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  #1  
Old 9 September 2019, 20:03
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A brother needs our help

Some of you may have known Frank Plumb- he is a retired SF Warrant Officer from 19th Group. You may have also met him at various trade shows like SOFIC and SHOT- he was the co-founder of a company that made custom parts for the SCAR.

Apparently his business partner completely ripped him off and utterly destroyed him financially. He lost all his savings, his house, his car, etc, and the guy is even suing him on top of it all so he needs to pay for legal fees as well as rebuild his life.

Here is his GoFundMe page where he lays out his situation

https://www.gofundme.com/f/frank-plumb-recovery-fund

I've donated- please consider doing so as well.
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  #2  
Old 9 September 2019, 20:17
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  #3  
Old 10 September 2019, 07:30
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  #4  
Old 10 September 2019, 16:30
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  #5  
Old 10 September 2019, 17:53
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Done.

His former business partner needs to do some jail time.
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  #6  
Old 10 September 2019, 18:37
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Old 11 September 2019, 09:02
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Old 11 September 2019, 18:06
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Old 12 September 2019, 01:34
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  #10  
Old 12 September 2019, 12:39
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  #11  
Old 12 September 2019, 22:00
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Gents,

First of all I wanted to say thank you to every single contribution that has come from the brotherhood and the friends and family that surround us. I do have to clarify certain elements of the MZ6's post. Then I'll do my best to give the Readers Digest version.

I am technically being sued by the companies who my ex-business partner stole (fraud is non criminal theft I've learned) or took the money meant for thier payments.

Here is a link to a video where he tells me his plan was to rip off everyone and hide it. https://youtu.be/Tqr_AGCsPBg

Here is a link where to when I figure out all the money is missing. Our bills are some how 40k a month for a small shop (>4 employees and 3 machines) https://www.youtube.com/watch?v=kdbm5pCQaXk&t=395s this is when I started to learn he was playing games with the money. There is almost $2,000,000 in investments, loans, and profits that are completely unaccounted for.

I'll go into a lot more detail when I get back this evening.
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  #12  
Old 17 September 2019, 12:09
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Are you going to continue to run the business? I have some experience in this sort of thing and in restructuring. If you need someone to go over it with we can talk. PM me as needed.

This happened to a firearm manufacturer called Arsenal Democracy. Two partners who were retired Special Forces soldiers. One ran off with the customer deposits, money, etc. bought a Ferrari and went nuts. The other partner stayed, paid down the debt, made good on all obligations and now owns a successful business.
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  #13  
Old 17 September 2019, 14:23
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Quote:
Originally Posted by Gunk View Post
Are you going to continue to run the business? I have some experience in this sort of thing and in restructuring. If you need someone to go over it with we can talk. PM me as needed.

This happened to a firearm manufacturer called Arsenal Democracy. Two partners who were retired Special Forces soldiers. One ran off with the customer deposits, money, etc. bought a Ferrari and went nuts. The other partner stayed, paid down the debt, made good on all obligations and now owns a successful business.
Yes I have to stay considering the losses I need to make up. I know the guys from Aresnal. When I'm out of this rough spot I'd like to discuss it with you.
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  #14  
Old 17 September 2019, 15:05
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Quote:
Originally Posted by Fox33C1 View Post
Gents,

First of all I wanted to say thank you to every single contribution that has come from the brotherhood and the friends and family that surround us. I do have to clarify certain elements of the MZ6's post. Then I'll do my best to give the Readers Digest version.

I am technically being sued by the companies who my ex-business partner stole (fraud is non criminal theft I've learned) or took the money meant for thier payments.

Here is a link to a video where he tells me his plan was to rip off everyone and hide it. https://youtu.be/Tqr_AGCsPBg

Here is a link where to when I figure out all the money is missing. Our bills are some how 40k a month for a small shop (>4 employees and 3 machines) https://www.youtube.com/watch?v=kdbm5pCQaXk&t=395s this is when I started to learn he was playing games with the money. There is almost $2,000,000 in investments, loans, and profits that are completely unaccounted for.

I'll go into a lot more detail when I get back this evening.
Videos removed.

Do you have his SSN? Tell the IRS he didn't declare the income and let them audit him.
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  #15  
Old 18 September 2019, 10:34
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Although it's hard to talk about during the exciting days of starting a business - I recommend having a clause in an LLC/Partnership agreement that allows for the clawback of shares should a partner commit fraud, felony or dishonors the company as voted by the board of directors. My first startup had this clause and although I didn't like it at the time - it really was smart.
Step one is to get his shares back and take control of the business.
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  #16  
Old 18 September 2019, 23:06
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Quote:
Originally Posted by Gunk View Post
Although it's hard to talk about during the exciting days of starting a business - I recommend having a clause in an LLC/Partnership agreement that allows for the clawback of shares should a partner commit fraud, felony or dishonors the company as voted by the board of directors. My first startup had this clause and although I didn't like it at the time - it really was smart.
Step one is to get his shares back and take control of the business.
#1 had to remove the videos as a lawyer said it has to contextual stuff and where he understood the conversation was recorded (so I had to put those parts in)

#2 Well there are other partners and control of the company is assured as he filed bankruptcy and that automatically removed him from the company and he was terminated for cause by the membership.

#3 its all about the clean up on isle 4 and then showing his dumb ass what a well run company really looks like.
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  #17  
Old 4 October 2019, 11:04
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Fox, sounds good. I've done two startups and two re-starts. If you need anything let me know.
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