Complaints

• Initial Complaint

  10/30/2024

  Complaint Type:

  Product Issues

  Status:

  Unresolved

  More info

  I am formally lodging a complaint against CIM Securities and broker Jack M. due to ongoing issues that have severely impacted my company. Our difficulties have escalated, with Mr. M.attempting to blame us for not meeting our contractual obligations. This behavior appears to be an attempt at gaslighting to obscure his failure to deliver. Despite providing him with ample time and resources, he has consistently failed to fulfill his duties. Initially, Mr. M. pressured us to make a significant upfront payment of $13500, assuring us that he had investors ready to invest in our company. After transferring the funds, we were met with a series of excuses, including personal issues, health problems, holidays, and market downturns. These delays have now stretched over a year. Despite repeated requests for evidence of his outreach to investors, Mr. M.  has failed to provide any substantiation, citing privacy concerns for the investors. We have email correspondence that outlines Mr. M. promises regarding investor interest, clearly intended to expedite our decision to wire money to him. Given the time and resources we've invested, we are requesting a full refund of our payment. It is clear that Mr. M. and his associates never intended to fulfill their obligations, and we believe their actions amount to misrepresentation and fraudulent activity. We are reaching out to the BBB for intervention in this matter and seek your assistance in facilitating a fair resolution. Additionally, we urge you to review CIM Securities' fraud-related records, as we have learned from a securities attorney that there are multiple victims affected by alleged fraud from this company. Given CIM Securities' troubling history, we hope the BBB will hold the company and its representatives accountable for our refund and prevent further harm to other investors and entrepreneurs. Your involvement can help protect others from similar issues.

  Business response

  12/12/2024

  "Adi, I ...just learned of your disagreement with CIM Securities on the meaning of a "best efforts" Engagement Agreement. Clearly, our respective expectations of our professional collaboration differ. We again refer you to the written executed Engagement Agreement and the terms which govern our obligations. The Engagement Agreement is terminated except those provisions which survive termination. ***'s obligations under the "best efforts" arrangement have been fulfilled. Regulators are well familiar with "best efforts" agreements that are typically used when the offered securities carry more risk and market acceptance is uncertain. At least we agree the Engagement Agreement is terminated and wish you the best for your commercial success." Sent to ***** ** ******* on 11/16/2024

  Customer response

  12/27/2024

  
  Complaint: 22484743
  
  I am rejecting this response because:This issue remains unresolved. The claims made by **** ***** of CIM Securities regarding his best efforts are false, as no work was ever completed. There is no evidence of any work on his part. After receiving our money, he failed to deliver anything in return, including the *** Agreement for which we paid his lawyer $3,500. From the beginning, we believe they have acted fraudulently. We are currently in the process of filing fraud cases against the individuals involved and are also working with *****. Additionally, we are collaborating with other victims of this company, particularly regarding this agent. For further information, we encourage you to search online for their company and brokers names to see how many investors they have scammed, most especially this **** *****.
  
  
  
  Regards,
  
  ***** **

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩