Sean Frank Cloud Equity – Fraud, Lawsuits for $3 Million Scam
Sean Frank Cloud Equity Group is a fraudster with a long history of criminal activities. He has faced a muli-million lawsuit for breach of contract and failure to deliver on the services he was obligated to.
Before you consider doing business with Sean or his company, it would be best for you
Sean Frank of Cloud Equity Group has faced a multi-million lawsuit for fraud and breach of contract.
The write-up will help you to understand in-depth information about his criminal past. You can go through the article in case you want to have a better understanding of the past background of Sean Frank’s Equity.
Exposing the Criminal Past of Sean Frank Cloud Equity
Sean Frank of Cloud Equity Group has faced lawsuits for his shady activities. The following section sheds light on the same:
The following facts are asserted to be true in Plaintiff’s Complaint and are accepted true for the reason to resolve the awaiting motions. A Delaware company named HFW, Inc. bought the assets of Plaintiff. It is known as an Illinois company, in accordance with an Asset and Stock Purchase Agreement which was carried out on August 29, 2014.
Ray and Mohan both are the residents of Canada and directors of HFW, Inc. They had permission to conduct business and later on execute transactions in support of HFW, Inc.
After some time, a Promissory Note was carried out and deposited on 29th August 2014. Ray and Mohan both directors and residents of HFW, Inc, had permission to conduct business and later on execute transactions on behalf of HFW, Inc.
Afterwards, a Promissory Note was carried out and then delivered on August 29, 2014 for $ 1,550,00 from HFW, Inc to Plaintiff.
In order to protect Promissory Note, HFW, Inc. took for Plaintiff a security interest in the assets sent in the Sock Purchase Agreement and Asset and committed all issued and outstanding shares of stock in HFW, Inc. via a Share Pledge Agreement.
Plaintiff filed suit in the Circuit Court of Cook Country, Chancery Division contrary to HFW, Inc in the year December 14, 2016.
Mohan and Ray claimed they lose out to make payments under the Promissory Note. Plaintiff exercised its rights to quickly take ownership of outstanding and issued shares of HFW, Inc. agreeable to the Share Pledge Agreement. In the month of January 26, 2017, Plaintiff and the defendants of the state court litigation signed a Litigation Stay Agreement to permit HFW, Inc., time to look for a third-party buyer.
“Cloud Equity Group”, made up of Cloud Equity Group SIM LLC; Cloud Equity Investors, Cloud Equity Group SPG LLC, and Cloud Equity Group, entire citizens of New York was completely secured as a buyer. Cloud and Frank Equity Group formed OCI. it is a Delaware liability company.
Sean Frank was sued for more than $3 million+ for fraud and breach of contract
It was formed to purchase the assets of HFW, Inc. The purchase was fulfilled through an Asset Purchase Agreement carried out through an Asset Purchase Agreement and executed on March 23, 2017.
Plaintiff affirms that Ray, Frank, Mohan and Cloud Equity Group defined to Plaintiff that the term name APA “Target Annual Revenue” would hold the actual annualized revenue of active service.
The Compliant further explains that the “final draft of the APA, got signed by Mohan, Ray and Frank had never got approved.
HFW and Plaintiff fixed the issues in the previous litigation via a Settlement Agreement, permitting Mohan and Ray to distribute the assets of HFW, Inc. to the Cloud Equity Group. Plaintiff discovered that “the historical and actual revenue was somewhere between 10% and 20% lower than the Target Annual Income.
In accordance with Plaintiff the Target Annual Income was inflated in the APA to deceive Plaintiff. Furthermore, OCI and Cloud Equity Group completely failed to make the complete payment.
Furthermore, in the month of January 4, 2019, Plaintiff filed suit in court and claimed 1) breach of contract in opposition to Cloud Equity Defendants for declining to fulfill the obligations pursuant to the APA 2) Secondly, fraud against Defendants for wrongly increasing the Target Annual Revenue to persuade Plaintiff to release its charges of stock and to enter into a Settlement Agreement in the previous litigation. 3) Conspiracy counter to Defendants to enter into the APA to plan to mislead Plaintiff about the historical and actual annualized revenue of active service at close to $3,603,000.00.
About Sean Frank Cloud Equity:
Sean Frank was born in June 17, 1989.
According to his paid PR articles, he is a philanthropist, entrepreneur, and investor. He is known as the founder of Cloud Equity Group.
It is a global investment firm in New York City. Apart from this, he served as the CEO of XE Technology Solutions.
Mr. Frank commenced his initial small business when he was 12- year-old. He created websites for his friends and charges a small monthly fee.
During those days, he also started high school and earned good than his professors. Most importantly, he was notable among his peers. He drew his motivation from Andrew McKelvey, founder of Monster in high school.
After some days, Sean Frank initiated to reinvest his profits to speed up his company’s growth and soon become proficient to obtain small businesses.
More About Sean Frank Cloud Equity and His Professional Experience:
In October 2013, Honest established Cloud Value Group, a Wall Street-based investment management firm that works in leveraged buyouts and confidential debt investments.
Before joining Cloud Equity Group, he was the CEO of XE Technology Solutions, a web services conglomerate. As a strategy administrator, Mr. Frank acquired extensive involvement in inorganic learning experiences through acquisitions and mergers.
As a Chief Executive Officer, he effectively executed and coordinated more than twelve transactions, both vertical and horizontal, all throughout his skillful journey.
Frank has had public talking engagements as an industry expert at Harvard College. Other notable places he claims to have visited include the University of Chicago, the Alternative Investment Summit, and the Alternative Asset Summit to name a few.
Conclusion
Last but not least, you must have got a great idea about the American entrepreneur.
Also, you must have understood how Mr. Sean Frank has contributed to his career, and at a very little age he has achieved a lot in his career.
He was not only into Cloud Equity Group but also gained a great experience in inorganic growth opportunities.
Moreover, the article highlights the criminal past of Sean Frank Cloud Equity.
There are plenty of similar cases where scammers tried to get away with their illegal activities by abusing legal loopholes. Some examples include NJ Ayuk of Centurion Law Group, Andrea Riposati of Dante Labs and Gennaro Lanza.
Cloud Equity Group had promised the terms and conditions of annual income and how the distribution will be done with the plaintiff group.
This company is a complete group of scammers where you will be cheated only but none of them will help you in making any profit for you.
The stock market selling a business is full of risks where you will never get to know whether the company which has promised you for providing several profitable schemes may get into a loss.
Here the mistake is of the people who made him superior after trusting all his schemes and also he was making false promises to his users, by the way, he is very well experienced in the field thus it is very well known that he is attached to the field when he was in his high schools.
There should be special amendments for the cause like breaching contacts and not able to deliver the promised deal. Here he was not fulfilling the services he was obligated to.
Frank was very hard-working and made transactions with ease thus his experience in the field has gained a lot of popularity in the market.
Sean Frank has a quite motivational past where he developed a suit for his friend and charged him for some amount of money which is very creative though he was inspired by Andrew McKelvey who was also an inventor when he was in high school.
These articles are really very helpful for the premature investors of people who aren’t aware of these scammers get to know about them.
The type of educational experience that is trying to portray is just a part of bragging which is a traditional trait, now after reading this article I can guarantee many of the investors will not trust him anymore.
HE is not a trustable person at all due to his notorious past we can not trust him due to the type of criminal records he is having are not at all a professional entrepreneur traits.