Our office initially contacted UC Funds through Bancport Commercial Capital. UC Funds highly recommended Private Wealth Capital ( A division of AJMC Holdings LLC) to extend financial accommodations to USS Lofts. As a representative of USS Lofts I signed an agreement with Private Wealth Capital (PWC) back on 11/14/14. (See attached) We wired $20, 000.00 for upfront fees to a PWC account located in California. It took until the middle of January 2015 for PWC to engage with an appraiser. At that time PWC agreed to an AS-IS appraisal as indicated in the executed contract between PWC & the appraiser. After the appraisal was performed PWC stated that the appraiser did not complete the required As-Built appraisal. (See attached executed appraiser proposal.) On 2/6 private Wealth Capital requested the appraiser to perform the As-Built. When the appraiser asked for compensation PWC responded that payment would be sent after appraisal was completed. At that time USS Lofts realized that things were not progressing as expected. The credibility of PWC was in question. PWC then agreed on 2/16 to pay the appraiser upfront and that a check was FedEx in the amount of $15, 000. A week later we are told that the PWC back office mistakenly mailed the check through USPS. Based on our phone conversation two weeks later Justin Cozart, the representative of Private Wealth Capital, stated that he would personally FedEx the check. That was on 3/11. USS Lofts tried to work with PWC through many emails and phone calls to expedite the appraisal. We have a multitude of emails where Justin Cozart, the representative of Private Wealth Capital, was going to get a fed ex tracking number to locate the whereabouts of the appraiser's check to us in 2 hours. As of 3/16/15 Private Wealth Capital, A Division of AJMC Holdings LLC, has not forwarded a check or wire to the appraiser as agreed upon back on 2/16.
It was obvious at this point to us that Private Wealth Capital had no intention of abiding by the agreement with USS Lofts. My partners and I requested to cease any further business ties with Private Wealth Capital ( A division of AJMC Holdings LLC) Based on the Commitment section of the agreement USS Lofts requested that all unused funds paid be wired back or Fedex ASAP. A week later PWC emailed over a General Release form for the return of the remaining unused funds. (See attached) The form was generated by a law office by the name of Ferdinad P. Serpe & Associates, Ltd. Our partners at USS Lofts signed the release form on 3/28. The conditional form stated that $15, 000 would be returned within 14 days of execution of the release agreement. After the 14 days lapsed our office contacted PWC. Their representative Justin Cozart stated that their office released the funds to the law office and have closed their file with us. We contacted the law office and the attorney Mr. Serpe had no knowledge of receiving any funds from his client (PWC).
As of 6/10/15 both parties Private Wealth Capital ( A division of AJMC Holdings LLC) and their legal firm Ferdinad P. Serpe & Associates, Ltd have not assisted to the whereabouts of the $15, 000.00 that is owed to USS Lofts based on the refund section of the executed agreement.