419 inquiries | Securities Investment | Business Alert
(877) 367-1463
http://www.citycapcorp.com
Company Rating
D
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BCA's Summary and Analysis:
Complainants allege a pattern of unfulfilled agreements, failure to honor their money back guarantee, lost investment money, and difficulty contacting the company. Investors complain they gave the company $5000 or more to purchase and place sweepstakes income machines which they never received. Complainants report they are given the run around concerning the status of their investment, and that the company moved to the present Santa Monica location without notifying investors or refunding investment money.
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Company Info
This company's business is soliciting investments for Sweepstakes Income machines.
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Licensing
The Department of Corporations, California’s Investment and Financing Authority, regulates a wide variety of investment and financial services including the sale of securities, and franchises. Investment offers in California require qualification with the State or are required to file exemption. As of our last verification on January 11, 2011, we could not find evidence of any registration as a security with the California Department of Corporations (DOC) or the Securities and Exchange Commission (SEC). You may verify this requirement with the DOC, Securities Regulation Division, by mail at 1515 K Street Suite 200, Sacramento, CA 95814-4052. The DOC can also be contacted by phone, toll-free at 1-866-ASK-CORP (1-866-275-2677). To contact the SEC by calling (323) 965-3998 or visit their website at www.sec.gov.
BCA has no information regarding government actions at this time.
This company purports to offer a wealth building opportunity soliciting investors to purchase Sweepstakes Income game terminals through radio ads, and various internet sites. The company uses exaggerated projected earnings claims of up to $25,000 a month, along with a money back guarantee to entice investors to participate. The machines or terminals promoted are said to allow players to win cash prizes while patronizing various local businesses in shopping centers and kiosks or other strategically placed high traffic areas. The minimum investment amount is $5000 per machine. Gaming terminal owners must agree to pay a percentage of proceeds to Clean Sweeps Holdings, LLC, a wholly owned subsidiary of City Capital Corporation. Clean Sweeps Holdings, LLC, claims to donate 20% of their profits to various charities and other socially conscious projects. The company is said to earn revenue from managing the software and hardware solutions on a subscription and percentage basis for City Capital Corporation.We urge caution! This company previously operated in Tennessee and North Carolina, earning an F rating with the Bureau due to a pattern of complaints alleging the company collected money from investors, failed to provide gaming terminals as agreed, and changed locations without notifying investors or providing refunds. A Separate report is available by contacting the Better Business Bureau serving middle Tennessee and Southern Kentucky, or by clicking on the following report link: http://www.bbb.org/nashville/business-reviews/business-opportunity-companies/city-capital-corporation-in-santa-monica-ca-37013094.Promises of quick, easy money can be a powerful lure. If you buy into a business opportunity or other wealth building offer, you may find that the products and information you purchased are worthless and that your money is gone. Be wary of promotional materials or sales pitches that make claims such as; you can earn big money fast, regardless of your lack of experience or training, the offer is risk free and has a money back guarantee, you’ll reap financial rewards by working part time or at home, or you’ll be coached each step of the way to success. We urge careful consideration of wealth building offers. Take your time. Don’t be rushed into buying anything. Avoid high-pressure sales pitches that require you to buy now or risk losing out on the opportunity. Remember, solid opportunities are not sold through nerve-racking tactics. Investigate the business you’re considering investing in. Talk to experienced business people and experts in the field before spending your money. Be wary of "success stories" or testimonials of extraordinary success. Be cautious about purchasing by mail or over the internet where answers to your questions are not readily available. Remember that legitimate businesspeople are more than willing to give you information about their investment or sales opportunity. Ask about how much money you need to qualify for the investment or sales opportunity, and ask about the company’s refund policy. Get this in writing. Keep in mind that you may never recoup the money you give to an unscrupulous promoter, despite the operator’s stated refund policies. Taking precautions before you invest is a more effective way to safeguard your money than trying to get a refund after the investment’s been made.
Our files show disconnected phone numbers, returned mail or both. The company appears to be out of business. The Bureau cannot trace addresses of companies or principals. General information is available upon request which may assist you.
BCA has no information regarding advertising review at this time.
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