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| Convicted Fraudster Monte Friesner Dr. Monte Friesner, pronto cash, One World Financial Solutions, Swiss Hannover, Blue Dolphin Yachting Club, Panama |
| 19th of Mar, 2013 by User322901 |
| Information keeps coming in about the criminal past of Monte Morris Friesner, who heads the Panama Sailing School and theBlue Dolphin Yachting Club and is behind a number of extremely suspicious financial enterprises like Pronto Cash (website has been closed down), One World Financial Solutions (which also operates under the name “Carlyle Coutts“) as well as a real estate outfit called Swiss Hannover.The Panama Sailing School website still refers prospective clients to the Pronto Cash website to make payments, even though Pronto Cash, which purported to sell prepaid Mastercards issued by Panama’s National Bank, appears to be out of business. Meanwhile, Friesner already in 1986 admitted to the Montreal Gazette that he had a criminal past which includes convictions for fraud, assault, arson and possession of stolen property. But that, it appears, was only the beginning of a long criminal career.His gig, it appears, is advance fee fraud, something he got convicted of in the US (together with money laundering), and where the court summarized:The evidence presented at trial established Mr. Friesner was a consummate fraud artist. He sought out potential victims who were seeking enormous loans. Mr. Friesner would then enter into contractual agreements requiring the prospective borrowers to deposit a large sum of money, usually $250,000, in an escrow account as a commitment fee, demonstrating their ability and devotion to obtaining the large loans. The borrowers understood these commitment fees were to be returned to them in the event Mr. Friesner could not secure a loan for them. They were further led to believe Mr. Friesner would obtain a commission fee from other sources. No loan transactions were ever completed and the funds deposited in escrow were purloined by Mr. Friesner.Something similar appears to have happened with a company called Hy-Tek Oil Products Inc.. In 1988, The Journal Record published this story: HY-TEK MAY NOT BE ABLE TO COLLECT AWARD IN $11 MILLION DEFAULT CASEAn $11 million default judgment has been handed down by U.S. District Judge Ralph Thompson, but it may never be collected because two of the losing parties are in federal prison and another lives in Toronto, Canada. The judgment was rendered in favor of Hy-Tek Oil Products Inc., based in Oklahoma City and was related to a loan promised to Hy-Tek to purchase Sasnett Enterprises Inc., an Oklahoma City motor oil repackaging company, according to the suit.Sasnett Enterprises was involved in Chapter 11 reorganization proceedings that were later converted to Chapter 7 with the firm’s sale to a third party, according to court documents. Hy-Tek sued a Jordanian, Fayez Karim, and a Canadian, *Monte* Morris *Friesner*, because the two commited themselves to loan Hy-Tek between $3 million and $6 million to buy Sasnett Enterprises.The suit named another man, an American named Milton Fletcher. Fletcher and Karim were arrested in Chicago in 1987 and in May were convicted on 10 counts of criminal racketeering, mail fraud and wire fraud, according to court records.The judgment, entered in Oklahoma City federal court, was the result of a civil racketeering case brought against them and their corporation, International Lending Sources Corp., by Hy-Tek. “They never performed on their commitment,” said Walter Jenny, Hy-Tek’s attorney. “They never really gave a reason. That’s one of the reasons the lawsuit was filed.”Jenny said Karim, prior to 1986, was a fairly reputable businessman claiming to be involved in “hundred-million dollar deals” including a $500 million deal in Manhattan, although the Federal Bureau of Investigation later told Jenny that Karim lived in a garage apartment while making the deals.Karim went into business for himself, Jenny said, “and proceeded to deal with my client.” Since Karim and Fletcher are in federal prison for four years, *Friesner*, the Canadian national, is the only person involved with assets that Jenny may be able to obtain in partial payment of the judgment.Jenny said he has retained a Canadian solicitor to conduct an asset search on Friesner, who lives on the shore of Lake Erie in a luxury condiminium complex called Palace Pier. “Freisner came in with one $20,000-wire dated three days after my client wired $20,000 to Karim,” Jenny said, according to information from the Federal Bureau of Investigation. “That’s the trigger as far as we were concerned,” Jenny said, because on the transfer was the word “Hy-Tek,” his client’s corporate name.Jenny said part of the lavish lifestyle maintained by *Friesner* includes traveling by Lear jet wherever he goes, including on a trip to Oklahoma City. “When Karim and Freisner came to Oklahoma City they came in a Lear jet,” Jenny said. “Apparently Karim and *Friesner* have an ability to get around when they want to in pretty good style.”Jenny said he has spoken with *Friesner*, the last time was in July, and *Friesner* said he would retain counsel and participate in the litigation. But no entry of appearance was recorded in court files and the default judgment was entered because the defendants did not participate in the Oklahoma City case. “I haven’t heard from him since,” Jenny said. Jenny said he was told at one time that Karim had millions in two trust funds located in a numbered Swiss bank account, “but apparently that was not true.” “I really don’t have any reason to believe that he has any assets.”Jenny said it was his understanding that the $11 million American judgment will have to be converted to a Canadian judgment for Hy-Tek to collect. If the asset search turns up empty, then the judgment “is (only) worth the paper it’s printed on,” Jenny said.Not long after this, in June 1990, Friesner was declared bankrupt – for the second time – in Canada with liabilities of $11,461,722.00 and assets worth….. $200.Bankruptcy, click for full sizeThe trail of his criminal activities then shows us that on the 25th of June in 1998, he was released from prison in the US, having finished a sentence related to the aforementioned case – which also explains where he got the money to fly around in Lear Jets: He stole it!Leaves one wondering about those yachts, doesn’t it? |
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