Commercial debt collection scam using the names Greg Woodstock and Raylteen Ltd
Date First Reported: August 2015
Primary Name Associated: Greg Woodstock
Description of Potential Fraud:
Two Ontario firms notified us that they received an email from the purported Greg Woodstock of Raylteen Ltd looking to retain them with regards to a commercial debt collection..
This appears to be a bad cheque scam that presents as legal matter requiring the assistance of a lawyer. In this scam lawyers will be duped into wiring real funds from their trust accounts after depositing a fake cheque received as payment from the purchaser (who is part of the fraud).
See our Confirmed Fraud Page for more of an explanation of how these frauds work and to see other names associated with it. Our Fraud Fact Sheet lists the red flags of a bogus legal matter that is really a fraud.
In this case, the fraudsters even built a website (though all the images of the executive team appear to be stock photos available online). Here is the initial contact email sent to the lawyer:
I am contacting for a collection service. Please let me know of your assistance so I can send more details.
The Gables, Torquay Road,
Foxrock, 733010 Ireland
Replying to the email brought this response:
Thank you for your response to my inquiry for collection services, I do appreciate your time in reviewing my request, because my aim is to find a reputable collection agency that will bring discomfort to the party on the other side. Basically, Raylteen Ltd is into funds management and our contact details are stated below:
THE GABLES, TORQUAY ROAD,
FOXROCK, 733010 Ireland
Raylteen Ltd represent a group of elite businessmen who are into the business of giving out loans to individuals and company (co-operate bodies), however for some reasons (political and others) my clients will appreciate their identity(ies) be kept untold; hence if this is okay by you, please do let me know how best you can represent me in this matter.
This Borrower is a group of companies we (I and my clients) have known for years now and have done business with in the past without any issues. They requested a loan from my clients, due to the past relationship they have had on business dealings and after much meetings we had with our clients, we (my clients and I) decided to issue out the loan. The amount loaned was $8,450,000.00 CAD with a two years 6% interest rate per year amounting to the total of ($9,464,000 CAD). They have made payment twice through their broker/sister company of the sum of $8,850,000.00 CAD out of a total amount, the balance of $614,000 CAD is still outstanding till date, even though promises have been made that they would pay the balance and this have passed the due date.
Upon your response and should you/your firm want to represent us (I and my clients) in this matter, please do send your service agreement so it can be reviewed.
Any documents revealed in this mail should be confidential if your services are engaged or not.
To further our better understanding, we would like you to tell us more about your services by given a specific answer to the below:
• Which of the court would be appropriate to file for law suits “IF LAW SUIT” becomes necessary?
• How many matters have you handled in the past years and also your success rate?
• We would like to know your fee structure in details first (NO WIN NO FEE or otherwise), as we don’t want any confusion relating this.
• We would also like to know if you will be handling the case yourself as most collectors/attorneys handled their cases to junior collectors/attorneys.
• What kind of background or experience do you have in this specific area?
• We would like to know your means/advice of alternative dispute solution on the case?
• We would also like to know if you/your company’s policy allows you to deal with a broker/representative instead of dealing directly with the debtor.
Should you/your firm want to proceed with me, I would appreciate if you send your service agreement so it can be reviewed, signed and send back.
I would be waiting to hear from you.
The Gables, Torquay Road,
Foxrock, 733010 Ireland
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 SheetMore 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.