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Business Capital Management complaints

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531 Main Street #1002
El Segundo, CA 90245 | Get Directions

(310) 284-4230

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Total Amount in Dispute:
$70,000.00

Total Amount Settled:
$0.00

Complaint Experience

Complaint Resolution Index (CRI)

Complaint Resolution Index (CRI) Explained The Complaint Resolution Index (CRI) is an indicator on how responsive a company is in addressing and resolving customer complaints brought to their attention by BCA. If they are considering doing business with the company, consumers can use this indicator to forecast the likelihood of having their issues addressed if a problem arises. CRI measures the company's customer satisfaction abilities through BCA’s complaint mediation process.

A variety of factors are considered when calculating CRI. This includes how quickly a company responds to complaints, the number of complaints against a company, whether the company addressed complaint allegations, and the outcome of the complaints. CRI is just a subset of the overall rating for the company. Consumers are encouraged to take into consideration the company's CRI, their overall BCA letter rating and other relevant information about the company so they can make a well-informed purchasing decision.

BCA's Summary and Analysis:

Our complaint history for this company shows that while the company did respond to the one complaint brought to the company’s attention, the response did not address the complainant’s allegations.

Complaint Closing Statistics

1 complaints against Business Capital Management closed in last 3 years.

Complaints	Type of response
0	Making a full refund, as the consumer requested
0	Making a partial refund
1	Agreed to make an adjustment
0	Refusing to make an adjustment
0	Refuse to adjust, relying on terms of agreement
0	Unanswered

1 complaints against Business Capital Management

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4/23/2024

RESPONSE: Agreed to make an adjustment Amount in Dispute: $70,000.00 Amount Settled: $0.00

Customer Complaint

2/16/2024

My great uncle invested $70,000 with business capital management upon his death. It was left to my inheritance. I have had numerous contact with this company and never once have I been able to speak with anyone that could explain how I cash out and no longer do business with a investment firm, who is not insured by the FDIC. I have been given the runaround I have continuously talked to the same individual by the name of mr. Richard Acosta address as far as 531 Main St., Suite 1002 El Segundo,CA. 90245. After numerous conversations with this individual, he informed me that my uncle wanted to continue to do business with him. I informed Mr. Acosta that I did not wish to continue to do business with him and can provide the said agreement and writing and signed. It is within the fine print of this company that you can cash out at any time. Well I've been trying for well over a year and a half to do that. Additionally, the original investment was done at 7%. The paperwork is now stating the interest rate is at 6% my understanding and based on the contract this was a fixed rate. lastly this company is still using my dead great uncle Social Security number for billing and gains they do send me updates quarterly with my name on it, but the Social Security has not changed to the TIN, which would've been a family trust or my own personal Social Security number. Resolution Sought I want to get a refund of the original investment of $70,000 .

Company Response

4/10/2024

Company states: This account belongs to a third party it was her uncle. He passed away. She called and stated she owns and wants to fund the account but all she did was send a death certificate. She wouldn't send anything confirming that she was a beneficiary. Months went by and no communication. Now, we received this. We again ask her for documents, she finally send everything needed and we started sending her the funds.

Customer Rebuttal

4/10/2024

The only information I had was an address, a phone number and an email for this company . I reached out numerous times via telephone as well as email and certified mail. At no point did I receive any communication from Mr. Acosta or Business capital management on how to proceed to not only take over ownership of this account but to break the contract that was entered into by my great uncle. Again, business capital management has sent me quarterly statements about the investment and its gains. Yet they are stating that I have zero ownership to this account and I am a third-party. If I have zero ownership to this account and I am a third-party why are they sending me quarterly reports in my name but my dead uncles social Security number?Not once was any information requested from me. If Business capital management or Mr. Acosta is indicating that they did request such documents please produce proof. I had to reach out to several attorneys in the Los Angeles area as well as the Better Business Bureau and now Business consumer alliance. Once certification of the trust was requested, it was immediately provided. They have issued me a $35k check. I’m still missing 51k.

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