Cornerstone State Financial – Consumer Complaint – 1-20-2012

Date This Problem Happened: November 1, 2011

State You Live in: Indiana

Race/Ethnicity: White

Age Range: 36-50

Total Amount of Fee Paid: $1,900

Company Name: Cornerstone State Financial

Company Address:

1 Penn Plaza 49th Floor
New York , New York 10119

Company Telephone Number: 888-643-4749

Website of Company: cornerstone state.com

Consumer Statement:

I Was contacted by a “Nathan Grey” from Cornerstone State Financial on October 20, 2011. He told me that I had been approved for a loan in the amount of $5000. However the loan was a secured loan and the lender required a security deposit in the amount of the first 4 monthly payments ( approx. $880.00). I was told to wire the funds via Western Union; reluctantly I did. “Nathan” reassured me that the company was legit and the funds would be there that evening or the next business day. Obviously the funds were not in my account the next day, so I begin my phone calls to the company. “Nathan” then told me to be patient that the funds would be in my account by 5pm that evening. Approx. 45 min later I received a phone call from “Raymond Harris” claiming to be a manager from Cornerstone State Financial and proceeded to tell me there was a problem with my loan. The lender had reassessed my credit and they were requiring another 4 months security deposit. My gut was telling me at this point STOP, but I needed the money and believed they were legit. Their website looks convincing, their automated phone answering system is convincing etc…So stupidly I wire another $880 to a woman by the name of Hana Radi in Tangier Morocco (huge red flag), but “Raymond” told me the funds would be there that night or the next morning. I had my husband call and get his opinion, he even felt like they were being trustworthy. I checked our account the next morning and just as I had expected…no money! So I begin to call again and “Raymond” tells me that he will look into as they sound shocked I do not have my money…he calls me later and tells me that the lender had withdrew from the loan and that it was a breach of contract even on their part and they were going to pursue legal action against the lender… and that I would get a refund that he would work on getting as soon as he could but worst case I would get my refund on Nov25; but in the same breath tells me about another lender in Spain that the CEO of Cornerstone has a great relationship with is willing to extend a loan offer to me in the amount of $10,000 this time but I would have to put another 8 months of security deposit….lol Not Hardly Cornerstone State Financial!! You got me twice; NEVER again!! I spoke with “Raymond” today as he claims they are still legit however they have seen my posts…well good! I hope the whole world sees them; so they can not do this to someone else!! “Raymond” could not give me the lender’s name when asked, telling me it was a private lender. I also asked him to give me a business that was located on the 49th floor of his building and he told me there wasnt any businesses beside them… Needless to say I had contacted an attorney at 1 Penn Plaza 49th floor who is investigating Cornerstone State…he had never heard of them, the leasin g officer of the building had never heard of them….

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Consumer Action Taken:

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I spoke with them numerous times!!! Asking for refund; was told that I would receive my refund within 3 weeks….that was over 2 months ago!

Supporting Documentation:

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