Productstreaminternational.com - How can I get my money back?

Free Member
globalwb
Posts: 34
Joined: 28 Aug 07
Karma: 
29 Aug 07 03:54:13 am
I order products from Product Stream international about 4 weeks ago. Their website is Link hidden: Login to view. I transferred a lot of money because they existed. You could find them on Alibaba and Tradekey. They are even registered as a legal business in Atlanta Georgia.
I wired the money into their Company bank account
But today I got a email from them that they got bankrupt. Here is their email:

September 28, 2007
Attention Customers



Do to the substantial financial losses our company has indured in the
recent months, regretfully Product Stream International will cease
operations and will immediately puusue all options including liquidation
and bankruptcy to stem losses. For all customers who have placed orders
but not have paid, all invoices will be null and void. For all
customers who have placed orders and prepaid for those orders, we will
be be in contact through bankruptcy attorneys and or liquidation
trustee. We regret any inconvenience this may cause.


thanks


How can I get my money back? Im living outside the USA.
Or is there no chance?

Full Member
planes
Posts: 839
Joined: 19 Jul 07
Karma: 
29 Aug 07 04:32:01 am
I'm not an attorney but from what I know the creditors come first.

After everything has been added up, the money goes to the creditors. Banks, suppliers other creditors get theirs first. Then on down the line. You will have to stay on top of this and if they do file the big B you will probably get a notice.

In the meantime, you should file a small claims case against them if your amount is under the states limit. That way, if they are pulling a fast one and are just ripping everyone off you will have a suit won against them.

If it is a very substantial amount of money you may want to contact an attorney.

If its under 500$ you might want to chalk it off as a loss and write it off your taxes.

Again, I'm no attorney so take this advice lightly.

Free Member
globalwb
Posts: 34
Joined: 28 Aug 07
Karma: 
29 Aug 07 06:13:54 pm
thanks plane,

I reported to the Atlanta Police and filled a report at ic3.gov
Hope to get my money back. It's over $5500
If their money refunding stops and I didn't get anything can I still fill in a law suit against them? And are there others ways?

Full Member
planes
Posts: 839
Joined: 19 Jul 07
Karma: 
30 Aug 07 08:04:34 pm
Again take my advice lightly as I am not an attorney.

Send them a certified letter requesting a 'definite' time frame with date of refund. Also, inform them if they had ceased their business or if they made arrangements to cease their business and excepted your money, you will make it known to the proper authorities.
This could force them to put you at the top of the list as that could be seen as fraud and could have criminal implications. Very hard to prove but what the heck.

Hopefully their site info is still available on a whois site. Try to get names and phone numbers.

Personally, at 5000 I would sit down with an attorney and pay them a couple hundred bucks to pick their minds and have them explain the exact steps to take for a half hour or so.

The bad news is your not going to ever see the full 5000. You may not ever see a dime.

I would look at seeing how you can offset your taxes. Maybe you can use the retail loss to your business instead of just the wholesale loss to right off from you taxes.

Full Member
planes
Posts: 839
Joined: 19 Jul 07
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30 Aug 07 08:15:13 pm
No offense, but why did you drop so much money on a company in another country without a test run. Please, in the future, I would ask around first. Jimmy does a great job at screening cos. He may have even refused this company in the past from posting here and been able to let you know.

I know people drop a lot of coin on foreign companies here but they have this site to back them and they do a test run first.

Except your loss write if off as best as you can and move on.

Full Member
gulfy13
Posts: 472
Joined: 12 Jun 07
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30 Aug 07 09:30:55 pm
You should read these letters listed as complaints on this fake company..view them at:

Link hidden: Login to view

It was a fake company, there is no company by this name registered in the state of georgia,,the bank accounts are fake as well, the wire transfers actually route to an overseas account...

Most of the contact information is fake,,as a matter of fact one seller said that when he called the listed phone number he got the sellers wife a their home..

You need to go to that url right now and read what all it says and try to get in contact with some of those people who were scammed and see what they are doing..More than likely there never was an actual business, he was just taking orders and receiving the money to an overseas account, then started getting heat so shut down the site..Plus the site had no info about it on 5 major search engines when it was still operating...

Free Member
globalwb
Posts: 34
Joined: 28 Aug 07
Karma: 
31 Aug 07 02:23:00 am

It was a fake company, there is no company by this name registered in the state of georgia,,the bank accounts are fake as well, the wire transfers actually route to an overseas account...

Most of the contact information is fake,,as a matter of fact one seller said that when he called the listed phone number he got the sellers wife a their home..

You need to go to that url right now and read what all it says and try to get in contact with some of those people who were scammed and see what they are doing..More than likely there never was an actual business, he was just taking orders and receiving the money to an overseas account, then started getting heat so shut down the site..Plus the site had no info about it on 5 major search engines when it was still operating...


I'm new to salehoo.
But both sites are working. Link hidden: Login to view and Link hidden: Login to view.
This is an expensive lesson for me. I reseached them before doing business. I found them in Yellowpages of USA. And transfered the money into bank of America. They have a company name account and their company is also registered in Georgia at the bank account.
I think they exist in Georgia. USA also have a lot of scammers. And it's very easy to register a LTD or L.C.C company there.

Full Member
wholesalelist101
Posts: 503
Joined: 19 Apr 06
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31 Aug 07 12:40:33 pm
Never wire money to anyone that you do not know. I hate to say this but chances are very good that you will never get your money back.

Full Member
fm1234
Posts: 838
Joined: 14 Dec 05
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31 Aug 07 03:44:15 pm
I have business in Atlanta early next monht; if you want to give me the address I'll swing by and see what's actually there.


Frank


"Failure is not when you fall down. Failure is when you don't get back up."

--J.J. Luna
Free Member
globalwb
Posts: 34
Joined: 28 Aug 07
Karma: 
1 Sep 07 12:01:12 am
I have business in Atlanta early next monht; if you want to give me the address I'll swing by and see what's actually there.


Frank


Product Stream International L.L.C.
2265 Roswell Rd., Suite 100
Marietta, GA 30062
(Office) 877-763-3925
(Fax) 843--763-3926

Hi,

This is their company adress. Thanks for your help.
If you know something let me know !

Free Member
jimmy_huber
Posts: 2867
Joined: 11 Mar 10
Karma: 
1 Sep 07 05:36:24 am

Product Stream International L.L.C.
2265 Roswell Rd., Suite 100
Marietta, GA 30062
(Office) 877-763-3925
(Fax) 843--763-3926

Hi,

This is their company adress. Thanks for your help.
If you know something let me know !





Smells like crap to me because that exact address is registered to:

Baumann & Associates, Inc. 2265 Roswell Road, Ste. 100 Marietta, GA 30062 (770) 509-2237 (phone) (770) 509-2238 (fax) Link hidden: Login to view ...


Notice the difference in the Phone numbers? Any scammer can get a 877 number which is a toll free number.

the 843 fax number is registered for South Carolina, coastal area: Charleston, Beaufort, Myrtle Beach area. So when you have a phone number that doesnt match with a business location and a address thats listed under a totally different company you have to ask yourself. Should I send this person my money.





You really should have asked me first :roll:


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Free Member
jimmy_huber
Posts: 2867
Joined: 11 Mar 10
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1 Sep 07 05:45:33 am
Also just to warn you when a company has thier details listed as a suite. Id be a little suspicious because a suite is not large enough for a retail location or even a warehouse. Most attourneys and doctors offices are located in suites. Not companies that sell products online. Anyone that has to buy sell and store products would have a warehouse. And thier offices would be in the warehouses.


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Full Member
wholesalejoe
Posts: 287
Joined: 11 Feb 07
Karma: 
2 Sep 07 10:32:33 pm
Sad but the money is gone. Its not enough to chase legally. You can waste time, energy and emotions chasing it but suck it up and let it go as lesson learned. In the future buy small build a relationship and dont go home run orders out the door. You can always go and visit any vendor when the order is large .... Called cash and carry.... Dont order big until you know weverything is golden... Use escrow or credit card for best protection. Sorry but the money is gone if they are closed and filing...


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