David Bebout GF&L Holdings Corporation / Phony Letters of Intent
Warning! David Bebout cannot deliver what he represents. He gave my client a $500, 000, 000 Letter of Intent over two years ago. In the letter it says you must obtain a Letter of Credit. He says this LOC is a requirement of the IRS to make a forgivable loan. This is not true. There is no such requirement. My client has paid him tens of thousands of dollars in expenses to travel to exotic places and he has produced nothing. As it turns out he billed two other clients the same amounts at the same time for the same trips and in some cases up to four clients. Why would you need a LOC if they are going to forgive the loan anyway? It is all bogus.