Exotic Warranty Out of Business

Excellent!!!

 

I think thats one thing we can all agree on.

 

i'm not lawyer but if I had to guess I'd say next to nothing. i think ebay has proven this many times over.

 

Let's recap just for the naysayers:

1. Benjamin Evans listed occupation was "I sell worthless paper" and he owns/operate Exotic Car Warranty company

2. His exotic car aftermarket warranty company was seized by the State of Florida insurance authorities for operating without a license and undercapitalization

3. There have been several F-chatters who experienced claim denials with ECW and none had come forward to confirm a successful claim payout.

4. ECW sold close 1000 policy at around $5000 each.

5. Ben Evans cannot be found and has moved from Florida to Nevada and changed his surname to his new wife's.

6. ECW collected close to $5,000,000 in premiums but the company only has 400,000 in bank.

7. Policyholders currently hold "worthless paper".

What is so hard to figure out?

 

Nothing is particularly "hard" to figure out, except guessing as to who might recover on unpaid claims and whether Ben is trying to start the same type of business again, and if so, under what DBA. Only about 2 or 3 people on this thread seem to be in denial . . . or unable to figure it out.

 

https://esos.state.nv.us/SOSServices...?CorpID=679065

Here is all the info that you would find from that link:
GENUINE WARRANTY SOLUTIONS INC.


Business Entity Information

Status: Active File Date: 4/25/2006 4:00:25 PM
Type: Domestic Corporation Corp Number: E0313312006-5
Qualifying State: NV List of Officers Due: 4/30/2007
Managed By: Expiration Date:


Resident Agent Information

Name: MIKE GRAY Address 1: 3470 W. CHEYENNE AVE
Address 2: SUITE 500 City: N. LAS VEGAS
State: NV Zip Code: 89032
Phone: Fax:
Email: Mailing Address 1:
Mailing Address 2: Mailing City:
Mailing State: Mailing Zip Code:

View all business entities under this resident agent

Financial Information

No Par Share Count: 0 Capital Amount: $ 10.00
Par Share Count: 1,000.00 Par Share Value: $ 0.01


Officers Include Inactive Officers

President - MIKE GRAY
Address 1: 3470 W CHEYENNE AVE Address 2: SUITE 500
City: N LAS VEGAS State: NV
Zip Code: 89131 Country: USA
Status: Active Email:

Secretary - MIKE GRAY
Address 1: 3470 W CHEYENNE AVE Address 2: SUITE 500
City: N LAS VEGAS State: NV
Zip Code: 89131 Country: USA
Status: Active Email:

Treasurer - MIKE GRAY
Address 1: 3470 W CHEYENNE AVE Address 2: SUITE 500
City: N LAS VEGAS State: NV
Zip Code: 89131 Country: USA
Status: Active Email:

Director - BENJAMIN NUON
Address 1: 3470 W CHEYENNE AVE Address 2: SUITE 500
City: N LAS VEGAS State: NV
Zip Code: 89032 Country: USA
Status: Active Email:

 

So he has found someone else to be the patsy and their gonna do it again.

Shame!

I am sorry but he felt the heat. Got out! Opened a new company under someone else. As long as their is no jail time involved he is gonna keep doing it over and over again.

I only wish someone would prove us wrong.

 

For the record ... I changed my last name when I married my wife. I'm an Irish lad with dirty blonde hair, so people do look at me a little weird when they find out my last name has no vowels. But in the end, I made the decision that being verbally abused by kids at school for having the last name "Hussey" was something no kid of mine would ever endure. End of story.

Bill in Brooklyn

 

Whadya know, posted this 4/26 and the filing date was 4/25

 

He's no longer Exotic but Genuine, another play on words ie "I sell invisible paper"?

Maybe going after a different market to scam such as RVs, Boats or Airplanes no longer Exotics, I think he would have burned his bridges in the exotic community already since its fairly small.

 

Two women that my wife work with ... their husbands took their last names.

When I applied for my marriage license and told the woman behind the counter that my wife would be keeping her name and I would be changing mine, she didn't even bat an eyelash. That took me by surprise and I asked if it was common, she said it wasn't common but not unheard of.

Bill in Brooklyn

 

For the record, my personal opinion of Ben is rather low as the last I "forum'd" with him we had major character attacks in a Z06 debate ... but as someone who's changed his last name because he frankly wasn't too fond of the original. A big "up yours" to you sir.

Bill in Brooklyn

 

I could not agree more!

 

I'm curious, did the state take over your business when you changed names?

Did you move out of state and change your name while the state was taking over your business?

Did you start up another company in a different state just like the one the state took over when you took your wifes last name.

You may have done it legitimately but to say the circumstances were sketchy when this Ben character took his wifes last name is putting it mildly.

And be realistic, it is extremely rare for a man to take his wife's last name. On a percentage basis I would guess it's about 1/8 of 1%.

 

I never said it wasn't rare ... but some people have been outright rude, not to Ben, but to any man who may have made the decision to take his wife's last name. In other words, me.

On another note, I can sympathise with not have a family you are very close to any having a good relationship with your in-laws. My father has that situation with his parents and in-laws, and to a degree I have that with my parents and in-laws. So if what people who know Ben say is true, that this wedding has been planned for a year and he had plans from the beginning to make this change, then I see no reason to believe he did it with malicious intent.

Anyone with an IQ over 40 knows that a name is nothing, if the authorities want to find you, they track you by your SSN ... something that doesn't change when your name does. At least two people have already written that they know him personally and that this name change was planned for over a year. If he was so intent on starting a new life and new "scam" of a business in Nevada ... dare I suggest that he might have considered changing the name of the business rather than his own name??

It's already been mentioned that the LV office was opened before these problems ever surfaced and that it too is shut down (which nullifies the "He moved the scam to Vegas after Florida shut him down" argument).

Bill in Brooklyn

 

Exotic Warranty caught the attention of the local newspaper in Bradenton, FL. I am sure that this is probably not the only company like this so I am hoping that this situation will bring some national attention soon to educate those who are not F-chatters.
The following is the artical exactly as it appeared in the May 3rd newspaper.

Local insurance company lacked state license
Florida authorities taking control of Bradenton's Exotic Warranty Company
TILDE HERRERA
Herald Staff Writer
BRADENTON - A judge ordered a Bradenton company into receivership and its assets liquidated because it illegally sold insurance products without a state license.

Exotic Warranty Company, headquartered in Bradenton, has been placed into the hands of the Florida Department of Financial Services, which will act as receiver in its liquidation.

The company acted as a motor vehicle service agreement company that sold warranties for exotic cars, boats and RVs. According to BlueHummer Outfitters, which billed itself as the official Internet representative of the Exotic Warranty Co., the company was started by a Hummer owner when he could not find the warranty coverage he needed for his own vehicles.

Exotic Warranty, however, was only licensed to serve as a sales entity for a licensed motor vehicle service agreement company and didn't have the authority to issue warranties in its own name.

The business had more than 1,000 customers, mostly in Florida, but also operated to a lesser extent in at least 43 states and four foreign countries, according to court documents.

"Generally, the operation in the other states consists of perhaps a mailbox used to funnel resources to the operation in Florida," said Bob Lotane, spokesman for the Department of Financial Services.

There appears to be at least $200,000 to $400,000 in recoverable assets, while a liability figure is harder to gauge, Lotane said.

Between January 2003 and July 2004, Exotic Warranty sold and serviced more than 62 motor vehicle service agreement contracts in Florida without proper licensing.

The company entered into an agreement in July 2004 to act as a salesperson and market contracts for ACSC of Florida Inc., a licensed motor vehicle service agreement company and underwriter.

But instead, Exotic Warranty sold at least 70 contracts in Florida on behalf of its Alabama affiliate, Fidelity Worldwide Corp. Fidelity Worldwide isn't licensed as a motor vehicle service agreement company in Florida, either.

ACSC terminated its contract with Exotic Warranty after one year.

Exotic Warranty applied for a license as a motor vehicle service agreement company in November 2005. Its application was rejected in January because it didn't meet capital and surplus requirements.

The application, which suggested the company was insolvent, and consumer complaints triggered an investigation by the Office of Insurance Regulation, Lotane said.

Exotic Warranty continued operating until February when the Office of Insurance Regulation petitioned the courts for an injunction against the company and permission to seize its property.

Warranty holders were notified that their policies were canceled April 12. The state knows of about 10 warranty holders who have submitted claims for warranty coverage.

"It's not particularly a large problem in Florida but it's a huge problem for the person who buys one," Lotane said of the warranties.

Some warranty holders may be entitled to receive a portion of the contract price they paid for coverage. The deadline for filing claims is April 12, 2007. People should call (800) 882-3054.

Exotic Warranty's president and sole shareholder is Benjamin Evans, who has an unlisted phone number and could not be reached for comment. The company had four other employees.

 

http://web.archive.org/web/20050304055249/http://www.slantback.com/

-mick

 

Someone should notify the Nevada Insurance Authority and Attorney General about Ben's new company before they issue them a new license in Nevada.

27 year old Ben owning all those fine vehicles leaves one to question his source of funds.

 

I understand that you empathize with this Ben character because you also took your wifes last name but why you continue to make excuses for him is beyond reason.

To rebut your last point that he opened the Nevada office before the trouble in Florida one of the posters to this thread posted Ben's papers that were filed with the state of Nevada and those papers showed the company was started at the end of April 2006. That is AFTER the trouble began in Florida.

Also, he is no longer the principal of the company, he found someone else to fill that role.

The reason his name change is so unethical isn't because the authorities won't be able to find him it's because future potential customers won't know it's the same person that ran Exotic Warranty in Florida. DO YOU SEE THAT? Surely you're intelligent enough to understand.

You're clearly posting in this thread because you feel your manhood was questioned because you took your wifes name, I say this because your defense of Ben Evans now known as Ben Nuon has been weak and ineffective.

I'm sorry you're sensitive about your name change, for all I know you're a good guy that wanted to change your name, I really couldn't care less but in the case of this Ben character clearly there are alternative motives involved as evidenced by him starting up a copycat company with a new principal and with his new name in a different state.

Also, read the newspaper story that was posted, Exotic Warranty was a scam, deal with it.