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.

Sincerly,


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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

  • 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
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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.]
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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

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20 thoughts on “Intertwined Safe Trust Financial, Vertexsoft, and P&E Solutions All File Bankruptcy. Blame FTC.”

  1. 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.

    Reply
  2. 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.

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

      Reply
  3. 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”.

    Reply
  4. 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?

    Reply

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