Straphon Eubanks - SWIFT FRAUD - Union Trade Company

This horrific financial matter began approximately 6 months ago and involved a financial instrument (SBLC) supplied by Mr John S Diak to Union Trade Company.Union Trade Company owns another entity named the Humanitarian Charitable Foundation.

The principal of this foundation is Mr Straphon Eubanks of Lancaster, MA and Albany, NY. The purpose of these two groups is to fund projects across the world using the financial instruments that again were provided by Mr Diak. Starting early May 2017 profits from the trade of the SBLC started to accumulate. Instantly, the first $1mm Euro was ordered paid to Mr Diak by Deutsche Bank, Frankfurt (please see the attached below).

The order was signed by an individual, Mr Martin Shepard, shown as a "director" at Union Trade Company. In addition to the $1mm Euro already presented, the Foundation and Union Trade Company owed Mr Diak and additional $5mm Euro that was to be paid out. At this point, the FRAUD really began. Mr Diak at the time was working with a Mr Richard Freeman who is part of the Humanitarian Charitable Foundation.

He would have daily calls in early May where Richard Freeman would consistently promise that funds were being released. And each day forward, Mr Richard Freeman would make the same empty promises. At one point in May, Freeman even told Diak that the funds that were held for Mr Diak in Frankfurt would be sent domestically via Citi Bank New York for "simplicity". Days and days went by with no funds being wired from Citi Bank New York as Richard Freeman daily promised.

At this point (now early June), Richard Freeman indicated to Mr Diak that there were "issues" with making the transfer from Citi Bank to Mr Diak's partner Lumina Information Technologies. Richard Freeman would apologize profusely for the Citi Bank wire "issues." Finally, on 6/3/2017, Richard Freeman advised John Diak that the Citi "issues" could not be resolved. Richard Freeman's resolution to the problem was to order the initial funds to be wired via Swift MT103 to Lumina. An email from Richard Freeman was sent to Mr Diak as seen below: 

 ---------- Forwarded message ---------- 

From: Date: Jun 3, 2017 6:28 PM Subject: 

Fwd: Citibank To: "john diak" Cc: Subject: Fwd: 

Re: Citibank Subject: Resolution to Citibank problem 

Dear Mr.Diak, I am so sorry that the attempt to have a payment made through Citibank turn into such a failure. I will have the situation corrected come Monday, June 5th, 2017. I will have an MT103 transfer sent to the Lumina account information that you sent to me. They should receive the funds in their account by Tuesday afternoon.

A MT103 from my bank to their bank should take 24 hours. I hope that this will rectify the situation that was caused by Citibank. 

Respectfully, Account Manger. Richard Freeman

The intent by Union Trade Company and the Foundation were quite clear.

However, once again, Richard Freeman failed to honor the commitment in his email. At this point, Mr Robert Smith of Lumina then contacted Richard Freeman approximately 6/16/2017 and Freeman told Mr Smith that it was his fault but come Monday (6/19/2017) the Swift MT103 would be finally sent out. That brings the matter to 6/25/2017. Mssrs Richard Freeman, Martin Shepard nor Straphon Eubanks have yet to honor any of their commitments.

This matter MUST be brought to a positive and honorable conclusion as soon as possible.The deception and fraud that occurred must be remedied immediately so that the dignity and integrity of all be maintained.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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Franto Hruz   Online Income Systems Development Just some quick questions: 1 - What are SBLC's and where did John S Diak get the money from to put into these securities. Why were they given to the Union Trade Company in the first place? == The whole thing sounds like big-time money laundering to me! 2 - Why are the securities not on deposit at Deutsche Bank so they can disperse income payments directly? 3 - Why are you posting this story here? What is your connection to this issue and why should any one else, outside the legal system even care about this private matter? Jun 27th 2017 12:10 2 Likes   Edited in Jun 27th 2017 12:21

Franto Hruz   Online Income Systems Development == People should know at least this much about SBLC Leasing Scams ... The Typical SBLC Leasing Scam: In recent years, the SBLC (Stand by Letter of Credit) has become very popular in the private placement business. In most cases, “providers” claim to have the SBLC issued from the bank for a small upfront fee. Supposedly, once the SBLC has been received by the investor, they can use it as collateral for private placement and other opportunities. Though this sounds great to naive investors, the truth is, SBLC leasing never works. First of all, SBLC’s are not discountable instruments, and no bank will “cut” an SBLC for a small upfront fee. Second, if the investor plans to attain an SBLC, they must give the full value to the bank before they issue it. In short, you can’t walk into a bank with 1M and get a 10M SBLC. Despite what many PPP brokers may claim, leased SBLC’s are not the way to go, no matter what type of transaction you’re pursuing. Jun 27th 2017 12:26 2 Likes

Bob S.  Investor They were acquired by the Diak group and my group Lumina put the money up for the SBLC. The partnership was then formed with this Union Trade Company out of Albany to act as facilitator and they basically stole the funds from the trade. Jun 27th 2017 12:46 2 Likes