OTC Capital Partners - Adi Elfenbein & Dennis Mancino

Posted on Tuesday, April 30th, 2013 at 9:08am CDT by Mike A.

Product: OTC Capital Partners - Adi Elfenbein & Dennis Mancino

Company: OTC Capital Partners - Adi Elfenbein & Dennis Mancino

Location: 175 SW 7th St. #2011, Miami Fl.
MIAMI, FL, 33130, US

URL: www.otccapitalpartners.com

Category: Scam Contests

Adi Elfenbein & Dennis Mancino dba OTC Capital Partners loan $ to small publicly traded companies that need lines of credit. In exchange for the loan, OTC Capital gets 1000's of shares at deep discounted prices to secure the loan.

After the publicly traded company receives the loan they have less debt on their balance sheet. Combine this with a marketing campaign promised by OTC Capital Partners (Adi Elfenbein, Dennis Mancino) & you could expect the stock to go up.

They contacted me in 2009 & told me about a company they are going to loan $ to. They told me if I invest before they do the marketing campaign I should make $ like they will.

I invested $100K under their recommendation & guidance. They told me to purchase the shares in small $10k increments so it doesn't drive up the price. They then said to wait 2-3 months for their marketing campaign to come out & they will tell me to sell.

The stock rised a little for 2 days but then eventually went to $0. I lossed $100k & their reply was sorry, the company lied to us & now they are bankrupt.

I asked them to provide proof of their marketing campaign which was never provided. The took no responsibility & made no effort to reimburse me for my loss.

I've made complaints with SEC & Florida Securities, but unfortuntely, that won't get my $ back. If anyone else has been frauded by Adi Elfenbein or Dennis Mancino dba OTC Capital Partners please email me your story so we can team up with an attornsy to recoup our losses!

[email protected]


1 Comment

d1611162, 2013-07-12, 04:17PM CDT

Sean, stop with the lies and hiding behind unknown emails!

Re: Sean Daniele VanProyen v. OTC Capital Partners, LLC, Adi Elfenbein, and Dennis Mancino

?I have been retained for the express purpose of responding to your letter dated September 10, 2012. As you know your client invested in a Company then known as Bio Solutions Manufacturing (BSOM), and which is now known as Today?s Alternative Energy (TAEC). Specifically your client purchased 200,000 shares of BSOM on the open market on July 6, 2009. Your client is an accredited investor and therefore is charged with policing his own investments as well as being able to handle the risk of loss if an investment goes awry. Your client asked Mr. Mancino about good investments in June 2009. Mr. Mancino and Mr. Elfenbein were not then and are not now brokers for your client and therefore any requests for information back in June 2009 with regard to potential good investments were merely opinion and were not designed to be anything but opinion.

Your client went ahead and purchased the shares in BSOM based on an opinion and nothing more than that. There was no contractual or fiduciary responsibility created as a result of the giving of the opinion. Your client went ahead and through his online brokerage account set a sell price for the shares of BSOM that he had purchased at $1.00. Had your client then monitored the activity in the stock he would have seen that on July 20, 2009 a total of 1,984,220 shares of BSOM were traded at a high of $.88 per share. Had your client paid attention to what was happening in the stock he would have realized a potential profit of approximately $80,000.00. After the price of the stock went down and your client realized that he had not sold the shares when he could have realized a major profit, your client began a campaign of blaming Mr. Mancino and Mr. Elfenbein for his loss. Mr. Elfenbein decided to help your client out by giving him $20,000.00 in debt from another company for $500.00. Mr. Elfenbein had no contractual or fiduciary responsibility to help your client financially after his loss but merely did so out of his own generosity.

?Your letter of September 10, 2012 accuses Mr. Mancino and Mr. Elfenbein of having committed fraud against your client through what you call undisputed misrepresentations that allegedly induced your client to invest $93,500.00 in BSOM stock at the price of $.47 per share. This is a complete fabrication of the actual facts. Your client merely asked about potential investments, was told about the possibility of BSOM, then went ahead and without further consultation purchased $93,500.00 in BSOM stock, held it without bothering to track it, and then missed out on the potential of selling it for $.88 cents per share. Your client is negligent on his own account. Neither Mr. Mancino or Mr. Elfenbein are contractually responsible for your client?s loss.

Your client merely asked for an opinion about an investment and then acted on his own accord without further discussion or questioning. Mr. Mancino and Mr. Elfenbein did not have a fiduciary relationship with your client and never acted as brokers in the transaction involving your client?s purchase of BSOM stock. There are no set of facts as related in your letter that lead to any liability for your client?s loss on behalf of Mr. Mancino and Mr. Elfenbein. Should you choose to pursue a lawsuit against Mr. Mancino, Mr. Elfenbein and OTC Capital Markets, LLC then it is our belief that your client will not prevail and my clients will then proceed and file an action for malicious prosecution.

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