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Garrison Securities SA / FRAUDULENT AND SCAM-BASED ORGANIZATION

1 B√Ętiment Banque Nationale Suisse Rue, Lausanne SwitzerlandSwitzerland Review updated:
Contact information:
Phone: +41 21 341 13 30

I have worked with Dan Terry, Nick Fox, Jason Mitchell, Richard West, Paul Jordan, and Joanne Dolan of Garrison Securities SA located at Bâtiment Banque Nationale Suisse Rue de la Paix 6 CH – 1003 Lausanne, Switzerland (http://www.garrisonsecurities.ch/) for a year in structuring an international financial transaction for a European developer. My company was involved in structuring a financial transaction with Garrison Securities SA providing an investor that would arrange the necessary collateral to secure a €100.0 million line of credit from a European bank. Despite contracts confirming Garrison Securities SA obligation and responsibility they did not perform as instructed. In addition, they collected €150, 000 from my client. These funds were requested in order to pay for the costs to set up the investor arrangement. This never happened. Despite my team providing several European banks as possible credit facility providers, Garrison Securities SA never provided them with proof of an investor or the assets the investor was contracted to bring to the transaction. This caused these banks to either terminate their initial interest end their involvement in the engagement due to Garrison Securities SA non performance.

I have been speaking with several other groups that have had similar experiences with Garrison Securities SA. They appear to be an organization that will offer you a letter of commitment (Offer of Collateral Provision or “OCP”), and ask for an upfront fee to execute engagement (€150, 000 for every €0-€100.0 million of investor collateral arranged), but will then find a way to back out of the transaction and base it on the fault of the client. This is always discovered several months after they collected the upfront fee. In our case it was 12 months later and they used misinformation, misdirection, and manipulation in their involvement with my company and a United States escrow company. Funds were wired through Citibank, NA and Union Bank to Garrison Securities SA corporate account at Hinduja Bank Limited in Geneva, Switzerland for their benefit and with a contract indicating their commitment to perform. However, they did not which has pushed my company to go after them for corporate fraud, international bank fraud, and international wire fraud.

Furthermore, they are using banks such as Bank of New York, UBS AG, Clariden Leu, Credit Suisse, Deutsche Bank, and HSBC London in order to obtain these upfront fees. Garrison Securities SA claims they are able to have their investors issue bank guarantees from these banks. They will use information from these banks’ websites and names of bank officers in their scheme to provide credibility or legitimacy in their operation. But, you will eventually discover that Garrison Securities SA really doesn’t have these relationships with these banks or its bank officers. Also, this is the same case with their inability to confirm their “earmarked” investors or collateral backing your transaction.

Garrison Securities SA has currently scammed close to €1.0 million from a number of groups that I am currently in discussions with. I have been informed that have several lawsuits pending in Switzerland. Also a number of banks have had clients experience they same form of fraud after paying their upfront fee. I am currently working with the United States Federal Bureau of Investigation (FBI), US Embassy in Switzerland, and the Swiss Financial Market Supervisory Authority (FINMA) to obtain my client’s money back and to report their fraudulent activities. If you would like to be part of this action against Garrison Securities SA, please contact me. I will also make all internal files and information available to anyone that has also been defrauded by Garrison Securities. I have over 1, 000 pages of written and documented proof of their fraud in the form of emails, contracts, and letters.

Please contact me through this site. We will not let Dan Terry, Nick Fox, Jason Mitchell, Richard West, Paul Jordan, and Joanne Dolan of Garrison Securities SA continue their fraud which has severely and negatively impacted the success of projects, businesses, and individuals.

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Comments

  • Sc
      5th of Oct, 2010
    0 Votes

    I am very glad I found this complaint.
    My company has also recently been defrauded by Garrison. We started additional research and were able to reach a couple of their customers who also say they have been scammed out of sizeable amounts of money.
    I will personally forward this information to them.

  • Sw
      6th of Oct, 2010
    +1 Votes

    I know of several other groups that also have had some issues with Garrison. The problem with this group is that they can not prove they can perform. I recommend that anyone that works with them confirm that they have an investor before you send them any money. Fee scammers are notorious for spending more time getting the money than providing any service. Swiss banking system has a very high integrity so if they are frauds, they will soon be smoked out.

  • Sw
      8th of Oct, 2010
    0 Votes

    I sent the below comment to a person who asked for my opinion on Garrison they were defrauded. There comments will be on my next post.

    I have been informed by fellow bankers in Europe that they scam clients by requesting upfront fees and at time of performance will request items that will be undeliverable. They do this in order to claim that the client has not performed according to contract. This then justifies them taking your 150K euro due to your failure to perform. Sir, I am sorry to have to tell you that, but I think they will not perform and you probably will lose your money.

    Also, the banker that has worked with a client that also had a contract with Garrison informed me that they are unable to verify the collateral provider or that they have the collateral to perform. I know a few banks that have decided not to work with them because they are unable to prove the having a pending guarantee or asset backing that guarantee.

    Remember Bernard Madoff had a fancy office and great lawyers too! If you are able to collect fees of 150K euro from six clients a month that is a total of 900K euro a month in fees. I am sure you can rent a fancy office as well and not spend too much in overhead on the transaction since you never intended to perform.

    Good luck on your efforts.

  • Sw
      8th of Oct, 2010
    0 Votes

    This was sent to me by email yesterday -

    Hello,

    I saw your reply about Garrison Securities. I was surprised that they scam people because I and my company are the clients of them. We have one deal on a middle stage with them and have paid 150K EUR already. Now hey have requested too much information which we can hardly provide at that stage to them because we have no evidence about that they can perform after. Do they have something behind or after can be other request. We do not want to loose that 150K and want to close this deal successfully. I know that they are financial brokers and acting as an intermediaries between two parties. They have very good lawyer and perfect location at Etat de Vaud and Credit Suisse building. I went at their offices before we started to go ahead.

  • Sw
      8th of Oct, 2010
    0 Votes

    This person sent me this email below has just been defrauded by Garrison Securities SA. Unfortunately, there are many more stories like this. I recommended he file criminal charges at the local police department. See below:

    Sir,

    thanks for your email and an information given.

    from your word it looks like true story... We have lost 150K. They have a good lawyers then to be able to sit in the government building together with ministry of finance...

    We have requested a BG 100M Eur from them as we have confirmed credit line at receiving bank for our projects and we need this collateral which they propose to us. The credit line can be authenticated and verified. They requested from us:
    - an appropriately drafted indemnity would be acceptable to the Provider; such an indemnity would require any calls against the guarantee to be reimbursed at the end of the term.
    - ideally the indemnity would be bank endorsed (depending on the bank chosen the Provider may proceed without any alterations), if this is not possible then the Provider would like a detailed report on the current and projected value of the proposed indemnitor, so as to establish the substance behind the indemnity and risk associated with the transaction.

    We are happy to sign any corporate undertaking needed to advance and conclude this transaction, but our receiving bank will not prior to the Instrument coming in.

    The simple facts, how can we provide anything to them, especially from the receiving bank, when we do not have which Bank, which provider, and or who the hell the Bank Officer is? Which came first the chicken or the egg ? In this case the dog !!!

    In return can how can they prove to us that they can indeed issue such an Instrument?
    In closing, we were happy to prove our position on a Bank to Bank basis (as stated time and time again to Garrison).

    So...

  • Ak
      8th of Oct, 2010
    0 Votes

    Here are the links I found for Garrison Securities…..Be aware of this group that are systematically defrauding people!

    https://www.complaintsboard.com/complaints/garrison-securities-sa-c379224.html

    /URL removed/

    http://www.newsalbum.com/Article/32730-GARRISON-SECURITIES-SA-SECURITIES-SA

    http://insidetradellc.com/forum/1094-post18.html

    http://insidetradellc.com/forum/fraud-protection/140-how-safe-program-3.html

    http://insidetradellc.com/forum/fraud-protection/

    http://fraudblog.net/index.php?q=node/141

    http://www.topix.com/forum/business/banking/T10BCGH7FS6Q5B27U

    http://classifieds.justlanded.com/en/Switzerland/Services_Legal-Finance/GARRISON-SECURITIES-SA-SECURITIES-SA-FRAUDULENT

  • Jp
      13th of Oct, 2010
    0 Votes

    It's interesting reading but it does sound like sour grapes. Its often the case that when dealing in financial matters such as these that one pays good attention to contractual obligations. Any 'scam' based companies will not function in Switzerland so I doubt that you have been 'scammed'. It appears to me that one should be careful when signing financial documents with Swiss companies that one truly understands ones obligations else you will not achieve success as is obviously the case here.

  • Mi
      14th of Oct, 2010
    0 Votes

    I think aka Swissbanker has an axe to grind! I know Garrison Securities as they flew a swiss banker from Credit Suisse to London to meet with one of my clients. I'm a broker in London. My client subsequently holds facilities in Switzerland thanks to Garrison Securities and confirm that I have had many successful dealings with them.

  • Ak
      25th of Oct, 2010
    0 Votes

    Mike Stone and JPLeonardPearce are employees of Garrison Securities. I don't know anyone, bankers included, that knows anyone that has successfully closed a deal by Garrison. However, I can directly give you contact numbers of people that have been defrauded by Garrison Securities. See below:

    I wanted to reach out to existing and former clients of Garrison Securities. Garrison Securities and its CEO Dan Terry have not repaid my client despite email correspondence from Dan Terry indicating that he will pay our client back. A few weeks ago, we travelled to Switzerland to file criminal charges against Garrison Securities. We went to a police cantonal located at Centre Blécherette 101 Rte de la Blécherette 1014 Lausanne. They informed us that Garrison has received complaints from other clients. They provided us with the necessary information to move forward criminal prosecution. We have been asked to collectively submit our complaints with other defrauded clients of Garrison. I would encourage you contact to me so I can provide information necessary so we can collectively submit our complaint to proper police authorities that handle corporate criminal fraud cases.

    Garrison has created a systematic fraudulent business model. It is based on presenting an applicant a collateral provision program that will provide a bank guarantee in order to raise a credit line. Garrison will provide you an Offer of Collateral Provision after paying their fee of 150, 000 Euros or more. Their application is based on the client providing them with an approved credit facility and an exit strategy based on the return of the bank guarantee (collateral) at the end of its term unencumbered. The normal exit is via a take loan, IPO, or another investor taking out the bank guarantee.

    However, the fraud scheme is in the fact that Garrison will then tell you after you send in your upfront fee that they require that the bank issuing your credit facility provide them a "counter guarantee". The bank is required to guarantee the return of your bank guarantee that is being used to secure your credit facility. The problem is that NO bank will accept a bank guarantee if they have to guarantee its return. What covers their risk? How are they protected in your transaction? The bank guarantee becomes and ultimately is worthless. Garrison Securities and its CEO Dan Terry use this loophole to make the case that you as the client have not performed and based on this fact, they do not have to return your upfront fee due to their non performance. They are fully aware that it is impossible for you to obtain a credit facility or ever complete a transaction with them since banks will not accept a bank guarantee that requires a counter guarantee. Also, by them only emphasizing this in the final stages of your transaction, client is only made aware of this fact when it is too late and after they received your upfront fee.

    Another fraudulent tactic used by Garrison is the fact that they cannot and will not confirm a collateral provider or collateral. Client is told to seek a credit facility from a bank based on receiving a bank guarantee from a top rated bank facilitated by Garrison. In addition, Garrison has approved the client and informed the client that they have been approved by their collateral provider and to pay an upfront fee for the arrangement. However, the client will never receive confirmation of a bank guarantee, collateral provider, or collateral. Once again, Garrison will use this as a scam tactic in order to block the client from performing and providing them with a credit facility. Garrison and its CEO Dan Terry will then use this as a tactic to claim the client has not performed in order to keep the client's upfront fee payment. They will then use their lawyers to ask for arbitration if you continue to demand your money back. In arbitration they will indicate that you have not performed because you were unable to guarantee the return of the bank guarantee or to obtain a credit facility.

    In summation, there systematic scam is in creating a gray area by misdirection and misinformation by designing contracts that misleads. Please contact me via email I can provide with specific requested procedures needed to receive your money back from Garrison Securities.

  • Al
      2nd of Feb, 2011
    0 Votes

    Please see a recent complaint that our group received concering Garrison Securities SA fraudulent and scam based business model;
    Hello,
    Between 2008 and 2010, our firm attempted to transact with Garrison. Many of the complaints you lodged were experienced by members of our team(s). However, we never provided funds to Garrison or any of its members.

    Our first introduction was to a Mr. Martin Pitt. Mr. Pitt left
    Garrison in the summer of 2009. Hence, I traveled to London to meet
    with both Mssr. Pitt and Dan Terry -- separately and individually.
    Mr. Pitt then running his own firm asked for an 'upfront fee' to
    transact a Bank Guarantee. We did not accept the offer due to our
    policy of NOT paying upfront fees for a potential non-transaction.
    Knowing that Mr. Terry would also ask for a fee we declined a June
    2009 meeting in France with both Mr. Terry and Mr. Nick Fox.

    Hope this helps.

  • Jo
      28th of Feb, 2012
    0 Votes

    These guys are Nigerian scammers.

  • Ik
      13th of Apr, 2016
    0 Votes

    These guys are not Nigerian scammers. Martin Pitt is an Englishman and you can search his name along with Avgen Capital Partners on Google. That's one of many companies he's been registered under.

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