In October 2014 our company was introduced to Mr Hiram Ryan by consultant Dwain Wiley of Canada. Mr Ryan induced our company to wire him $500,000 to participate in what he described as a "high yield" investment program that would pay out over a 40 week period.
Ryan sent us a contract with an attachment that showed the pay out schedule. In the payout schedule, our company was to receive its initial investment within four weeks.
Well, four weeks came and went and we received a call in late October from Mr Dwain Wiley that the program initial payout would be delayed until late November. And, of course, late November came and again without our initial capital being returned.
The 2014 holiday season then began and Mr Ryan gave all kinds of excuses as to why the program wasn't performing. However, he maintained during this period that two "stand by letters of credit" had been obtained and he was just waiting for them to "monetize".
By the end of December, our company knew there was a problem so our company, RSA Funding, LLC contacted Ryan directly and he admitted that the "investment platform" had failed and gone awry. On 12/26/2014 Ryan sent a letter to our company promising the he would be liquidating his invest account at "Fidelity" and would return all investor capital within a few weeks. In the letter, he also promised to use his own funds to enter into a new investment program on behalf of the investors.
Again, a few weeks came and went and Ryan failed to return any investor capital as promised. Weeks became months and finally Ryan admitted that he had given at least some investor funds to an individual by the name of Jeffery Maurice Robinson. We immediately hired a private investigator to look into this mysterious Robinson and we're astonished and disgusted to learn that this man had committed a series of white collar thefts and was a convicted felon. Ryan claimed ignorance in the matter and conceded that he conducted no due diligence on this Robinson.
Our company and its attorneys then demanded a full accounting of exactly how Ryan had disbursed investor funds. Ryan simply stated to us that his attorney would not all him to give an accounting of the stolen funds until "all investor capital was returned first". This led us to believe that this was a much more complicated and troubled situation than what we first thought.
It has now been over 16 months and Ryan has yet to honor his promise to return the stolen funds. Our company has gone to great expense to recover the stolen funds and have began litigation proceedings against Hiram Ryan for civil theft.
We call upon Mr Ryan to honor the commitment he made in his December 2014 letter and return our funds and applicable damages we have suffered.