Sean Morrison, 31, is listed as registered agent and director in state records of Accelerated Lending Group, which allegedly claimed to be able to get businesses loans in a market where commercial credit was scarce, according to the Florida Office of Financial Regulation.
The office’s investigation alleges that from August 2009 through July 2011, Morrison took in more than $380,350 in advance fees from prospective borrowers who were seeking capital for business expansions or acquisitions. Morrison purportedly promised the borrowers millions of dollars in loans that never materialized.
The advance fees ranged from $7,400 to $100,000.
“Morrison would tell his victims that he had an investor network of more than fifty lenders and assured them that he could get them a loan on favorable terms,” a release from the Office of Financial Regulation states. “The investigation revealed, however, that Morrison never got a loan for anyone and never refunded anyone’s due diligence/advance fees.”
Instead, Morrison stopped taking phone calls from the victims and spent “the majority of his victims’ money on personal expenses.”
Morrison was arrested on a warrant in Palm Beach County on May 14. He’s facing nine charges of taking advance fees on the promise of securing loans and one count of organized scheme to defraud. Palm Beach County Sheriff’s records show Morrison was released June 12 after posting an $18,000 bond.
Accelerated Lending Group was incorporated in 2007.
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on Tuesday, June 18th, 2013 at 7:30 am and is filed under Commercial real estate, Florida economy, Foreclosures, Real estate bust.
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