ComplaintsforGlobal Trading Corporation LLC

• Initial Complaint

  05/14/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Unresolved

  More info

  On Feb 25th, 2024 I was contacted by a *************************, representing Global Trading Corp,LLC ********************** /email address ********************************* asking if I want to sale my timeshare in *********** at ****************. He told me that Coke a ************ is looking to purchase a block of time shares to provide for employees recognition vacations. I was interested because he stated they would buy it for $52,900.00 since I have a timeshare unit that was worth more than most because I upgraded to the Garaza complex as well. After researching this company, I found they have a good reputation and in good standing with BBB. I proceeded with the sale. I signed documents to proceed and was told to send $ $4,272.53 to pay off my balance that was owed to Villa Del *********************** Leisures Trust and $ $4,830.00 for the transfer of the sale and all this would be paid back by the purchaser. I wired the money to ********************* of New York Mellon acct#********** on March 14, 2024. The buyer was supposed to pay the taxes but Weeks later ****** calls me stating There has been an issue with paying taxes. That Mexico changed some rules and they have to get the taxes paid from the seller directly and I need to pay an addition $8K and I will get reimbursed for that by the buyer later. I refused and told him to cancel the deal. He tried but whomever he is dealing with in ****** won't give the money back. I also have been speaking to ******'s boss, *************************. same # ext 1023. It has been two months and no money has been returned. This company has no response to help us and they answer the phone but have no solution. They stated they many clients in the same boat and there is $72K sitting in a bank account. I want my money back, nothing was credited to my loan. As stated in the paperwork from Bandorte I would get the $52,900 for the sale and reimbursed for the $9102.53 from the buyer

  Business response

  05/14/2024

  All of the above information is correct all of our contact information is correct, how we as a company made the initial contact regarding *********************** *********************** right to use contract,everything in the transaction was going as it was supposed to, we do not know if this operational change is due to elections in the country of ****** or if this is a permanent change in the way these second hand purchases of intangible assets are carried out. *********************** attitude is understandable what ********************** is reluctant to understand is that permits for her to conduct business were activated and paid, in a third world country like ****** those monies are not refundable, our buyer has deposited reimbursements for her out of pocket expenses, those monies are released upon successful transfer of ownership of her right to use contract. We have received a signed notice of forfeiture and even went out of our way to have her cancellation penalty waived to avoid these type misunderstandings. What is not very professional of her was disclosing our buyers information, we have active NDAS in place and we are hired as a third party to avoid our buyers information being made public now we as a company could face legal repercussions because we are also under legal agreement with our purchasing party. All of this because a bank manager wanted to get out of a bad decision and decided to forfeit the transaction to avoid paying taxes, period. As a banker *********************** is well aware of the fact that a right to use contract has no monetary value in the eyes of a financial institution, we do not demand collateral from sellers like in a regular real estate transaction where sellers put up a deed into escrow and expenses are leveraged and deducted from the proceeds. She was well aware that she was responsible for covering her own expenses to kick off the transaction she willingly and knowingly signed a legally binding agreement outlining these terms and conditions. However the $4,272.53 USD that she put up to pay off her balance with *********************** will be refunded in a period no longer than 60 business days from the date her notice of forfeiture was received and entered, it will take a bit longer as her penalty fee has been waived.

  Customer response

  05/15/2024

  ********************* from this company called me yesterday in a threatening ****** upset that i made a claim to the BBB and it breaks a non disclosure agreement and said its going yo get ugly. . There is no NDA with real estate sale

  Customer response

  05/15/2024

   
  Complaint: 21707748
  
  The complaint letter written by ******************************* on behalf of his wife *************************** (*********) clearly outlines several issues with their experience with Global. Here's a breakdown of the key points:
  
  Allegations against Global:
  
  Misrepresentation: They claim ************ presented himself as a real estate professional from a real estate company (Global) when it was actually a third-party company.
  Deceptive Sales Tactics: Promises of a quick and easy sale were made but not delivered.
  Unprofessional Conduct: Red flags like an invalid address, lack of communication, inability to produce licenses, and requests for additional money after initial payment raised concerns.
  Predatory Behavior: Unprofessionalism and tactics used towards ********************* are described as predatory.
  Failure to Fiduciary Duty: The complaint argues that Global has a responsibility to act in their client's best interest and should have disclosed potential issues before the agreement.
  Broken Promises and Lack of Transparency: Difficulties reaching ************ and his manager, *****, along with unfulfilled promises regarding refunds and communication raise concerns about trustworthiness.
  False Statements: The claim that a Non-Disclosure Agreement (NDA) was violated is refuted.
  Threats and Intimidation: Allegations of threats and attempts to discourage filing a complaint with the BBB.
  Gender Bias: **************** comment about ********************* being a "bank manager" trying to back out is seen as unprofessional and potentially sexist.
  Desired Outcome:
  
  Full refund

  
  Additional Notes:
  
  The complaint mentions discovering negative reviews about Global after filing their own complaint.
  They believe their situation is not unique and there may be other affected clients.
  This complaint provides a strong case for further investigation into Global's business practices.

  
  

  Customer response

  05/15/2024

  In addition to my last response, the number for BANORTE which is on the form where the money was sent the phone number *********** is not a bank as I was told to call by ********************* Its actually an attorneys office so this number is being used fraudulently these people have no knowledge of any dealings with global trading Corp. LLC this is all fraud 

  Business response

  06/06/2024

  To help wrap up and address ************************* incoherent complaint, the whole operating procedure was explained in full detail before ************************* entered into this transaction via Legal Agreement. Her obligations as the seller of a non-tangible asset were thoroughly explained, she is and was aware that she was paying for a permit with Mexicos secretary of economy to be able to conduct business in that country this permit had a price tag of $4,830.00USD. this is not refundable,period.
  The additional $4,272.53USD. that were held by our legal representatives in ****** to pay ************************* balance with the *********** are being returned to ************************ as she decided to cancel the transaction, we have no need to hold on to her funds. As soon as those funds are returned we will provide all parties involved proof that the funds were returned.

  Customer response

  06/11/2024

   
  Complaint: 21707748
  
  I am rejecting this response because:

   

  I have not received a refund and it has been 60 days. I am attaching a letter of demand for a full refund.
  
  Sincerely,
  
  *******************************

  Business response

  07/29/2024

  We acknowledge the importance of resolving this issue and want to assure you that we are actively working towards a solution. As previously mentioned, we are currently awaiting the release of the funds.
  
  The initial transfer attempt failed due to missing information, specifically the clients ABA account number. We reached out to *********************** last week (or the week before) to obtain the correct details, and she can confirm our efforts in this regard.
  
  We are now awaiting confirmation of the incoming wire transfer to ***********************. Although the initial timeframe was not met, we remain hopeful that the matter will be resolved within this week. Once the transfer is completed, we will provide proof of the transaction to *********************** and to the BBB representative handling this complaint.
  
  Thank you for your understanding and patience as we work to resolve this matter.

  Customer response

  08/01/2024

   
  Complaint: 21707748
  
  I am rejecting this response because: ********************* called me two weeks ago stating he had part of refund but needed the routing number, which he already had. Then called back stating he needs a copy front and back of my drivers license to get my refund. This was to gain access to my Social security number and I refused.  This man is a fake and has taken over a business that was formed by *****************************. ****** was sent a demand letter by me and called me to inform me this is all fraud. ********************* is not legit and I am 100% confident no money will be returned and he needs stop harrassing me trying to get more info on me to steal my identity. This has been ongoing since Feb, 2024. 60 days has passed on his word of retruning the money. This has caused a huge financial heartship for me by stealing my savings account. 
  
  Sincerely,
  
  *******************************

  Business response

  08/26/2024

  I would like to address and clarify the situation concerning ***********************. It is important to state unequivocally that no attempt has been made to appropriate any funds unlawfully from ***********************. A review of her correspondence will reveal that she has emphasized her financial hardship and sought to cancel the transaction in order to evade tax obligations. Her current predicament is a result of her own actions.
  
  The funds in question have not been returned because they are held in an account that is under investigation, which was initiated due to Mrs. ********** involvement with certain entities. The account remains frozen until the conclusion of the investigation. Consequently, the return of the funds is contingent upon the resolution of this investigation. *********************** must acknowledge that the situation is a direct result of her own decisions and actions.

  Customer response

  08/27/2024

   
  Complaint: 21707748
  
  I am rejecting this response because: This is the worst scam ever and whoever is commenting on here needs to stop. There has been no communication to return funds since my money was stolen in Feb. This is just an attempt to keep the BBB open for this fake company so more people can be scammed. They even called me to try to get my drivers license copy front and back so they could get my Social security info. Even the *** in ****** called stating it's fraud and they are working with the Mexican Cartel. Beware they will steal your hard earned money and pretend it's all your fault. !!!  
  
  Sincerely,
  
  *******************************

• Initial Complaint

  02/20/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Unresolved

  More info

  I have been advised by The ***************** Consumer Engagement and **** Services Unit to contact your organization directly. I need your help with a case of fraud perpetrated by a corporation located in your state: Global Trading Corporation, Aurora. I reside in **********.In May 22nd 2023 I entered into a *************** Agreement with Global Trading Corporation, ************ The purchase and sale agreement involved the purchase of a Time Share in ****** owned by me, the Seller and ********* ****** ***************** the Buyer. Following the signing of the Agreement the Company has requested from me, in eight different occasions, payments to cover costs and expenses. Please refer to clause 10 of the agreement. As of today, I have wire-transferred seven payments totaling $ *********, when clause 10 speaks of only a single cost of $ ******** to secure a Federal Registration with the federal tax agency in ******, SAT. The other two fees listed in section 10 were to be paid at the time of closing: $3,304.00 to the resort and $2,995.00 to the Company as commission. The company is now requesting $36,000.00 in order to pay the corresponding sales tax in ******. I have refused to make this payment and have asked the Company to cancel the transaction and return all ***********. The Company has responded with a NOTICE OF FORFEITURE, and has cut all communication.I would like to ask your office to investigate Global Trading Corp for fraud and prosecute it to the full extent of the law. I would then would pursue the return of my monies. I can be reached by mail, phone or email:************* or ******************* Thank you for your attention to this matter.Sincerely,************************* *****************************. ***********, ** *****

  Business response

  04/08/2024

  I personally have not been reluctant to answer this complaint, I myself have made several call to the number provided left several messages and never received a call back from your organization.  During the transaction my company was handling for ************** yes unforeseen events unfolded and we dealt with them as best as we could took us a little bit longer than usual as we had never encountered such scenarios, we have never denied ************** his refund we totally understand his frustration how ever ************** knowingly and willingly signed a legal agreement with my company and in such contract there is a cancellation clause wich ************** was well aware of.

  After receiving the email attached from ************** he stopped answering calls and emails we are all adults here know our legal obligations it is unfair for ************** to attempt to tarnish my company's reputation because he does not want to follow through with what was agreed to and entered into via legal agreement. As soon as we receive from ************** the signed notice of forfeiture along with the penalty fee we will be more that happy to get his money returned to him. All the units involved in that transaction have all been transferred and the sellers have been funded.
  

  On another matter I have also made several attempts to get registered with the BBB and have never got an incoming call on that matter either.

  Thanks,

  ******

  Customer response

  04/08/2024

   
  Complaint: 21316520
  
  I am rejecting this response because GLOBAL TRADING CORPORATION does not address the issue covered by clause *********************************** my original complaint; further, I have no idea who is the gentleman responding to the complaint and I have not received "multiple attempts" of communication from GLOBAL TRADING CORPORATION.

  GLOBAL TRADING CORPORATION has my email address, my physical address and my mobile phone number. I prefer to receive their response to my emails via email.
  
  Sincerely,
  
  *************************

  Business response

  08/26/2024

  I am writing to address **************** complaint. To date, ************** has not returned the signed notice of forfeiture that is required for the processing of his claim. We have made several diligent attempts to contact ************** to secure the necessary documentation, but unfortunately, we have yet to receive a response or the signed notice from him.
  
  We remain committed to resolving this matter and are prepared to take any further steps necessary to facilitate its resolution. Please let us know if there are additional measures we should undertake or if further information is required.
  
  Thank you for your attention to this matter.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩