Complaint Review: Millennium Equity LP 1 - San Francisco California

Since 2009, Gerald Ramdeen, Rick Hayes, and Ambassador Andrew Young, in conjunction with Empire Capital and Gulf Ishtimar Corporation (GIC) have made bold, egregious and false claims that they are a private equity firm with over $650 million dollars under management.  The press release issued on the heals of the Clinton Global Inititiave would have the reader believe these so-called, "do gooders" have altruistic goals they wish to accomplish.  Not the case, at all.

The ring leader, Gerald Ramdeen has lied about the fund, he has lied about his participation with GIC, yet his bio is listed on their web site, along side Uthman Shakr and Saudi national Nawaf Al-Oraini, Corporate Banking Manager/Jeddah- Saudi Arabia), HSBC Bank (Corporate Business Development Manager/Dubai, UAE), Saudi British Bank (Corporate Relationship Manager/ Riyadh, KSA), and Vinnalle Arabia (Operations Engineer/ Riyadh, KSA).

Gerald and his team would issue terms sheets to a number of companies after they took hundred's of thousands in retainer fees.  The terms were speific; pending the outcome of a successful due diligence, the retainer would be retunred.  Yes, these retainers labled as refundable and while no investments have been made, no retainers have been returned.  Gerald Ramdeen is not a licensed regiserted Investment Banker, Investment Advisor and he not is a recognized securities broker.  Yet, he claims to be a fund manager who has managed over $100 million in assets?  Search the FINRA web site and their is no evidence of Millennium Equity LP1.  

The lie reached critical mass in 2011-12 when Millennium with the assitance of Uthman Shakr claimed to have ownership of Euro Medium Term Notes which were to be monetized, allowing Millennium to move forward with their investment promises. 

Pay close attention folks, things may get a little bumpy:  Millennium, Uthman, SAAB, Nawaf Al-Oraini, et al.....never had ownership of these financial intrusmnets.  Yes, that is correct; cryptic Bloomberg screen shots were circulated amongst would be investment partners to have them believe Millennium was in control.  Again, not the case; Ramdeen didn't know what to do with financial instruments which he didn't own.  So, he kept on lying, afterall that's what people like Ramdeen do for a living. 

Matters only grew worse when Millennium Equity teamed up with Gramercy Private Equity Holdings.  A self-proclaimed US private equity firm based in San Francisco.  If you perfrom a cursory search on Google or Bing, you will discover the level of deciet and fraud which is now co-mingled into one very large global organization led by CEO, Michael Gale.  To date, no investments have been executed, employees and consultants have not been paid in almost a year, the CEO and his leadership cohorts continue their self-indulgence, try to keep up appearances only to keep the fraud alive.  

It's time to bring this to the attention of law enforcement, the SEC and the IRS.