Business loan fraud by Richard Frazier
Date First Reported: July 2012
Primary Name Associated: Richard Frazier
Description of Potential Fraud:
Lawyers in Ontario, Florida and Germany have notified us that they’ve received an email from the purported Richard Frazier looking to retain them with regards to a breach of a business loan agreement. This is similar to other frauds of this kind we have seen. For a full description of how this fraud works and to see other names attached to it, see our Confirmed Fraud page that deals with business loan frauds.
Here is the email and fake ID:
From: Richard Frazier [mailto:[email protected]]
Sent: July-10-12 11:32 AM
Subject: Potential Litigation Claim
My name is Dr. Richard Frazier and I provided a client of mine Mr Robert
Garcia a business loan in the amount of $394,000. He needed this loan to
buy some equipment for his business in 2009. He is based in
yourJurisdiction. The loan was for 24 months and interest rate of
8.75%.The capital and interest were supposed to be paid on December 15th
2011 but Mr. Garcia has only paid $91,100. Please let me know if this fall
within the scope of your practice so that I can provide you with the loan
documents and answer any other questions you may have.
How to handle a real or suspected fraud
If you have been targeted by any of these frauds, please forward any of the emails and supporting documents that you have received to [email protected]
If you suspect you are acting on a matter that might be a fraud, call LAWPRO at 1-800-410-1013 (416-598-5899). We will talk you through the common fraud scenarios we are seeing and help you spot red flags that may indicate you are being duped. This will help you ask appropriate questions of your client to determine if the matter is legitimate or not. If the matter you are acting on turns out to be a fraud and there is a potential claim, we will work with you to prevent the fraud and minimize potential claims costs.
If you have been successfully duped, please immediately notify LAWPRO as there may be a claim against you.
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Fraud Fact Sheet More fraud prevention information and resources are available on the practicePRO Fraud page, including the Fraud Fact Sheet, a handy reference for lawyers and law firm staff that describes the common frauds and the red flags that can help identify them.