive about how he arrived at the entire concept. It was only after I spoke with his IP attorney on or about April 12th, 2010, that I was told that no matter what it would be at least three to four years before the patent would be reviewed. Their IP attorney also informed me that they intended to continue to market their product until then and there was basically nothing I could do to stop them.

    It was only then that I started to investigate Anthony Passero and his previous activities. The one site I found that had the best information on their (Anthony Passero, Efrain Garcia, Kevin Ellis and their minions) was GetOutOfDebt.org. Had more people done their research prior to enrolling with any of their services they most likely would have found this website. After reading the notices you have posted above individuals and companies, they could have saved themselves additional time, money and stress.

    Thanks for your continued efforts to help consumers who are trying to “get out of debt”.

  4. Ian Stanton

    March 31, 2011 at 8:13 pm

    the press release is located here http://www.pr.com/press-releas

  5. Steve Rhode

    March 31, 2011 at 6:57 am

    Ian,

    The link to your press release does not work.

    I had heard this story previously and never reported on it. Was the code replicated or copied or was it just the functionality that was copied?

  6. Ian Stanton

    March 30, 2011 at 10:47 pm

    Well it’s about time! We sent this press release on April 17, 2010 regarding a perceived violation of United States Patent law by a Florida based Software company. Now after all parties have filed bankruptcy, were not worried about telling you that P & E Solutions was the software company in the press release. Each of the officers of these companies were all clearly made aware of the potential violation.

    According to their own press release their software settled 31,290,875 In consumer debt. Under their agreement with consumers, they received $1500.00 for every $10,000.00 in enrolled debt. But I digress, because we do not know how much debt was enrolled, let’s just use their own numbers. Here is the math: $31,290,875 x .15 = $4,693,631.25 in gross income. Now I see that each company states that they all made approximately $6,800,000.00 in combined income. I’m not one for being cynical, but are any of these numbers real?

    We create a legitimate product to assist consumers by giving them an option other than enrolling with a debt settlement company, only to have our idea unscrupulously used by the debt settlement industry to deceive consumers.

    Steve Rhode has done a spectacular job in continuing to unveil the officers of these companies and other companies they have operated in the past. So my questions are:

    Now after all companies have filed bankruptcy what can we do next?

    Is it possible to get the Federal Bankruptcy Court or The Federal Trade Commission to prohibit these parties from engaging in further debt settlement operations?

    Our press release (http://www.pr.com/press-releas
    Their press release (http://www.prweb.com/releases/

  7. Ian Stanton

    March 31, 2011 at 2:47 am

    Well it’s about time! We sent this press release on April 17, 2010 regarding a perceived violation of United States Patent law by a Florida based Software company. Now after all parties have filed bankruptcy, were not worried about telling you that P & E Solutions was the software company in the press release. Each of the officers of these companies were all clearly made aware of the potential violation.

    According to their own press release their software settled 31,290,875 In consumer debt. Under their agreement with consumers, they received $1500.00 for every $10,000.00 in enrolled debt. But I digress, because we do not know how much debt was enrolled, let’s just use their own numbers. Here is the math: $31,290,875 x .15 = $4,693,631.25 in gross income. Now I see that each company states that they all made approximately $6,800,000.00 in combined income. I’m not one for being cynical, but are any of these numbers real?

    We create a legitimate product to assist consumers by giving them an option other than enrolling with a debt settlement company, only to have our idea unscrupulously used by the debt settlement industry to deceive consumers.

    Steve Rhode has done a spectacular job in continuing to unveil the officers of these companies and other companies they have operated in the past. So my questions are:

    Now after all companies have filed bankruptcy what can we do next?

    Is it possible to get the Federal Bankruptcy Court or The Federal Trade Commission to prohibit these parties from engaging in further debt settlement operations?

    Our press release (http://www.pr.com/press-release/227769)
    Their press release (http://www.prweb.com/releases/debt_settlement/credit_debt/prweb4490984.htm)

    • Steve Rhode

      March 31, 2011 at 10:57 am

      Ian,

      The link to your press release does not work.

      I had heard this story previously and never reported on it. Was the code replicated or copied or was it just the functionality that was copied?

      • Ian Stanton

        April 1, 2011 at 12:13 am

        the press release is located here http://www.pr.com/press-release/227769

      • Ian Stanton

        April 1, 2011 at 1:12 am

        Steve,
        I advised P & E Solutions (Anthony Passero) and Safe Trust Marketing (Efrain Garcia) that they had copied the “Method” we utilized in our process. I did further investigation and found an disproportionate number of hits on our website from the Fort Lauderdale area shortly after we launched our product. I had a credit counseling company sign up for our service under an assumed name during the same week. Each of this visits from this logon also came from the Fort Lauderdale area according to this IP address.

        I informed Anthony Passero and his IP attorney of this issue on April 8th, 2009, and had an additional discussion on April 9th, 2010. In each of these conversations with Anthony Passero was very evasive about how he arrived at the entire concept. It was only after I spoke with his IP attorney on or about April 12th, 2010, that I was told that no matter what it would be at least three to four years before the patent would be reviewed. Their IP attorney also informed me that they intended to continue to market their product until then and there was basically nothing I could do to stop them.

        It was only then that I started to investigate Anthony Passero and his previous activities. The one site I found that had the best information on their (Anthony Passero, Efrain Garcia, Kevin Ellis and their minions) was GetOutOfDebt.org. Had more people done their research prior to enrolling with any of their services they most likely would have found this website. After reading the notices you have posted above individuals and companies, they could have saved themselves additional time, money and stress.

        Thanks for your continued efforts to help consumers who are trying to “get out of debt”.

        • Hallofjustice1

          February 1, 2012 at 1:24 pm

          And Robby Birnbaum was behind their nonsense too? Took $20K for GM then BKd… So sad. This story didn’t get enough attention. Any DSC involved with TASC-AFCC under Rob’s leadership is “compromised”… Jeeez.

  8. Noway

    March 15, 2011 at 8:28 pm

    The courts need to pull the Noteworld accounts and see the real monies that were coming in. These guys were doing 50+million/month in debt. These figures here are BS

  9. Noway

    March 16, 2011 at 12:28 am

    The courts need to pull the Noteworld accounts and see the real monies that were coming in. These guys were doing 50+million/month in debt. These figures here are BS

  10. Robbers

    March 15, 2011 at 8:25 pm

    Lets rob the clients, do nothing for them and put the money in our new product Vital. This can’t be legal.

  11. Robbers

    March 16, 2011 at 12:25 am

    Lets rob the clients, do nothing for them and put the money in our new product Vital. This can’t be legal.

  12. DoubleDisgusted

    March 15, 2011 at 7:45 pm

    WHAT???!!!??? I just noticed this: GREENSPOON MARDER???? Robby Birnbaum??? WTF!!! JAIL JAIL JAIL!

  13. DoubleDisgusted

    March 15, 2011 at 11:45 pm

    WHAT???!!!??? I just noticed this: GREENSPOON MARDER???? Robby Birnbaum??? WTF!!! JAIL JAIL JAIL!

  14. Disgusted

    March 15, 2011 at 7:44 pm

    How can these crooks pay themselves and their family members hundreds of thousands of dollars of client’s money and run away in a bankruptcy? I am not understanding this at all. These guys robbed the American people and their affiliates and then pay themselves, their alternate companies, their family members and hide the rest. PLEASE tell me Kevin Ellis, Anthony Passero and Efrain Garcias are going to jail. This is why the rules and enforcements are so aggressive in this space right now. Scam and fraud like this. Greedy bastards.

  15. Disgusted

    March 15, 2011 at 11:44 pm

    How can these crooks pay themselves and their family members hundreds of thousands of dollars of client’s money and run away in a bankruptcy? I am not understanding this at all. These guys robbed the American people and their affiliates and then pay themselves, their alternate companies, their family members and hide the rest. PLEASE tell me Kevin Ellis, Anthony Passero and Efrain Garcias are going to jail. This is why the rules and enforcements are so aggressive in this space right now. Scam and fraud like this. Greedy bastards.

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