7/19/2003 - Letter from an Ex-Employee of Smart Warranty

BELOW IS AN EMAIL I RECEIVED IN JULY 2003 FROM A FORMER EMPLOYEE OF SMART WARRANTY... V. INTERESTING WHAT THIS LADY IS TELLING US: READ ON!


Good Day Sir!

I was very happy to read your news brief on the Smart Warranty. I am a former employee of the Smart Warranty...specifically Assistant to the CFO, Richard Adeline.

There were many absurd things going on within this company. There was no regular record of accounting thus leading to checks bouncing not only to the Payroll company, their debtors but to ACSC as well. Among all of these things,. there was a serious use of drugs and alcohol as well as the sell of drugs out of the office. The owner's of the company ran up tabs at the local bars in excess of $2,000 and in one case up to $8,000. Company Expenses exceeded profits by at least 300% or more.

When I was "laid off" from the company (October 2002), the company was planning on dropping ACSC and just picking up two other underwriters...two who do not insure exotic cars.

It was very common for the smart warranty to receive checks from their customers and wait weeks before ever sending payment to ACSC. I assure you are not the only one who has been screwed by this company.

I feel very bad for what you have had to deal with regarding your affiliation with the smart warranty company. If there had been something I could have done at the time I was "laid off", I would have done it. However, my first priority was to find a new job. Personally I knew that once tax time came around they would cease to exist. I knew this simply from what I saw by working in the accounting department (if you can call it that)

Many have lost money from this company. The investors lost investments of 100's of thousands of dollars. Customers lost their investment of their extended warranty and I never received a final paycheck and god know who else.

I am thankful that this company fell as fast as they did in order to keep from having other people deceived by the company's policies and so called promises.

I am happy to say I was let go for my good work ethic and I knew it was a blessing in disguise. If I can be of any further assistance to you regarding this matter please don't hesitate to contact me.

Very Best Regards,

(EMPLOYEE NAME WITHHELD)
(EMPLOYEE PHONE # WITHHELD)


LAMBORGHINI CLUB TEXAS COMMENT:
It's OVER (for me!)... The dealer finally send us our monies back (approx. 3/4 of the warranty monies we originally paid). Although they may have followed up and paid on many/most claims, "Smart Warranty" was a SCAM / a perfect example of FRAUD against trusting people like myself: I truly hope ALL the officers of the "now defunct" Smart Warranty Company GO TO JAIL for a long, long time!





Another EMAIL to us (July 19, 2003)...


More on "QUESTIONABLE REPUTATION & INTEGRITY" of Mr. Richard Adeline.

...speaking of crooks, Richard Adeline was investigated in the early 90's in
California for questionable practice as a CPA. However; he managed to weasel himself out of this trouble. This information can be found on this
site:
http://www.sla-cal.org/publications/bulletins/600_series/bulletin604.htm

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