Quantum Executive Corporation
We have had a number of requests regarding the Quantum Group and Quantum Executive Corporation. We have catalogued 2 items below. While we have no reason to believe PILL is operating illegally, it appears that Quantum may be promoting prime bank debenture type programs and using the PILL credit card to add legitimacy to their programs.
1) NEW ZEALAND NEWS ROOM PRESS RELEASE
CONSUMERS INSTITUTE - 27 March 1998
Consumers are being conned into sending large sums of money to offshore investment scams, Chief
Executive David Russell said today.
"We are aware of at least one person who wanted to send $10,000 to Quantum Executive
Corporation, based in Antigua", Mr Russell said.
Quantum Executive Corporation promises annual interest rates of 156%, and claim your investment
is bank guaranteed. New Zealand promotional material says that some of the money will be invested
in a "P.I.L. trust fund".AND
2) UNITED STATES SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO 15880 / September 14, 1998
SEC V. TEDDY WAYNE SOLOMON AND LISA STEVENS, individually and d/b/a
PLATINUM INTERNATIONAL, AND QUANTUM GROUP a/k/a QUANTUM TRADING,
LTD.
3:97-CV-2712-H (USDC/ND TX, Dallas Division)
On September 9, 1998, in a civil action brought by the Securities and
Exchange Commission ("Commission") involving so-called "prime bank"
securities, defendants Teddy Wayne Solomon ("Solomon"), Lisa Stevens
("Stevens") and Quantum Group ("Quantum") agreed to the entry of orders
of permanent injunction against them. The Commission also filed an
amended complaint to seek recovery from four persons who refuse to
return $400,000 of funds Solomon obtained from investors.
The orders, which enjoin Solomon, Stevens and Quantum from future
violations of Section 17(a) of the Securities Act of 1933 and Section
10(b) of the Securities Exchange Act of 1934, and Rule 10b-5
thereunder, arise from charges in the Commission's original complaint
that they fraudulently offered and sold interests in fictitious "Prime
Bank Instrument" trading programs through Platinum International
Associates and Quantum. The complaint alleged that Solomon and Stevens
represented, among other things, that they were agents for foreign
securities traders trading in large-denomination debt instruments
issued by "one of the top 25 world banks," and that an investment in
the trading programs would generate "safe, guaranteed" returns of as
much as 4,300% annually. In fact, according to the complaint, Solomon's
and Stevens' representations were false: the trading programs did not
exist, and Solomon and Stevens, in an apparent "ponzi scheme," used
funds taken from investors to pay supposed profits to their business
associates, to repay other investors, and for their own purposes.
The court also ordered Solomon, Quantum and relief defendants Quantum
Air Express, Inc., and Cherokee Worldwide Express, Inc., to pay
disgorgement, jointly and severally, in the amount of $2,929,510, plus
prejudgment interest, with two provisos: (1) that Solomon be credited
for any sums actually collected by the Commission in this or any
ancillary proceeding against any person holding funds that were paid or
given to them by Solomon from the proceeds of the unlawful activities
alleged in the complaint; and (2) that any remaining amount be waived
based on Solomon's demonstrated financial inability to pay. Stevens was
also ordered to pay disgorgement in the amount of $19,210, plus
prejudgment interest; however, payment of the full amount was waived
based on her demonstrated financial inability to pay. Because of their
poor financial condition, no civil money penalties were imposed on
Solomon or Stevens.
In pursuit of recovering additional investor funds, the Commission
amended its original complaint to add four relief defendants to the
action; Fidelity International Bank ("FIB"), Dunamis Enterprises
International ("Dunamis"), Gilbert Zeigler, and Graham Young. The
amended complaint charges that FIB, Dunamis, Zeigler and Young hold,
and refuse to return, $400,000 of funds Solomon obtained from
investors, which they know to have been obtained illegally by Solomon
and subject to an asset freeze order entered by the court.
--------------------------------------------------------------------------------------------------
Quantum may have changed locations and name. We do not know if the Quantum Group in the SEC
complaint is the same entity as one mentioned in the warning issued in New Zealand but both were involved in similar "trading programs."
It is extremely important to perform a thorough due diligence before investing offshore. This
information is for discussion purposes only. Seek the advice of a competent professional before embarking on any investment or other legal program.
We are aware of PILL and know people who use the company to provide trusts and IBCs wecannot find fault with them at this time. They offer a Visa credit card in conjunction with an offshoretrust. We have had no complaints from those using PILL to form trusts, IBCs or credit cards. They have been in business since 1994 as far as we know.
Interestingly, Gilbert Zeigler of Fidelity International Bank, mentioned in the SEC action above is also known as Van A. Brink (ex-chairman?) of the First International Bank of Grenada.
Back to Goldhaven - Your Offshore Information Resource