Federated Purchaser, Inc. (fka FEDP)

[$hellKing]

This was starting to look promising but just read some bad articles. Looks like a failed RM and some are saying scam while others are saying they got paid back. But if that one poster is right about the 11 companies then something must be sour.


Report: Alton Minton ,CEO Of Lakeside Insurance And Financial

Category: Insurance Companies
Alton Minton ,CEO Of Lakeside Insurance And Financial, Professional Con-Artist Scammed Me and my friends for $71,250 in Nashville, Hendersonville Tennessee
*UPDATE *UPDATE ..Alton Minton Nascar Simulator Issue has been Fully Resolved
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Alton Minton ,CEO Of Lakeside Insurance And Financial
Phone: [phone]
Fax:

116 Hillcrest Dr.
Hendersonville, Tennessee, 37075
U.S.A.
Submitted: 3/13/2008 9:41:18 AM
Modified: 7/2/2008 4:48:48 PM
Reported By
John
Nashville, Tennessee

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First of all, me and 3 of my co-workers were SCAMMED twice. Here is how it started. We needed insurance for business and for our customers and met a wolf in a sheep's clothing... named Alton Minton.

He came to our job to give us a quote and invited us to lunch to discuss it. He gave us a quote and told us how his company 'Lakeside Insurance and Financial, Inc.' was about to get its own ticker symbol and 'go public' on the stock market.

He said investors had been buying shares of the company for 2 years and that once it went public, they would be rich. Alton told us that in 120 days, his company would be trading on the stock market for $3.00 per share. He said we would TRIPLE our money in 120 days! He was much more interested in us buying shares of stock than selling us insurance. That should've been the first red flag.

Weeks later, after many meetings, professional charts/brochures and fancy lunches with Alton Minton, me and 3 of my co-workers decided to invest $15,000 each. He said we were now on his 'advisory board' and the stock would open at $3.00 per share. They opened alright- at 1/3 of 1 cent per share! Our $15,000 each just turned into a measly $45! The ticker symbol is FEDP. Not a new symbol but one from some other company called Federated Purchasers, Inc from 10 years ago.

Right after the company went public, he closed down all 6 offices of Lakeside Insurance and Financial Inc, left no forwarding address, and changed his cell phone number. And a year later- the stock is sill at .003 or 1/3 of 1 cent.

And what makes it worse is that we also gave him $16250 to invest in Nascar simulators he bought from the ones that used to be in Opry Mills Mall in Nasville, TN. Alton told us they would be set up within 21 days from March 14th 2007. (This was before the stock scam was complete or we obviously wouldn't have done this).

Alton said the simulators would be set up in 21 days (5 in Murfreesboro, TN and 5 in Hendersonville, TN. We would invest in cars and would be paid half of the profits from the cars and half from the profits of the concession stands. The price would be $7 per ride. He had detailed business plans and calculations and said we would make about $3000 per month as our part of the profit.

A year later, we still have not even seen these simulators. Alton keeps changing his phone number and we cant track him down. Also look up and article called 'shares of sorrow' on the internet at www.nashvillepost.com. Alton minton was reported to sell shares of jet airplanes he didnt even own to famous celebrities.

I don't know how many people he has scammed in his life... but if you ever hear his name- run. I hope this report will stop someone from getting scammed in the future. He is a wolf in a sheep's clothing for sure.

The main company address was at 3588 North Mt. Juliet Rd.
Mt. Juliet Tennessee, 37122

Joe
Nashville, Tennessee
U.S.A.
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Updates & Rebuttals:
Updates & Rebuttals

* Join the Club Anonymous [4/8/2008 1:01:25 PM]
* Another victum Danny [4/14/2008 6:11:59 AM]
* Alton Minton Ceo of Lakeside Insurance and Financial Paying Me Back *Update* John [4/26/2008 9:50:04 AM]
* Alton Minton Nascar Simulator Issue has been Fully Resolved John [7/2/2008 3:27:30 PM]


ConsumerComment
Submitted: 4/8/2008 1:01:25 PM
Modified: 4/8/2008 1:45:16 PM
ConsumerComment
Anonymous
Hendersonville, Tennessee
U.S.A.
Join the Club

To Joe in Nashville,

I am sorry to hear of your loss, however I am not surprised. Lakeside Insurance and Financial happens to be one of Alton Minton's latest scams. I know of at least 11 more of his companies/scams; non of which survive today. His methods are the same so much so, you could simply change the names of the companies and 'investors'/'marks' in your letter with only slight variations. I have had a judgment against him since 2006 along with many others. At last count he has over $760,000.00 of judgments against him with more pending. These judgments are as old as mid 2005. These only represent people that have the paperwork, means, and fortitude to sue him. I know of others that have none of the above as they trusted Alton Minton implicitly, turning over hundreds of thousands of dollars to him to 'invest'. I doubt I can help you recover your money, but I may be able to save you addtional time and money. If you would like to discuss this with me send contact information to [e-mail]. You said it right when you discribed him as a 'wolf in sheeps clothing'.

One of the Sheared!
ConsumerComment
Submitted: 4/14/2008 6:11:59 AM
Modified: 4/14/2008 8:23:06 AM
ConsumerComment
Danny
Old Hickory, Tennessee
U.S.A.
Another victum

Alton S.Minton used a like scam to intice me to accept 250,000 shares of FEDP stock of what he said would turn into Lakeside insurance stock.He wrote me 2 bad checks promising payment of $50,000 by contract he was to return with interest.Never happened.All lies!This is to the other victum named John..
Update
Submitted: 4/26/2008 9:50:04 AM
Modified: 4/26/2008 11:03:04 AM
Update
John
antioch, Tennessee
U.S.A.
Alton Minton Ceo of Lakeside Insurance and Financial Paying Me Back *Update*

Alton Minton has paid me back $700 towards the Nascar Simulators as of April 25th, 2008. He says he will pay me back completely by the end of May 2008. I hope so. We'll See
Update
Submitted: 7/2/2008 3:27:30 PM
Modified: 7/2/2008 4:48:48 PM
Update
John
antioch, Tennessee
U.S.A.
Alton Minton Nascar Simulator Issue has been Fully Resolved

Alton Minton has paid me back COMPLETELY for my investment in the Nascar Simulators. This issue has been completely resolved. Although neither one of us made any money off the deal, Alton finally had the financial ability to do the right thing and gave me and my co-workers our ENTIRE initial investment back.

Apparently, someone stole $40,000 from Alton Minton and Lakeside Insurance and Financial last year during 2007. This is what put him and his company in a bind. When I first heard this, I didn't believe it either. I thought this was just a stall tactic for not paying me my money. But Alton showed me all the documents, emails, and evidence to prove it.

Also, I got to see, if nothing else; that the simulators do actually exist. They are in the back of some semi trucks in a storage lot in lavergne, TN. I can't say for sure who owns what percentage of them or what their future will be, but I did get to see that they are real. Whatever Alton decides to do with them now, is fine with me.

At the time, I was paranoid, emotional, and felt as if I was being scammed. The 'victim mentality' kind of took me over and may have clouded my perception. While anything is possible, I now feel that it was most likely caused by bad luck, bad timing, and forces beyond our control. In any case, Alton Minton choose to do the right thing- that is by keeping his word, and paying me off. He made the ethical choice, even-though he had not profited himself from the Nascar Simulators.


http://www.ripoffreport.com/reports/0/317/RipOff0317550.htm