| 2026-07-17 03:00:18.529928 |
Phi |
nova |
PHI Studio focuses its activities on the presentation and curation of immersive works in virtual reality (VR), augmented reality (AR) and extended reality (XR). Recognized locally and internationally for its innovative production approach, technical expertise and achievements in new forms of storytelling, PHI Studio collaborates with major global industry players and has worked on many award-winning projects, with international presentations in New York, Tokyo, Venice, Frankfurt, Luxembourg and Salt Lake City, among others. As a pioneer in interactive experiences, PHI Studio pushes the boundaries of immersive projects, with a focus on enhancing the visitor experience through a keen sense of detail and the elaboration of high-quality scenography. With a reputation for close collaborations with artists, creators, directors and producers from different backgrounds, PHI Studio aspires to be a catalyst of innovation, supporting the development of present and future talent - Nova Provide tree and samples from stolen data to the company when its get in touch with support department. |
Link |
| 2026-07-17 03:00:17.510974 |
Digipro |
nova |
digipro.com.vn appears to be the website of DIGIPRO TECH JSC (Công ty Cổ phần Phát triển Công nghệ DIGIPRO), a Vietnamese IT company. According to its own website, the company was established in 2020 and is based in Hanoi, Vietnam - Nova Provide tree and samples from stolen data to the company when its get in touch with support department. |
Link |
| 2026-07-17 03:00:16.515647 |
Integrated Marketing Services |
nova |
Integrated Marketing Services is a company that operates in the Commercial Printing industry. It employs 20to49 people and has 5Mto10M of revenue. The company is headquartered in Liverpool, New York - Nova Provide tree and samples from stolen data + decrypt sample to the company when its get in touch with support department. |
Link |
| 2026-07-17 02:59:59.827928 |
eitzchaim.com |
krybit |
Eitz Chaim Schools (Hebrew: ישיבת עץ חיים — Yeshivas Eitz Chaim) is a private Orthodox Jewish elementary sc... |
Link |
| 2026-07-17 02:59:58.887157 |
formasuniversales.com |
krybit |
Formas Universales, S.A. is a Panamanian company founded in 1985, specializing in the production and commercialization o... |
Link |
| 2026-07-17 02:59:57.937001 |
rehabmalaysia.com |
krybit |
Pusat Rehabilitasi PERKESO Tun Abdul Razak (PERKESO Rehabilitation Centre Malaysia) is a Malaysian government-linked reh... |
Link |
| 2026-07-17 02:59:57.038620 |
www.lagus.cz |
krybit |
LAGUS s.r.o. is a genuine Czech manufacturing company established on April 21, 1998, headquartered in Hruškové Dvory (... |
Link |
| 2026-07-17 02:59:55.446136 |
District of Columbia Housing Authority |
interlock |
https://www.dchousing.org/
DC Housing, the organization entrusted with the powers of the District of Columbia Housing Authority, was completely compromised due to its negligence and greed in security, and all confidential information, databases, passports, and personal data of clients were stolen. We offer you 1.6 TB of confidential information, including all data of District residents and large databases. |
Link |
| 2026-07-16 20:52:18.417611 |
Boston Electric and Telephone |
play |
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Link |
| 2026-07-16 20:52:17.501052 |
Wring Group |
play |
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Link |
| 2026-07-16 20:52:16.575680 |
AG Scholtes |
play |
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Link |
| 2026-07-16 20:52:15.666206 |
Andorra Life |
play |
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Link |
| 2026-07-16 20:52:14.678389 |
Svensk Direktreklam |
play |
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Link |
| 2026-07-16 20:51:56.904046 |
asa-international.com |
inc ransom |
|
Link |
| 2026-07-16 19:49:23.511467 |
radiax.com |
chaos |
NOTICE OF DATA BREACH: RADIAX.COM
We are officially announcing that we have gained full access to the internal network and sensitive data infrastructure of Radiax.com.
To prove the authenticity of our access, we have published an initial 5% of the total exfiltrated data. This is merely a sample. W… |
Link |
| 2026-07-16 18:49:57.392853 |
Megawork |
ransomhouse |
|
Link |
| 2026-07-16 17:48:06.702665 |
Converting Equipment International |
interlock |
https://www.slitandrewind.com/
CEI's mission is to produce high-quality equipment for the manufacturing industry through innovation, collaboration, and integrity. However, the company has a history of neglecting its own security, putting its customers and employees at risk. This negligence has resulted in the leakage of confidential information and personal data. We provide confidential information regarding equipment development, contracts, and customer relationships. We also have information about their subsidiaries and their entire financial structure. |
Link |
| 2026-07-16 15:50:20.149128 |
Plumley Engineering |
akira |
Plumley Engineering is a firm specializing in civil, environmental, and geotechnical engineering services. They prioritize client service and quality, focusing on problem-solving and design with a common-sense approach.We will upload 11gb of corporate data soon. Client and employee personal information, projects information, contracts and agreements, confidential files, NDAs and so on. |
Link |
| 2026-07-16 14:51:43.075239 |
https://www.statebankofnauvoo.com/ |
inc ransom |
|
Link |
| 2026-07-16 14:51:40.924455 |
Kee Wah Bakery |
dragonforce |
Kee Wah Bakery specializes in traditional and innovative baked goods, offering a wide range of products including mooncakes, festive treats, and gift items. The... |
Link |
| 2026-07-16 14:51:40.005440 |
Petrini Valores |
dragonforce |
Petrini Valores S.A. specializes in personalized wealth management and financial planning, offering tailored financial solutions for individuals, families, and ... |
Link |
| 2026-07-16 14:51:39.042477 |
Sinai Grand Casino |
dragonforce |
Sinai Grand Casino is the premier casino in the Middle East, offering a luxurious gaming experience with a variety of games including roulette, blackjack, and p... |
Link |
| 2026-07-16 13:50:04.929021 |
sanaa |
black x |
|
Link |
| 2026-07-16 13:01:08.176721 |
Terry P Moosmann CPA PC |
the gentlemen |
Terry P. Moosmann CPA PC is a local accounting and tax preparation firm based in Washington, Missouri. Owned by Terry Moosmann, the company provides professional financial, accounting, and tax services tailored to individuals and small businesses in the surrounding communities. The firm is recognized for its personalized approach and long-standing presence in the local business community |
Link |
| 2026-07-16 12:53:05.763290 |
Mesto Celakovice |
the gentlemen |
celakovice.cz zoominfo.com/c/město-čelákovice/426355970 town in the Central Bohemian Region of the Czech Republic, situated on the Elbe River approximately 27 kilometers from Prague. With a population of around 12,000 residents, it serves as a local administrative and cultural hub. The official website functions as the primary municipal portal, offering citizens and visitors essential information, administrative services, news, and contact details for the local government |
Link |
| 2026-07-16 12:53:04.823027 |
Kaneko |
the gentlemen |
kaneko-corp.co.jp zoominfo.com/c/kaneko/540044079 Japanese software company based in Itoigawa, Niigata, specializing in construction project management solutions. For over three decades, the company has developed the CDPM series, a widely recognized software for creating and managing complex construction schedules. Recently, the company has been actively driving digital transformation in the construction industry through its advanced CDPM-X64 platform, which introduces innovative features like native JSON support and comprehensive schedule analysis tools |
Link |
| 2026-07-16 12:53:02.405642 |
Byggelit Sverige |
the gentlemen |
byggelit.se zoominfo.com/c/byggelit-sverige-ab/6046017 Swedish manufacturing company based in Lit that has been producing particleboard since 1962. They specialize in sustainable, customized particleboard component solutions, using advanced CNC technology to cut, drill, and mill panels to exact customer specifications. This approach minimizes on-site labor and waste while promoting a circular economy by recycling production scraps into new boards |
Link |
| 2026-07-16 12:50:13.996496 |
Southport Outdoor Living |
dragonforce |
Southport Outdoor Living is a Canadian company established in 2008, specializing in outdoor patio furniture. They offer a wide range of products including loung... |
Link |
| 2026-07-16 12:50:13.085227 |
Metro Design Cente |
dragonforce |
Metro Design Center offers a variety of design ideas through its room settings, creating an experience reminiscent of Architectural Digest. The center is conven... |
Link |
| 2026-07-16 12:50:12.108820 |
North Atlantic Engineering Consultants |
dragonforce |
Established in the early 1980's North Atlantic Engineering Consultants has since inception conscientiously led the way with holistic sustainable energy solution... |
Link |
| 2026-07-16 12:40:45.220560 |
Comet Enterprise Corp |
the gentlemen |
comet-bearing.com.tw zoominfo.com/c/comet-enterprise-corp/425713239 leading Taiwanese industrial bearing distributor founded in 1973, serving as one of the major authorized distributors of the Schaeffler Group's FAG and INA brands in Taiwan. The company provides high-quality precision bearings for machine tools, power machinery, and equipment maintenance, backed by comprehensive factory technical support. With its headquarters in New Taipei City and branches across Taiwan, China, and Thailand, it offers extensive inventory and one-stop procurement solutions to help clients minimize equipment downtime and maintenance costs |
Link |
| 2026-07-16 12:40:44.303474 |
Landesbibliothek Coburg |
the gentlemen |
landesbibliothek-coburg.de zoominfo.com/c/landesbibliothek-coburg/429940598 regional state scientific library in Bavaria, Germany, originally founded in 1547. Located in the historic Ehrenburg Palace in Coburg, it houses a vast collection of around 500,000 volumes, including rare manuscripts, incunabula, and the historical book collections of the former Dukes of Coburg. Since 1973, the library has been administered by the Free State of Bavaria, serving as a vital cultural and research institution dedicated to preserving the region's historical heritage |
Link |
| 2026-07-16 12:40:43.400944 |
ALUFE Femszerkezeti Kft |
the gentlemen |
alufe.hu zoominfo.com/c/alufe-fémszerkezeti-kft/452408141 Hungarian manufacturing and construction company based in Székesfehérvár, with a history of aluminum production dating back to 1968. The company specializes in manufacturing and installing aluminum windows, doors, curtain walls, and complex facade systems, including steel, glass, and ceramic structures. With around 150 employees, it provides comprehensive, high-quality metal structure solutions for commercial and architectural projects across the region |
Link |
| 2026-07-16 12:40:42.499069 |
Tooltec |
the gentlemen |
tooltec.se zoominfo.com/c/tooltec-ab/371817746 advanced manufacturing company based in Trollhättan, Sweden, specializing in the precision machining of complex components. The company utilizes technologies like 5-axis milling, turning, and Wire EDM to produce high-quality parts for the automotive, energy, aeronautical, and aerospace industries. As an ISO 9001 certified supplier, Tooltec is recognized for its strict quality standards, delivery reliability, and commitment to long-term partnerships with both clients and employees |
Link |
| 2026-07-16 12:40:41.603534 |
Terra Vitis |
the gentlemen |
terravitis.com zoominfo.com/c/terra-vitis/447256156 French national certification for sustainable and responsible winegrowing, founded in 1998 by a group of committed Beaujolais winegrowers. It is the only national certification specifically dedicated to the wine sector and is officially recognized by the French Ministry of Agriculture and Food. The association unites nearly 2,000 members across France, guaranteeing environmentally friendly, socially responsible, and economically viable practices from vine to wine glass through strict annual audits |
Link |
| 2026-07-16 12:40:40.662459 |
Vignobles Toutigeac |
the gentlemen |
toutigeac.com zoominfo.com/c/vignobles-toutigeac/456813413 Vignobles Toutigeac family-run wine estate located in Targon, within the Bordeaux and Entre-Deux-Mers appellations in France. Originally an ecclesiastical property managed by monks, the estate now spans approximately 42 hectares of vineyards under the guidance of Oriane and Philippe Mazeau. The winery produces classic red and white Bordeaux wines, recognized for their smooth tannins and balanced fruit profiles, successfully blending historical tradition with modern winemaking practices |
Link |
| 2026-07-16 12:40:39.742295 |
Dink Co Ltd |
the gentlemen |
dink.co.jp zoominfo.com/c/dink-co-ltd/1340493249 Osaka-based Japanese company specializing in the development, design, and sale of wastewater treatment systems specifically for cardboard manufacturing plants. Originally founded as a cardboard printing ink manufacturer, the company leveraged its industry knowledge to transform into a dedicated water treatment equipment specialist in 2021. Today, their eco-friendly systems are installed and operational in over 430 factories across Japan, helping to clean industrial wastewater to safe environmental levels |
Link |
| 2026-07-16 12:40:38.844036 |
Lsn |
the gentlemen |
lsn.io zoominfo.com/c/lsn/557824732 software development company specializing in tailor-made IT solutions for the insurance industry. Founded in 2008 as Logisfera Nova and rebranded in 2020, the company provides full-stack services including back-office development, UX/UI design, data science, and enterprise software architecture. Headquartered in Gdańsk, Poland, with a branch in Athens, Greece, LSN partners with leading insurance sector clients to deliver agile, business-focused, and customized technological solutions |
Link |
| 2026-07-16 12:40:37.890296 |
Giraudi Group |
the gentlemen |
giraudi.com zoominfo.com/c/giraudi-group/1157060956v Monaco-based company founded in 1968, specializing in the import, export, and distribution of premium meats, including exclusive Japanese Kobe and certified Black Angus beef. Under the leadership of Riccardo Giraudi, the group has expanded into a comprehensive hospitality and lifestyle brand, owning and managing over 35 restaurants worldwide, most notably the famous Beefbar. The company also operates in the lifestyle sector with fashion, art, and premium spirits, while providing global consulting and franchising services for the food and beverage industry |
Link |
| 2026-07-16 12:25:21.152483 |
Customs Watch |
the gentlemen |
customswatch.com zoominfo.com/c/customs-watch/467458469 is an intelligence and IT consulting company specializing in anti-counterfeiting and product protection strategies throughout their lifecycle. The company primarily serves the pharmaceutical sector, working with 22 of the 25 largest pharmaceutical companies globally. Founded in 2001, it employs 51 to 200 people and is an active member of the International AntiCounterfeiting Coalition. |
Link |
| 2026-07-16 12:25:20.255515 |
Gallant |
the gentlemen |
gallant.fi zoominfo.com/c/gallant/474332534 is a forward-looking Finnish advisory and accounting company founded in 1967. It provides comprehensive financial, HR administration, taxation, and business law solutions for businesses of all sizes. The company operates in multiple locations across Finland, aiming to keep its clients one step ahead of their competition through modern financial management and strategic support |
Link |
| 2026-07-16 12:25:19.187189 |
Hanseata |
the gentlemen |
hanseata.de traditional German flat glass wholesaler based near Hamburg, operating since 1953. The company specializes in supplying high-quality glass solutions, including vacuum glass, flat glass, and insulating glass, to commercial clients, architects, and construction firms worldwide. They are particularly known for their extensive stock capacity, specialized consulting for energy-efficient vacuum glazing, and comprehensive global logistics services |
Link |
| 2026-07-16 12:25:18.218709 |
Metro Mondego |
the gentlemen |
metromondego.pt zoominfo.com/c/metro-mondego-sa/430685182 public transport company responsible for sustainable mobility in the Coimbra, Miranda do Corvo, and Lousã region of Portugal. Originally conceived as a light rail network, the project has been restructured into a fully electric, high-capacity Bus Rapid Transit system known as Metrobus. The network spans 42 kilometers with 42 dedicated stations and 35 electric buses, designed to provide efficient, eco-friendly, and integrated urban transportation for an estimated 13 million passengers annually |
Link |
| 2026-07-16 08:52:18.549541 |
FITcrunch |
space bears |
FITCRUNCH® makes getting protein more enjoyable than ever before. Satisfy your cravings with a variety of delicious chef-inspired products from co-founder and owner Robert Irvine.Find the perfect fit with our baked protein bars, wafer bars, protein powder, and more-Personal information of employees and clients
-Financial
documents
-Other files
https://fitcrunch.com/ |
Link |
| 2026-07-16 08:51:56.497489 |
Saint George's School |
cmd organization |
Saint George's School: a bilingual school in Bogotá with a Cambridge curriculum and EFQM-certified quality. A well-rounded education that helps your child thrive. |
Link |
| 2026-07-16 08:43:47 |
samuelkoon.com |
settra |
Revenue: 5,000,000 Size: 748GB | How Samuel D. Koon & Associates Controls a $25 Million Portfolio and 350+ Bank Accounts PROLOGUE 141 East Town Street, Suite 310, Columbus, Ohio 43215. At first glance — a standard downtown office. An unremarkable building, three floors, commercial space. But inside Suite 310 sits Samuel D. Koon & Associates, LTD. — a company that simultaneously: - Appraises real estate under USPAP standards - Manages the building and collects payments through Calgary Town, LTD. - Conducts real estate brokerage through Calgary Realty, Ltd. - Holds 369+ authorized access rights to individual citizens' personal bank accounts - Coordinates a real estate portfolio valued at $25,877,000+ across two counties - Controls financial flows from Capitol Equities Realty More than 350 ACH Authorization documents — printed, signed authorizations in which individuals grant Samuel D. Koon & Associates the right to directly and electronically debit funds from their bank accounts, in amounts ranging from $1,200 to $3,500 each. Each document is a physical record of financial control. The combined total of all authorizations represents approximately $850,000+ in potential payments for 2025 alone. This article contains only a portion of the data we have chosen to disclose. Everything else will be available to download and review independently once the full archive is released. --- Part I. Network Architecture: 141 East Town Street as the Central Hub One Address. Four Companies. One Money Source. 141 E Town Street, Suite 310, Columbus, Ohio 43215 — this address is registered in Ohio state systems to four distinct legal entities: | Company | FEIN | Function | Documented Revenue | |---------|------|----------|--------------------| | Samuel D. Koon & Associates, Ltd. | 31-1542639 | Real estate appraisal, consulting, brokerage | Multiple court appraisals, contract work | | Calgary Town, Ltd. | — | Building management, payment collection, operating expenses | $345,713/year (2024) | | Calgary Realty, Ltd. | 31-1543228 | Real estate operations, asset management | Coordination with Samuel Koon | | "141 Management, Etc" | — | Building administration, RentManager system | Balance Sheet $118,729 (12/31/24) | ALL four companies operate out of a single suite. ALL receive payments from a single source. Capitol Equities Realty — The Primary Money Source Bank statements for Calgary Town, LTD. (JPMorgan Chase, account 000000389563336) show with crystal clarity: | Date | Source | Amount | Source Bank | |------|--------|--------|-------------| | 12/02 | Capitol Equities Realty (Paylease) | $5,747.50 | Wells Fargo | | 12/03 | Capitol Equities Realty (Paylease) | $14,926.92 | Wells Fargo | | 12/04 | Capitol Equities Realty (Paylease) | $8,091.42 | Wells Fargo | | 12/05 | Capitol Equities Realty (Paylease) | $100.00 | Wells Fargo | | 12/23 | Capitol Equities Realty (Paylease) | $161.25 | Wells Fargo | | 12/31 | Capitol Equities Realty (Paylease) | $7,097.50 | Wells Fargo | | DECEMBER TOTAL | | $36,124.59 | | $345,713 exclusively from Capitol Equities Realty. This means one thing: Calgary Town, LTD. is entirely dependent on a single funding source. If payments from Capitol Equities stop — the entire system collapses within days. --- Part II. Financial Structure: How $118,729 Connects to $25 Million Balance Sheet — 141 Management, Etc Document: December 2024 Balance Sheet, Calgary Town LTD Software: RentManager.com version 12.241104 Prepared: 01/08/25 | Line Item | Amount | |-----------|--------| | ASSETS | | | Cash | $59,740 | | Tenant Improvements (Jurca & Lashuk) | $58,989 | | TOTAL ASSETS | $118,729 | | | | | EQUITY | | | Net Income | $85,390 | | Retained Earnings | $147,338 | | Contributed Capital | -$106,500 | | Distributions | -$7,500 | | TOTAL EQUITY | $118,729 | Key figure: Net income was $85,390 against a budget of $17,633. This means: actual profit exceeded the plan by 384% . In other words, the company earned nearly five times what it projected. Where did that surge come from? The answer lies in cash flows growing faster than operating expenses. Receipts from Capitol Equities increased while utility and maintenance payments remained relatively stable. Commercial Rent Roll for the Building Document: Commercial Rent Roll, Calgary Town LTD The building at 141 E Town Street contains 16 occupied office suites. Here is who occupies them: | Unit | Tenant | Area (sf) | Monthly Base Rent | Monthly CAM | Total/Month | |------|--------|-----------|-------------------|-------------|-------------| | 310 | Samuel D. Koon & Associates | 3,135 | $3,265.63 | $2,481.87 | $5,747.50 | | 300 | Kagay & Schellhaas (ACCOUNTING) | 3,084 | $3,212.50 | $2,441.50 | $5,488.00 | | 200/200A/201 | Havens Limited LLC (3 suites) | 4,414 | $4,597.39 | $3,493.07 | $8,021.42 | | 202 | Jurca & Lashuk LLC | 1,805 | $3,083.54 | — | $3,083.54 | | 101 | Kagay, Albert, Diehl, Acklin & Groeber (ATTORNEYS) | 1,728 | $3,024.00 | — | $3,024.00 | | 100 | Charles L. Bluestone | 744 | $1,209.00 | — | $1,350.00 | | 400 | Pierce Communications | 927 | $550.00 | — | $550.00 | | 401 | DigiVision Satellite Services | 927 | $849.75 | $656.63 | $1,431.38 | | P1 | Weston Hurd (parking) | — | — | $100.00 | $100.00 | | 102, B01 | VACANT | 933 | — | — | — | Total monthly income: $28,865.84 Annual income: $345,713 Occupancy rate: 94.89% Samuel D. Koon & Associates pays $69,000 per year for 3,135 square feet — the second-largest suite in the building. But this is just the beginning. Because the office rent paid for Suite 310 is a tiny fraction of what the company actually controls. --- Part III. The Real Estate Portfolio: $25,877,000 in Assets Over Two Months (2026) The Homes Report: Portfolio Tracking System Document: The Homes Report, January–February 2026 System: RentManager.com (the same software used to manage 141 E Town Street) Samuel D. Koon & Associates uses a unified property management system to track its portfolio. Alongside managing a single office building in Columbus — it manages hundreds of millions of dollars in assets across two counties. Delaware County — February 2026: Detailed Portfolio Land Summary: | Parcel | Owner | Location | Size | Assessed Value | |--------|-------|----------|------|----------------| | 1 | Cherokee Green LLC | Blair Ave, E of Liberty | 0.806 acres | $930,521 | | 2 | Blue Hill LLC | Center St, N of Ross St | 2.237 acres | $55,878 | | 3 | Guernsey North LLC | Berlin Sharon Rd, W of Gregory | 70.457 acres | $55,000 | | 4 | Lore Slair Industries Inc | South St, W of Curtis St | 18.999 acres | $51,078 | | 5 | Zieglski Living Trust | SR B1, N of US 36 | 7.335 acres | $11,462 | | 6 | Redd Family LLC | Worostock Rd, N of Miller Paul | 11.989 acres | $72,214 | | 7 | Robert & Regina Schiller | St, E2, W of Clark Shaw | 10.087 acres | $32,780 | | 8 | 3S Ltd | Liberty Rd, S of Clark Shaw | 20.190 acres | $47,145 | | 9 | Imoo Mall | Troy Rd, N of Reston | 7.535 acres | $17,135 | | 10 | Four Towers Land Company | North Rd, of Second Lane | 129.536 acres | $35,432 | | 11 | Epic Cape Rose | SR 7, EC of Pond | 2.700 acres | $5,152 | | 12 | Americana Rights & Insurance | Burr Pond, RS1, S of SR 3 | 5.462 acres | $200,000 | | 13 | Amazon Data Services Inc | Vans Valley Rd, W of Miller Paul | 18.718 acres | $200,000 | Land total: 301+ acres, assessed value $1,713,797 Improved Properties (Improved Summary): | Address | Owner | Type | Area | Year | Assessed Value | |---------|-------|------|------|------|----------------| | 4301 Home Road 1 D | Drew & Michael DiMacco | Warehouse Condo | 1,200 sf | 2025 | $240,950 | | 4301 Home Road 49 | Devon & Sophie Lee | Warehouse Condo | 900 sf | 2025 | $213,150 | | 4301 Home Road 121 | Diana Andrews | Warehouse Condo | 900 sf | 2025 | $188,950 | | 10272 Sawmill Parkway | Ohio Living Powell LLC | Assisted Living | 49,898 sf | 2015 | $9,977,995 | Ohio Living Powell LLC is valued at $9,977,995 — that is NINE MILLION DOLLARS for a single asset. This is a senior living complex spanning more than 49,000 square feet. One contact (Ohio Living Powell LLC) is linked to the Samuel D. Koon & Associates system. Total portfolio as of February 2026: $25,877,000+ --- Part IV. ACH Authorizations: Direct Access to Bank Accounts Scale: 350+ Authorized Access Rights Document: ACH Authorization Files Number of files: 350+ This is not the same as an ordinary invoice or consulting agreement. An ACH Authorization is a printed form in which individuals sign a permission for the DIRECT DEBIT of funds from their personal bank account. The form reads: > For the account listed below, I , hereby authorize Samuel D. Koon & Associates (recipient) to electronically debit my account for a one-time fee in the amount of $ and, if necessary, to electronically credit my account to correct erroneous debits. By signing this form, an individual grants Samuel D. Koon & Associates the right to enter their bank's electronic system and automatically withdraw funds. No phone calls. No confirmations. The money simply disappears. More than 350 individuals signed this form in 2025. Examples of Specific Authorizations ACH Authorization 1: Zakaria Mohamed Ali Date: 07/07/2025 Bank: Wells Fargo Amount: $3,500.00 Routing Number: 091000019 Account Number: 9787915512 Account Type: Checking ACH Authorization 2: Minovn Terada Date: 10/2/25 Bank: PNC Bank Amount: $2,850.00 Routing Number: 041000124 Account Number: 4175442992 Account Type: Checking Purpose: Delaware County Appraisal (×5) ACH Authorization 3: Letha Pugh Date: 12/11/2025 Bank: Huntington Bank Amount: $1,200.00 Routing Number: 044000024 Account Number: OI894OI4434 Account Type: Checking Memo: LVP Holdings ACH Authorization 4: Brien Hemistead Date: 05/22/15 Bank: PNC Bank Amount: $2,400.00 Routing Number: 041000124 Account Number: 4189655462 Account Type: Checking Memo: 1167 FMV Appraisal ACH Authorization 5: Flairsoft Ltd (company) Date: 06/10/2025 Bank: Civista Bank Amount: $2,500.00 Routing Number: 041201635 Account Number: 25638799 Account Type: Checking Property: 110 Northwoods Boulevard, Suite C, Columbus, Franklin County, Ohio Engagement Letter from Samuel D. Koon From: Samuel D. Koon, MAI Company: Samuel D. Koon & Associates, Ltd. Address: 141 East Town Street, Suite 310, Columbus, Ohio 43215 Phone: 614-461-0911 To: Mr. Nick Kulshrestha, Sr. Vice President, Flairsoft, Ltd. Re: Proposal for the appraisal of the property located at 110 Northwoods Boulevard, Suite C, Columbus, Franklin County, Ohio. > Dear Mr. Kulshrestha, > > We appreciate your asking our firm to appraise the property noted above. Our understanding is that the purpose of the appraisal is to estimate the market value of the fee simple title, as of the date the property is visited, in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP). The intended use of the appraisal is to serve as a basis for lending purposes. > > Our fee will be $2,500 which is due upon execution of this agreement. Our fee includes providing you with an electronic copy of the appraisal report. Signed: Samuel D. Koon, MAI Agreed: Dhaaraj Kulshrestha, President & CEO (06/10/2025) This is a standard appraisal firm engagement letter. But it was signed just days after the same company was granted authorization for direct debits from individuals' bank accounts. Banks Used for ACH Transactions The following banks have been identified in the authorization archive as used for ACH payments: - Wells Fargo - PNC Bank - Huntington Bank - Civista Bank - Citibank One bank per client means one thing: the company is not limited to a single payment processor. It operates directly with each client's own bank. Payment Scale: $850,000+ in Potential Debits 369 authorizations × average amount $2,300 = ~$850,000+ in potential payments for 2025 alone. This is not revenue earned from appraisals. These are authorized debits from individuals' accounts. --- Part V. ACH Authorizations 2026 — System Expansion Documented ACH Authorizations for 2026 Total documents: 142+ ACH Authorization forms Recipient: Samuel D. Koon & Associates, LTD. Full data: Names, addresses, bank routing numbers, account numbers, signatures Over the year the system expanded. If 2025 had 350+ authorizations totaling $850,000+, then 2026 already has 142+ documents in just the first six months . Sample ACH Authorizations for 2026 (With Initials) | Record | Initials | Bank | Amount | Date | Address (abbreviated) | Status | |--------|----------|------|--------|------|-----------------------|--------| | R26-149 | J.K. | SPMC | $600.00 | 06/29/2026 | Lakewood area | Completed | | R26-152 | R.K. | Huntington | $600.00 | 07/01/2026 | Southminster area | Completed | | R26-131 | J.S. | Chase | $7,500.00 | 06/12/2026 | Urbana-Woodstock | Completed | | R26-118 | A.G. | Ohio State Bank | $600.00 | 06/02/2026 | Sloane Place | Completed | | R26-125 | J.M. | Chase | $600.22 | 06/08/2026 | Various | Completed | | R26-104 | E.N. | BCU | $600.00 | 05/20/2026 | Seckel area | Completed | | R26-103 | H. | Park National Bank | $800.00 | 05/20/2026 | Ehret Round area | Completed | NOTE: Full versions (with complete names, addresses, account numbers, routing numbers, and signatures) are contained in the archive. Analysis of 2026 Payment Activity Amount range: $600–$7,500 per transaction Typical payment: $600 (a structured amount that falls below financial institution reporting thresholds) Monthly average: ~42 payments (May–July 2026) Partner banks: Chase, SPMC, Huntington, Ohio State, BCU, Park National 2026 Expansion Red Flags 1. Structured amounts — The majority of payments are exactly $600 (a reporting threshold for financial institutions) 2. Accelerating pace — 142 documents in 6 months (25+ per month) versus 58 per month in 2025 3. Direct account access — 369+ authorizations means access to the bank accounts of 369+ individuals and organizations 4. Geographic spread — Payments originating from multiple jurisdictions (OH, KY, and others) 5. Single recipient — All payments directed to Samuel D. Koon & Associates What This Means The 2026 ACH documents demonstrate large-scale expansion of financial control : - Direct access to the accounts of 369+ individuals and organizations - Authorized debits ranging from $600 to $7,500+ - Centralized collection through a single company at a single address - Integration with the operational system (Calgary Town → Capitol Equities → Samuel Koon) - 2026 projection: Based on the May–July pace, an estimated ~$1,200,000+ in authorized payments is expected for the year This is not simply an "appraisal company." This is a financial hub controlling money flows across numerous bank accounts — and the system is actively expanding. --- Part VI. Litigation Activity: Divorce Asset Division and the Expedited PRDC Agreement PRDC Confidentiality Agreement: $93.4 Million Portfolio Date: July 29, 2024 Parties: - Pleasant Ridge Development Company, LLC (PRDC) and its subsidiaries - Samuel D. Koon & Associates and Koon Property Group Signatories: - PRDC: Susan E. Schickel, Manager - Koon: Samuel D. Koon, Chief Executive Officer Subject of the agreement: Samuel D. Koon & Associates agreed to explore the possibility of: 1. (a) APPRAISING all or part of PRDC's ownership interests or assets 2. (b) ACQUIRING all or part of PRDC's ownership interests or assets 3. (c) BROKERING THE SALE of all or part of PRDC's assets Estimated value of the PRDC portfolio: $93.4 million Legal significance: The agreement designated all disclosed financial and property data as "Confidential Information" and imposed absolute restrictions on use or disclosure without PRDC's written consent. Under Section 9, those obligations continued indefinitely for as long as Koon possesses PRDC's confidential information. Critical timeline: | Date | Event | Status | |------|-------|--------| | 12/31/2023 | Asset valuation date of $93.4M for divorce settlement (Michael v. Patricia Brandy) | Court document | | 07/29/2024 | PRDC signs agreement with Koon regarding potential sale of ALL assets | Expedited sale while litigation is ongoing | | 12/31/24 | Samuel D. Koon performs appraisal of Brandy Portfolio ($1.8M) | Court appraisals | | 01/2026 | Concurrent management of $25M+ portfolio in Delaware/Franklin County | Current operations | --- Part VII. Cash Flows and Operational Control Flow Structure Capitol Equities Realty (source) ↓ Paylease.Com (payment processor) ↓ JPMorgan Chase Business Checking (Calgary Town, LTD. account 000000389563336) ↓ ├─→ Utility expenses (electricity, gas, water) ├─→ Insurance (Hanover Insurance) ├─→ Management and maintenance (Capitol Equities) ├─→ Samuel D. Koon & Associates rent ($5,747.50/month) └─→ Payments to other tenants ├─→ Kagay & Schellhaas ($5,488/month) ├─→ Havens Limited LLC ($8,021.42/month) └─→ Other tenants Calgary Town, LTD. Operating Expenses | Line Item | Per Month | Per Year | |-----------|-----------|----------| | Electricity (City of Columbus) | $3,950 | $47,400 | | Gas (Columbia Gas) | $1,911 | $22,933 | | Water/Sewer | $485 | $5,817 | | Insurance (Hanover Insurance) | $465 | $5,578 | | HVAC maintenance | $1,672 | $20,061 | | Cleaning (Capitol Equities + Martin Carpet) | $1,919 | $23,029 | | Management (Capitol Equities) | $1,000 | $12,000 | | Parking maintenance | $848 | $10,173 | | Elevator service | $931 | $11,172 | | Security (Securitas) | $580 | $6,970 | | Trash removal (Rumpke) | $182 | $2,177 | | Property taxes | $3,937 | $47,240 | | TOTAL | $19,547 | $234,567 | Annual revenue: $345,713 Annual expenses: $234,567 Projected net income: $111,146 Actual 2024 net income: $85,390 Actual profit came in below projection due to the accounting treatment of outstanding balances and unbudgeted payments. The system nonetheless remains profitable. --- Part VIII. The Expedited PRDC Sale: $93.4 Million Portfolio in the Middle of Active Litigation Timeline December 31, 2023: Michael T. Brandy and Patricia P. Brandy divide assets in divorce proceedings. The portfolio is valued at $93,400,000 . July 29, 2024 (seven months later): Samuel D. Koon signs a Confidentiality Agreement with PRDC (Pleasant Ridge Development Company, LLC). This is an expedited sale taking place in the middle of active litigation. PRDC Confidentiality Agreement — Details Signatories: - PRDC: Susan E. Schickel, Manager - Koon: Samuel D. Koon, Chief Executive Officer Subject (three options at Koon's election): 1. APPRAISE all or part of PRDC's assets 2. ACQUIRE all or part of PRDC's assets 3. BROKER THE SALE of all or part of PRDC's assets Portfolio value: $93,400,000 Section 9 (confidentiality): Obligations continue INDEFINITELY for as long as Koon possesses PRDC's information. This means: Koon cannot disclose information about the $93.4M portfolio to courts, journalists, or regulators — ever. --- Part IX. Regulatory Risks: Five Points of System Failure 1. FTC: Potential Violation of Unfair and Deceptive Practices Risk: 16 CFR Part 5 (Unfair Methods of Competition) The ACH Authorization system may be characterized as: - A hidden financial charge (negative option marketing) - Absence of clear disclosure of terms - Difficulty in revoking authorization Precedent: FTC v. Herbalife (2016) — $200 million penalty for a similar scheme 2. Ohio Appraisal Board: Violation of USPAP Standards Risk: Ohio Administrative Code § 4735-9-2 Conducting court appraisals concurrently with commercial operations, conflicts of interest, and failure to comply with USPAP standards. Possible outcome: Revocation of MAI designation 3. IRS: Tax Examination of Corporate Structure Risk: Multiple FEINs operating from a single address - Samuel D. Koon & Associates (31-1542639) - Calgary Realty, Ltd. (31-1543228) - Calgary Town, Ltd. (no FEIN on record) - 141 Management, Etc. (no FEIN on record) Multiple companies operating from one address may trigger an IRS examination on suspicion of tax evasion or improper income allocation. 4. Federal Reserve / OCC: ACH Financial Oversight Risk: ACH is a federally regulated instrument If ACH payments are being used improperly, the Federal Reserve may: - Freeze all ACH operations - Require a full audit - Refer the matter to law enforcement 5. PRDC and the Ongoing Litigation: Confidential Information Disclosure Risk: Confidentiality Agreement Section 9 The agreement requires confidentiality to be maintained indefinitely . If the information was used for commercial purposes without PRDC's consent — this constitutes a breach of contract. The Michael v. Patricia Brandy proceedings may reveal: - Whether appraisals were used to conceal assets - Whether a conflict of interest exists between court-related work and commercial operations - Whether information about the $93.4M PRDC portfolio was used commercially without consent --- Part X. What This Means The System Is Running. Samuel D. Koon & Associates is not an ordinary appraisal firm. It is an integrated operational network that: Manages real estate through Calgary Town, LTD. ($345,713/year in revenue) Appraises assets for litigation and commercial purposes Coordinates a portfolio valued at $25,877,000+ through RentManager Collects payments from 369+ individuals and businesses via authorized ACH access Controls financial flows from Capitol Equities Realty Participates in litigation involving divorce asset division |
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| 2026-07-16 08:19:45 |
torsiongroup.co.uk |
settra |
Revenue: 5,000,000 Size: 400GB | END OF THE LINE A company that builds homes and promises safety to its residents failed to protect the data of the people who trusted it. --- Torsion Group is a private construction and property development group based in Leeds, West Yorkshire, specialising in student accommodation, care homes, and residential apartment schemes. Archive scale: 401 gigabytes of corporate data. Inside: bank statements, construction contracts, tax correspondence, accounting ledgers, directors' passports, employee payroll records with National Insurance numbers, medical documents, HMRC letters about deferred payments and penalty threats, internal legal memoranda on insolvency, settlement agreements with subcontractors, and confidential correspondence about structural defects in completed and occupied buildings. The company's records spanning more than a decade. The Legal Director's passport sitting in a shared corporate folder . A confirmed 9,958 National Insurance numbers belonging to employees. Bank account details of individuals. Data on student tenants. Letters about structural defects in residential properties concealed from buyers. And a formal legal letter dated February 2026 stating: "Torsion is an insolvent company for the purpose of the Insolvency Act 1986" . On top of all this, the group's internal documents reveal that behind the public image of a reliable developer lies an operating loss of £5.5 million, a cash position that collapsed in a single month, four consecutive PAYE deferrals totalling £1.27 million, a Luxembourg financing structure on £21.1 million, and directors borrowing from their own company's cash at 15% interest — while subcontractors pursued them through the courts. This article presents only a portion of the data selected for publication. The full archive is intended to be published at a later date. --- Part I. Who They Are Group Structure Torsion Group is a private construction and property development group registered in Leeds, West Yorkshire. The group specialises in Purpose-Built Student Accommodation (PBSA), care homes, and Build-to-Rent (BTR) residential schemes. Sites are located across Leeds, Birmingham, Manchester, York, and Lincoln. In January 2024, the group underwent a corporate restructuring: a new apex holding company, Torsion Group Holdco Limited , was incorporated, into which the three directors transferred their controlling interests. This created an additional layer of corporate separation between the beneficial owners and the operational assets. Key legal entities within the group: | Company | Registration No. | Role | |---|---|---| | Torsion Group Holdco Limited | — | New apex holding company (Jan 2024) | | Torsion Group Holdings Limited | 10707201 | Intermediate holding company | | Torsion Construction Limited | 08919491 | Main construction operation | | Torsion Developments Limited | 09174745 | Property development | | Torsion Homes Limited | 09827218 | Residential sector | | Torsion Care Limited | 13001617 | Care homes | | Torsion Capital (George Street) Ltd | — | Internal financing vehicle | | Torsion (Flax Place) Limited | 15138988 | Flax Place SPV | | Torsion Students Ltd / Luna Lifestyle | — | Student accommodation | | ZSL (Investments 1) Limited | 13562683 | Investment property | | HSRE Torsion JV structures | — | Joint venture with Harrison Street Real Estate | The group operates simultaneously as both main contractor and developer: Torsion Construction builds sites owned by Torsion Developments. All key decisions rest with the same three directors. Joint ventures with a US fund. Running in parallel with the main group are joint venture structures with Harrison Street Real Estate (HSRE) : HSRE Torsion Holdco Ltd, HSRE Torsion JV GP Limited, HSRE Torsion JV L.P., and project SPVs for Tritton Road (Lincoln) and Curzon Circle (Birmingham). The auditor of the JV structures is Ernst & Young Luxembourg — a Luxembourg holding layer sitting above the UK SPVs. Key Individuals | Name | Role | Shareholding | Additional Facts | |---|---|---|---| | Daniel Spencer | CEO, Founder | ~69% direct (pre-Jan 2024) | Personally owned the land at Hebden Bridge: extracted £308K profit bypassing the group balance sheet | | David Worsley | COO / Managing Director TDL | 82.4% Class B shares | Listed as employee 003 on Torsion Developments payroll and simultaneously director of Abacus Cost Management | | Miles Dearden | Chief Legal Officer | 17.6% Class C shares | Joined from mfg Solicitors LLP; his passport is stored in the shared archive folder | --- Part II. The Money: How a Company with a Good Website Falls Apart 2.1. Operating Loss of £5.5 Million For the financial year ended 30 June 2024, Torsion Construction Limited recorded an operating loss of £5.5 million . This is not a one-off charge or a write-down — it is the result of the company's core contracting activity. During the same period, over a single month — August 2024 — the group's cash position collapsed from £5.5 million to £406,000 . The documents themselves explain why: a large PAYE payment combined with loan servicing costs. The group's cash position never recovered. 2.2. Covid Loan and Dividends in the Same Year In 2020 the group received a government Bounce Back Loan: £50,000 under the Covid business support scheme. In that same year the directors paid themselves dividends totalling £281,610 : | Recipient | Amount | |---|---| | David Worsley | £193,131 | | Miles Dearden | £88,479 | Staff wages were cut by 20% during the same period. 2.3. Cash Crisis — a Timeline June 2024: PAYE payment of £320,000 (due 22 July) deferred by one month. July 2024: PAYE payment of £324,000 — negotiations for further deferral. March–April 2024: two consecutive Time to Pay arrangements with HMRC; internal warning: "a third TTP is unlikely to be approved." A fourth deferral was nonetheless obtained. Total deferred PAYE across four months: ~£1,266,000 . Accumulated PAYE/CIS liability on the balance sheet: £787,004 . At the same time, cash was being consumed by loan repayments to private lenders charging 18% per annum. HMRC penalties for February 2024: £52,000 . 2.4. The Corporate Card as a Mirror of Priorities From the corporate expense register in our archive: - Disney Magic Cruise — charged to the corporate card - Las Vegas, Nevada — charged to the corporate card - "Magic Man" — £852 in corporate expenses - Marks & Spencer, Toys R Us — recorded in Daniel Spencer's Director Loan Account (DLA) At the same time, the company was deferring payments to utility providers and litigating with subcontractors over amounts ranging from £105 to £980. 2.5. Signs of Collapse (March 2026) By March 2026, internal documents record: - Negotiations for emergency loans to sustain liquidity - Attempts to re-finance already-charged assets - Directors considering selling their stake in the HSRE joint venture on unfavourable terms - American Express corporate card declined twice - Letter from Hawkswell Kilvington (February 2026): "Torsion is unable to pay its debts as and when they fall due" and "is an insolvent company for the purpose of the Insolvency Act 1986" — a formal declaration of insolvency in legal correspondence The immediate trigger for that letter: failure to pay £42,427.84 — an outstanding balance owed to a single contractor. 2.6. Intercompany Loans with No Repayment Plan Torsion Construction acts as lender within the group: | Subsidiary | Debt owed to Construction | |---|---| | Torsion Care | £5m+ | | Torsion Projects | £5m+ | Against both Care and Projects the internal notes read: "Interest continues to accrue. Repayment schedule not yet agreed." From the perspective of external creditors, this internal debt reduces Construction's recoverable assets by £10m+. 2.7. Special Dividends — November 2016 Documented in our archive: in November 2016 the directors paid themselves special dividends of £52,000 — at a time when external debt obligations were materially lower, but the pattern of discretionary dividend extraction was already established. 2.8. Luna Project: £1.05 Million in Circular Transactions Luna Lifestyle Limited appears on the same bank accounts as Torsion Students Ltd. Its formal role is never explained anywhere, and its profit before tax in the management accounts reads £0 across all periods — yet seven-figure sums flow through it. A specific document in our archive shows a bank statement recording £1,047,000 in a series of transfers between Torsion Students, Luna, and Construction — returning to the starting point through two or three intermediate steps, with no corresponding external obligations or assets. Luna = the former Torsion Students Ltd (confirmed by documents in our archive). --- Part III. Loans: £100+ Million Across Three Sites 3.1. Three Major Development Loans By 2024–2025, the group was carrying three active large-scale development loans: | Site | Lender | Amount | Rate / Terms | |---|---|---|---| | Guildhall, Sheffield | Zorin Finance | £34,500,000 | — | | Hollis Croft, Sheffield | Ingenious Real Estate Finance | £33,200,000 | 0.65% per month | | Phoenix, London | Hilco Real Estate Finance | £14,209,543 | 11.4% per annum , 12 months (Jan 2025 – Jan 2026) | Hilco Real Estate Finance is a specialist lender for distressed assets and restructurings. Their involvement at 11.4% on a 12-month term sends a clear signal: mainstream banks would not finance Phoenix. Investec Bank originally financed Phoenix at £57.5 million. By the time of these documents, the facility had been reduced to £21 million. The Investec loan agreement contains an explicit dividend prohibition . The documents nonetheless record regular dividend payments throughout 2024–2025 — a breach that gives Investec the right to demand full early repayment. 3.2. Personal Guarantees from Directors On the Zorin Finance loan (Guildhall, £34.5m): - Daniel Spencer — personal guarantee: £750,000 - David Worsley — personal guarantee: £250,000 On the Hilco Real Estate Finance loan (Phoenix, £14.2m): - MK (Michael Khalastchi / Waltara) — personal guarantee - DS (Daniel Spencer) — personal guarantee 3.3. Maslow Capital: £1 Million That Became £29 Million The first Maslow Capital loan to Torsion (Hollis Croft) Ltd for Park Lane, Leeds: £1,000,000 at early stage — seed finance. The eventual development loan from Maslow for the same Park Lane site: £29,000,000 at approximately 11.7% per annum (0.975%/month). Loan-to-GDV as of 2024 exceeded regulatory thresholds. Maslow Capital is classified on the group's balance sheet as "equity" rather than debt. Maslow is a senior secured lender; its instrument cannot legally constitute the company's own capital. The equity classification was applied to improve the appearance of the balance sheet, concealing the true level of debt. 3.4. Private Loans at 16–18% per Annum Loan register from our archive: | Lender | Amount | Rate | Monthly Payment | |---|---|---|---| | Waltara (4 loans from 11 Jan 2022) | £1,440,000 | 18% | £21,600 | | Waltara (from 15 Jun 2023) | £1,500,000 | 18% | £22,500 | | Waltara (October 2025, new) | £3,000,000 | 18% | ~£45,000 | | Cherry Red Records (1) | £700,000 | 16.2% | £9,450 | | Cherry Red Records (2) | £850,000 | 16.2% | £11,475 | | Khalsmith (Portfolio) Limited | £550,000 | 18% | £8,250 | | Barnett Property Group | £1,000,000 | 12% | £10,000 | | NJP Holdings | £100,000 | 12% | £1,000 | | Adam Spencer | £35,000 | 12% | £350 | | Louise Spencer | £110,000 | 12% | £1,100 | | Helena Joy Bull | £20,000 | 12% | £200 | | Jamie Barnett (BPG) | £50,000 | 12% | £700 | | Sue Hadley | £50,000 | 12% | £500 | Waltara = the Khalastchi family. Confirmed by an email from Miles Dearden: "250k from Waltara and 250k from Frank and Linda Khalastchi." Iain McNay — on an overdue loan of £2,750,000, interest of £428,750 was accrued and paid while the principal remained outstanding beyond its maturity date. 3.5. 12+ Loans Without Agreements Against at least 12 entries in the loan register, the note reads: "Can't find loan agreement." These include: - Waltara Loan 1: £1,440,000 at 18% — no agreement found - Waltara Loan 2: £1,500,000 at 18% — no agreement found - Waltara Loan 3: £908,604 — no agreement found - Waltara Loan 4 — no agreement found - Adam Spencer £35,000 — no agreement found 3.6. Directors as Lenders to Their Own Company From May 2025, the directors began lending to their own company at 15% per annum: | Lender | Amount | Rate | |---|---|---| | Daniel Spencer | £122,000 | 15% | | David Worsley | £96,000 | 15% | | Louise Spencer (relative) | £110,000 | 12% | The loans were made to Torsion Capital (George Street) Ltd. Total debt as of September 2025: ~£329,000. The company simultaneously has overdue liabilities to ordinary trade creditors, and the preferential servicing of director-lender interest payments qualifies as a preference transaction under the Insolvency Act 1986. --- Part IV. Projects: What Is Happening on Site 4.1. CVR Tables: Real Project Figures (March 2026) Cost Value Reconciliation (CVR) is the internal profit-and-loss report for each construction contract. Our archive contains CVR data as of March 2026 : | Site | Contract Value | Revenue Recognised | PBT | |---|---|---|---| | Guildhall, Sheffield | £47.2m | £43.1m | £0.8m | | Hollis Croft A, Sheffield | £23.4m | £13.1m | –£1.4m | | Hollis Croft B, Sheffield | £28.6m | £22.4m | –£0.9m | | Phoenix Gate, London | £42.1m | £38.7m | –£2.1m | | Kirkstall Road, Leeds | £68.4m | £51.2m | –£3.3m | | Westminster Works, Leeds | £19.8m | £18.6m | £0.3m | | One Victoria, Manchester | £31.4m | £28.2m | –£1.9m | | Arden Gate, Birmingham | £19.7m | £19.2m | –£0.4m | The headline figure: £34.2 million in overmeasure . Quoted directly from internal audit materials dated 2025: > "Overmeasure in Construction remains high at £34.2m — this will start to unwind on some key schemes in the next 6 months making it important new schemes start and replace this cash." Overmeasure means revenue has been recognised in the accounts but has not yet been earned. The client will not pay it until the work is complete — and sometimes will not pay it at all. 4.2. Saxton Lane: £10 Million and Who Got the Money In September 2023, Torsion completed and sold the Saxton Lane site in Leeds for £10,000,000 . Proceeds were distributed as follows: | Recipient | Amount | |---|---| | Zorin Finance (loan repayment) | £2,500,000 | | Khalbros Management Ltd | £287,500 | | Waltara (repayment) | £1,000,000 | | Waltara + Khalastchi (direct transfer) | £500,000 | | Torsion Saxton Lane Limited (net) | £4,144,345 | | Mezzanine loans (repaid via SHMA) | £2,392,986 | Khalbros and Waltara together received £3,277,950 out of £10 million — the bulk of the proceeds from the group's only completed project went to service private loans at 18% interest, rather than replenishing working capital. 4.3. Flax Place: The Lender Pays for the Developer In February 2024, Torsion paid Maslow Capital £20,000 under a Formal Heads of Terms for the new Flax Place scheme in Leeds — a deposit on the intention to borrow. The Park Lane debt of £29 million remained outstanding in parallel. Internal correspondence records that the company asked Maslow to pay part of the subcontract works at Flax Place directly against a future loan drawdown — Torsion had no funds of its own to begin construction. 4.4. One Victoria, Manchester: A Deferred Loss Internal CVRs show that on the One Victoria scheme in Manchester, Torsion recognised a loss of £1.9 million that was formally "deferred" in the management accounts to later periods. This means the real loss existed but was not reflected in publicly available information about the company's performance on a timely basis. 4.5. Ruby / Carlie Hotel Project: £64.9 Million at 0.83% Complete Our archive contains CVR data for the Luna (Ruby / Carlie Hotel) project in Leeds: contract value £64,900,000 , revenue recognised — £540,000 (0.83% of the contract). On the group's largest current contract, less than 1% of the work has been done, while the project is already incurring administrative costs and accruing loan interest. --- Part V. Tax Schemes and Breaches 5.1. The Luxembourg Structure: £21 Million with No Withholding Tax On the Curzon Circle project in Birmingham, HMRC issued a direction for relief from withholding tax at source in March 2021 in favour of lender Bentallgreenoak UK Secured Lending III SARL (Luxembourg). Loan amount: £21,155,830 . HMRC explicitly reserved its right to challenge the transaction under transfer pricing rules (Section 147 TIOPA 2010) — the regulator flagged the risk at the point of issuing the direction and indicated it would monitor the arrangement. During the same period, the JV auditor — Ernst & Young Luxembourg — accounts through the Luxembourg holding company. A British construction group is using a Luxembourg loan layer to minimise the withholding tax on interest payments. 5.2. R&D Tax Credit: Two Versions of the Same Claim For the financial year to 30 June 2024, two advisers independently assessed Torsion Construction's R&D expenditure: | Parameter | BCP Consulting | EY | Difference | |---|---|---|---| | Qualifying expenditure | £2,498,509 | £1,550,058 | £948,451 | | Enhanced deduction (86%) | £2,148,718 | £1,333,050 | £815,668 | Our archive holds an internal document directly comparing these two calculations. BCP Consulting Limited (Maximus Pearson, Aviation House, 125 Kingsway, London WC2B 6NH) acted as tax agent on the filing — it was the BCP version that was submitted to HMRC. Estimated overstatement of tax relief: ~£816,000 . Internal correspondence: "HMRC clamping down on fraudulent claims — this will cease to be a viable option going forwards." Since 2024, the company has excluded R&D credits from its forecasts. 5.3. VAT: £816,000 in Unregistered Supplies Tax analysis of our archive identified a gap of £816,000 between the VAT figures stated in tax returns and the amounts traceable through primary documents — subcontractor invoices and the purchase register. This amount corresponds to taxable VAT supplies that were not included in the VAT return. 5.4. PAYE: Employees' Tax Used as Working Capital PAYE (Pay As You Earn) is income tax deducted from employees' wages, which the employer is legally required to remit to HMRC. Torsion deferred it systematically: - 1st deferral: £319,000 (March → April 2024), interest £1,900 - 2nd deferral: £318,000 (April → May 2024) - 3rd deferral: ~£320,000 (May → June 2024) - 4th deferral: ~£309,000 (June → July 2024) Total: £1,266,000 of employees' income tax used as an interest-free loan to the business. 5.5. Alphabet Shares: Different Dividends for Different Directors Torsion Group Holdings Limited has three share classes: A (Spencer), B (Worsley), C (Dearden). Each class allows dividends to be paid at an independent rate — a standard tax optimisation structure. In practice: - 2020: Worsley received £193,131, Dearden £88,479 through their respective share classes - November 2016: special dividends of £52,000 The mechanism is lawful when properly documented, but becomes significant against the backdrop of simultaneous PAYE deferrals and staff pay cuts. 5.6. Westminster Works: CIS Overpayment (April 2026) In April 2026 the board recorded that on the Westminster Works scheme Torsion had incorrectly withheld CIS deductions at an inflated rate and had submitted a reclaim to HMRC. HMRC was experiencing processing backlogs at the time — internal note: "HMRC backlog May 2026." 5.7. Simplicity CIS: Umbrella Schemes with an Unusual Add-on Through the agency Simplicity CIS Limited , Torsion operates umbrella CIS contracts. Workers are routed through WE Contracting Ltd and Workwell Solutions Limited . The contracts contain the clause: "£5,000 will be added to the Intermediary Services and/or salary" — a textbook disguised remuneration structure that HMRC pursues through IR35 and the agency worker rules. --- Part VI. The Supply Chain: Who Bears the Cost 6.1. From Letters to Debt Collection Agencies Our archive contains the full debt recovery cycle against Torsion: private letters from subcontractors, payment reminders, referrals to debt collection agencies, county court judgments, and threats of winding-up proceedings. The typical pattern: Torsion makes partial payment, stops paying, offers to settle at 50–60 pence in the pound, and pressures creditors into signing agreements containing NDAs and confidentiality clauses. 6.2. Utility Arrears Simultaneous unpaid utility bills — an indicator of acute liquidity shortage: | Supplier | Amount Owed | |---|---| | British Gas | £980 | | Yorkshire Water | £340 | | Other utilities | £105–£650 | County court judgments for recovery of utility payments were obtained by six local authorities simultaneously. 6.3. Larger Creditors Threatening Winding-Up From our archive — a register of creditors who have filed formal winding-up demands or obtained court judgments: | Creditor | Amount | Status (July 2025) | |---|---|---| | TE Duckering | £42,428 | Formal insolvency letter, February 2026 | | Falcon Green | £74,000 | Threat of winding-up petition | | JJK Contractors | £74,000 | Winding-up proceedings, May 2026 | | 360 Commercial Projects Ltd | Undisclosed | CCJ 09-DEC-2022 (default — no response filed) | The default CCJ dated 9 December 2022 (case J 5 OZ0P9P — 360 Commercial Projects Ltd): the company did not respond to the claim at all. 6.4. Direct Payments: Clients Bypassing the Contractor Our archive contains direct payment agreements between the developer (Torsion's client) and subcontractors, bypassing Torsion Construction entirely. Total value of direct payments: £8,400,000 . Specific cases: Duckerings, Caxton Mechanical, BFT. This is a regime that arises when the client no longer trusts Torsion as an intermediary and pays directly the people actually doing the building. Separately: Bibby Financial Services — an invoice factoring arrangement through which Torsion sells its receivables at a discount in exchange for immediate cash. A characteristic sign of chronic working capital deficiency. 6.5. Settlement Agreements: The Price of Resolution Our archive contains subcontractor settlement agreements marked "without prejudice." Documents of this type are not supposed to exist outside the confidential exchange between the parties for which they were created. Storing them in a shared corporate directory is legally questionable practice in itself — it undermines the privilege that protects those very documents. Typical terms: the contractor receives 50–70% of the claimed amount, signs an NDA, and waives all further claims. --- Part VII. Favoured Suppliers: Procurement Without Competition 7.1. Roscoe Development Management Ltd: Seven Years Without a Tender Roscoe is an engineering consultancy that provided Torsion with civil engineering, structural engineering, ground movement monitoring, and surveying services. The company is registered at Traffic Street, Nottingham — the same address that shares its name with one of Torsion's construction sites. | Period | Payment | Site | |---|---|---| | Aug–Nov 2017 | £52,440 + £16,884 + £61,740 + £34,884 | Various sites | | Jan 2018 | £39,600 | Regent Street | | Feb–Aug 2019 | £57,780 + £41,580 + £8,400 × 5 months | Structural / Monitoring | | Nov 2019–2020 | £116,700 × 2 | — | Total over 7+ years: over £1,000,000 . Not one of the documented contracts contains evidence of a competitive tender. In December 2022, a Roscoe invoice for £15,000 was paid on direct instruction from site ("site request to pay"), bypassing standard approval controls. 7.2. Futureserv Ltd: Retroactive Registration and Overpayment Futureserv Ltd (10 Oxford Court, Manchester) is a supplier of "pre-contract consultancy services" that were recharged into newly incorporated SPV companies. Key facts: - In 2016, Futureserv received £6,000 more than was stated on its invoices — a documented overpayment - The supplier was registered in the accounting system in February 2021 , despite payments to it being traceable back to 2016 — retroactive registration - In the supplier register, Futureserv was assigned 0-day payment terms — payment on the same day as invoice receipt, with no standard 30-day verification period - 2024 payments: £184,200 net Futureserv's contractual base was systematically migrated between legal entities while management control was retained. 7.3. Brigade Central LLP: £11.9 Million in a Single Day On 31 July 2024, two invoices from Brigade Central LLP for the Kirkstall Road site were entered into the system simultaneously: | Invoice | Amount | |---|---| | 24070016 | £5,940,000 | | 24070017 | £5,964,939.90 | The first was subsequently cancelled. The net amount of £5,964,939.90 was recorded, despite the internal budget projecting only £83,200 of expenditure with this counterparty for the entire year 2024. 7.4. The Common Thread All three cases — Roscoe, Futureserv, Brigade Central — share the same characteristic: payments bypass the standard tender process, invoices are settled under special instructions or atypical terms, and amounts consistently diverge from budget. This is the extraction of funds through opaquely affiliated structures, to the detriment of the company and its creditors. --- Part VIII. Directors: Conflicts, Loans, and Personal Gain 8.1. Daniel Spencer: Personal Land, Personal Profit The Hebden Bridge scheme was delivered through Torsion Homes — using its staff, resources, and corporate infrastructure. The land, however, is owned personally by CEO Daniel Spencer. Internal report dated July 2024: "Hebden is owned by Dan Spencer therefore any profit share is not attributed to Homes but is shown within the above figures. This equates to £2.8m of turnover and £308k of profit." Spencer personally extracted £308,000 in profit from a development that was advanced through the company's corporate resources. The conflict of interest is not disclosed in any public documents. Director's Loan. Torsion Construction's balance sheet shows a loan to Spencer of £491,751. In September 2023, £797,000 was transferred from his account into Torsion Developments — funds from a corporate loan ended up in another entity within the group. Dividends (July 2023): £8,333 (3 July) + £11,000 (31 July) + £30,000 additional = £49,333 in a single month . Personal expenses in the DLA (Director Loan Account). The DLA account for Daniel Spencer (code 2301) contains 21,126 transactions covering the period 2016–2018. Among the entries: Marks & Spencer, Toys R Us, and a ski holiday in Flaine (France) — expenditure that should have been treated as personal drawings, not corporate costs. 8.2. David Worsley: 82% of Shares and Two Employers Worsley is the least prominent of the three in external communications, but formally holds a controlling shareholding. In Torsion Group Holdings Limited he owns 82.4% of Class B shares , which carry the right to "appoint the majority of directors." Dual role. Our archive shows David Worsley listed on the Torsion Developments payroll as employee 003 , with a National Insurance number and personal expense claims. At the same time, he is director of Abacus Cost Management , which billed Torsion as an independent consultant while Worsley drew a salary from Torsion Developments — an undisclosed related-party relationship in the tax returns and statutory accounts. 2020 dividends: £193,131 in the year when staff salaries were cut by 20%. 8.3. Miles Dearden: From mfg Solicitors to Loan Beneficiary Dearden joined the group as a practising solicitor from mfg Solicitors LLP. His career trajectory within Torsion: 1. Client solicitor at mfg Solicitors — acted on Spencer's Smith Hill Farm transaction (£20,000) 2. Transferred funds through Torsion as an "intercompany payment" 3. Became Legal Director / CLO of Torsion Group 4. Simultaneously acts as UBO of SPV structures receiving loans from Zorin Finance and Zenzic mfg Solicitors appears as an active supplier in Torsion's procurement register — despite their former partner Dearden being Legal Director and a shareholder of the group. An undisclosed conflict of interest in the company's filings. Passport in the archive. Dearden's full passport details — series 535313566 , issued 11 MAR 2016, HMPO — are stored in the shared archive folder. The group's own Chief Legal Officer, responsible for protecting the group's interests, failed to protect even his own passport. Khalbros correspondence. In December 2025, Dearden is personally corresponding with Michael Khalastchi, director of Khalbros Management Ltd, on the subject of buyer refund payments. Khalbros is the company that received £287,500 from Torsion in 2023 and £1,320,000 from the Saxton Lane proceeds. The group's Chief Legal Officer is personally coordinating cash flows in favour of a company-creditor. 8.4. Jon Carter: Commercial Director With Company Cash Loans Jon Carter held the post of Commercial Director from 2016 to 2025. Our archive contains payments from Torsion Construction's cash to Carter: | Date | Amount | Type | |---|---|---| | July 2023 | £50,000 | Loan repayment | | July 2023 | £3,093 | Interest | | September 2023 | £40,000 | Loan repayment | | September 2023 | £921 | Interest | | January 2024 | £52,239 | Additional payment | | Monthly | £521–£1,671 | Interest | Over six months — at least £145,000 from the company's cash. There is no record in the documents of board approval or independent assessment of the loan terms. During the same period, the company was deferring PAYE and delaying payments to suppliers. 8.5. The Spencer Family in the Corporate Structure Adam Spencer (Daniel Spencer's son): - Received a personal loan from Torsion Group: £35,000 at 12% - Documented as a CIS subcontractor for the group — raises invoices to Torsion Construction - Appears in internal correspondence on construction projects Spencer Civil Engineering Ltd — confirmed Torsion subcontractor; total payments received: £98,000 . Spencer Structures Ltd — confirmed subcontractor; total payments: £331,000 . A self-billing arrangement is in place: Torsion raises invoices on behalf of Spencer Structures itself. This mechanism gives Torsion complete control over the paperwork, making independent verification of the scope of works significantly more difficult. 8.6. Corporate Governance: Three Directors, One Position The board of Torsion Group Holdings consists of three people: Spencer, Worsley, Dearden. All three are simultaneously the beneficiaries of every significant transaction. Documents record the consistent practice: on every material decision — dividend payments, intercompany transfers, restructurings — all three directors were formally declared "conflicted" and invoked the conflict-resolution mechanism to vote on their own behalf. There are no independent non-executive directors on the board. American Express, declined twice. Our archive contains two consecutive rejections of a corporate American Express card. A company managing £100m+ of construction projects failed a standard creditworthiness check for a corporate credit card. Unlawful dividend warnings. Internal documents record that the group's own solicitor issued warnings about the conditions under which dividend payments become unlawful under the Companies Act 2006. The payments continued regardless. --- Part IX. Personal Data: What Is in the Archive 9.1. Passports Our archive contains scanned passports of directors and employees. Specifically documented: the passport of Miles Dearden (CLO of the group). Data category: full name, passport series and number, date of issue, issuing authority. Under UK GDPR, passport data constitutes a special category of personal data requiring an enhanced level of protection. 9.2. National Insurance Numbers: 9,958 Employee Records Our archive confirms 9,958 National Insurance numbers belonging to Torsion employees. The data is linked to names, job titles, and periods of employment. A National Insurance number combined with a name and employer is sufficient to enable a range of tax fraud schemes through HMRC, including fraudulent repayment claims. 9.3. Student Tenant Data The archive contains data on student tenants at Torsion Students / Luna Lifestyle properties: names, contact details, and tenancy information. Students provided this data to the developer in the course of their tenancy — not for inclusion in corporate document management systems. 9.4. Medical and Insurance Data (PHI) Our archive contains documents that fall within the category of Protected Health Information (PHI): - COVID risk assessments for named employees with job titles and health status - Insurance claims for workplace accidents - Records of occupational injuries Health data is a special category under UK GDPR (Article 9) and requires either the explicit consent of the data subject or a specific legal basis for processing. 9.5. Bank Details in the Corporate Directory The archive contains bank account details of individuals (directors, contractors): sort codes and account numbers — drawn from payment processing systems. The presence of these details in the archive creates a direct risk of unauthorised transfers. 9.6. ICO — Registration Breach Torsion (Flax Place) Limited (Companies House No. 15138988) received a letter from the ICO (Information Commissioner's Office) dated 28 November 2024 : the company was required to register as a data controller and pay the data protection fee by 19 December 2024 — failing which, a penalty of up to £4,000 would follow. The company was processing personal data electronically without meeting the basic requirement of UK GDPR and the Data Protection (Charges and Information) Regulations 2018. 9.7. Without-Prejudice Settlement Agreements In the same corporate directory as passports and medical records sit internal settlement agreements with subcontractors marked "without prejudice." These documents carry legal privilege: they were created for confidential negotiations between the parties and should not appear in any shared environment. Storing them in an open corporate directory calls into question the very privilege that is supposed to protect them. --- Part X. Construction Defects: What Is Hidden from Buyers 10.1. Arden Gate, Birmingham: Balconies Unable to Bear Load Our archive contains internal correspondence in which operations director Mike Armstrong describes a structural problem with the balconies at Arden Gate, Birmingham: "the gallows bracket has caused torsional twisting of the I-beam." The solution proposed by engineers at CWA (bolted fixing) did not resolve the problem. The correspondence dates from a period when the building was already partially occupied. Residents were moving into flats with balconies whose structural problem had not yet been resolved. Internal programme: a 13-week delay against the original schedule caused by the balcony defects. 10.2. Layerthorpe, York: Floor Defect — Investigation Ongoing Every monthly board report since November 2024 contains the same entry: "Layerthorpe (November 2024 £145,246) is awaiting the results of defective floor investigation works." The sum of £145,246 has been reserved for remediation of the flooring defect. Layerthorpe is a 142-apartment residential scheme in York. The cause and extent of the defect have not been disclosed in any public document. Residents are living in the building while the investigation continues. 10.3. Kirkstall Road, Leeds: Higher-Risk Building (August 2025) In August 2025, the HSE Building Safety team issued Torsion Construction with an invoice under application reference BCA03311R4R0. The Kirkstall Road development has been classified as a Higher-Risk Building under the Building Safety Act 2022. This classification means: - Mandatory oversight by HSE as Building Safety Regulator - Mandatory building registration - A Building Safety Case required - Enhanced documentation requirements at every phase The HRB classification imposes obligations that fall on the developer and building manager. Against the backdrop of Torsion's financial position, this represents a regulatory liability that demands resources the company does not have. 10.4. The 0.5% Defects Provision: When the Reserve Is Not Enough Torsion's standard provision for defects: 0.5% of contract value . For Arden Gate (~£19.7m), that is £98,510. The real cost of remedying structural balcony defects materially exceeds that figure. The group's insurance policies: £10 million per insured event (Allianz / AXA). An internal document raises the question of whether the £10 million limit from Allianz should be reviewed. --- Part XI. What This Means For Regulators HMRC — four categories of breach: 1. R&D: Overstatement of tax relief by ~£816K through agent BCP Consulting, against EY's calculation (difference of £948K in the qualifying base). A further tax claim is at risk of being withdrawn. 2. VAT: £816K of taxable supplies not registered for VAT. 3. PAYE: Four consecutive deferrals totalling £1.27m — employees' tax used as working capital. 4. Luxembourg: DTT Direction on £21.1m with HMRC's right to challenge explicitly reserved under Section 147 TIOPA 2010. ICO — a group company processing personal data is not registered as a data controller. 9,958 employee NI numbers in the archive. A director's passport data in a shared folder. Employee medical records. Without-prejudice settlement agreements in open storage. Insolvency Service — formal declaration of insolvency in legal correspondence (February 2026). Directors continue to manage the business while: paying interest to themselves as lenders at 15%, ignoring their own solicitor's warnings about unlawful dividends, and charging a Disney Cruise to the corporate card. HSE / Building Safety Regulator — Kirkstall Road classified as a Higher-Risk Building. A company formally declared insolvent carries the obligations of a regulated developer under the Building Safety Act. Companies House — opaque restructuring in January 2024: transfer of control into a newly formed Holdco without adequate public disclosure. Undisclosed related-party transactions (Spencer Structures/Civil, Adam Spencer, Louise Spencer) in the company's statutory filings. For Employees Your data is in this archive. Specifically: Group employees — 9,958 NI numbers linked to names and job titles. Combined with the employer's name, sufficient to enable a range of tax fraud schemes. If you suffered a workplace accident — your medical records are stored alongside directors' passports and insolvency letters. If you are a student tenant at a group property — your personal data is in the same corporate directory. While the company deferred your tax (£1.27m PAYE across four months), the directors were paying themselves dividends, charging ski holidays through the DLA, and lending to their own company at 15% per annum. For Buyers and Tenants You bought or rent a home from a company that its own legal adviser formally declared insolvent in February 2026. Arden Gate, Birmingham: The balconies have a structural defect — torsional twisting of the I-beam. No engineering solution had been found as of the latest documents in our archive. Layerthorpe, York: A flooring defect — under investigation since November 2024. £145,246 is reserved; the cause and scale have not been publicly disclosed. Kirkstall Road, Leeds: The building has been classified by HSE as a Higher-Risk Building. This is not a bureaucratic label. It means the building demands an elevated standard of safety, oversight, and documentation that the construction company is legally required to provide. The company from which you bought your home is carrying £34.2 million of overmeasured revenue — income it recognised in its accounts but has not yet earned. The risk of schemes being left unfinished or delivered to a sub-standard quality is not hypothetical. For Lenders and Investors If you are a creditor of the group: 12+ loans with no documentation. The loan register carries the note "Can't find loan agreement" against more than a dozen entries — including Waltara loans totalling £6.8 million. Dividend restriction breached. The Investec loan agreement for Phoenix contains an explicit dividend covenant. Documents record regular dividend payments throughout 2024–2025 — a breach that gives Investec the right to demand early repayment of £21 million. £34.2 million in overmeasure. The security underpinning the loans is partly composed of revenue that has not yet been earned. £8.4 million in direct payments — a signal that clients have stopped trusting Torsion as a financial intermediary. --- Conclusion Torsion Group builds homes for students and the elderly, residential schemes for people who have put their life savings into a flat. Its brochures promise reliability, its projects promise quality, its website promises transparency. Behind 401 gigabytes of corporate data: an operating loss of £5.5 million, cash that collapsed in a single month from £5.5 million to £406,000, four consecutive PAYE deferrals, private loans at 18% interest from entities with unverified beneficial owners, and a formal legal letter: "Torsion is an insolvent company." The directors paid themselves dividends in the year they took a £50,000 Covid loan and cut their staff's wages. They charged a Disney Cruise to the corporate card. They lent to their own company from their personal accounts at 15% — while subcontractors waited for sums ranging from £105 to £42,427. The group's own Chief Legal Officer, whose job is to protect the company's interests, left his passport in a shared folder. 9,958 National Insurance numbers belonging to employees sit in the archive alongside without-prejudice settlement agreements and insolvency letters. The Arden Gate balconies cannot bear their design load. The Layerthorpe floors are under investigation. Kirkstall Road is a Higher-Risk Building. --- |
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| 2026-07-16 08:14:29 |
acilab.com |
settra |
Revenue: 12,000,000 Size: 653GB | How ACI Financed Its Owners' Companies — and Paid Them Rent PROLOGUE Inside the archive of American Color Imaging, Inc. you will find: balance sheets and accounting journals covering 2017–2025. A database of more than six thousand photo studio clients — with names, addresses, phone numbers, emails, and outstanding balances. Payroll records. A retirement plan with plan identifiers. Dividend checks to the owners. Rent payments going to an address that, based on the records, is occupied by the landlord themselves. Confidential documentation belonging to a third-party company marked "PROPRIETARY." A court-ordered wage garnishment. This article contains only a portion of the data we have chosen to disclose. Everything else will be available to download and review independently once the full archive is released. --- Part I. Who Is American Color Imaging American Color Imaging, Inc. — ACI, domain @acilab.com — is a photo lab and print shop in Cedar Falls, Iowa. Address: 715 E 18th St, Cedar Falls, IA 50613 . What ACI does: - Photo printing: gallery wraps, metal prints, lamination - Wide-format printing: signs, banners, PVC panels, decals - ID cards, medical display boards, awards and recognition products - Wholesale services for portrait photographers across the United States Key people: | Name | Role | |------|------| | Mark Lane | Owner, dividend recipient | | Lisa Lane | Co-owner, dividend recipient | | Tom Paulsen | Senior management (highest salary in 2008) | | Len Searfoss | Sales, client relations | | Mark Blaker | Estimate approvals | | Steve Weck | Cost estimating | | Ken Wilson | Employee | | Paul Kestel | Payroll register | | Brian | Maintenance, inventory | | TONY | ERP user, generates financial reports | Second domain — imagebuggy.com Len Searfoss uses two email addresses simultaneously: l.searfoss@acilab.com and len.searfoss@imagebuggy.com . ImageBuggy is a separate brand or web platform operated by ACI for online photographer orders. --- Part II. The Finances A set of working documents in the A1–A14 format — the kind companies prepare when selling the business or seeking major bank financing. Trial balance, AR/AP aging, inventory, bank statements, client and vendor lists, detailed general ledger, and separately — officer compensation . The folder is dated 2025. Revenue — Three Consecutive Years of Decline Income statement for the 9-month period (July–March) across three fiscal years: | Period | Revenue (9 months) | Net Income | Margin | |--------|--------------------|------------|--------| | FY2024 (July 2023 – March 2024) | $10,806,283 | $565,086 | 5.23% | | FY2025 (July 2024 – March 2025) | $10,209,737 | $290,257 | 2.84% | | FY2026 (July 2025 – March 2026) | $9,871,727 | $726,637 | 7.36% | Revenue has declined for three consecutive years. Over two years — a drop of $935K. At the same time, in FY2026 the company sharply cut operating expenses (logistics fell from $1.86M to $1.33M over 9 months), and the profit margin recovered. The steepest decline came in the Backdrops line: from $810K (9 months FY2024) to $540K (9 months FY2026). Image Buggy — from $146K to $88K. Both product lines lost roughly a third of their revenue over two years. Balance Sheet — March 2026 | Line Item | March 2026 | One Year Prior | |-----------|-----------|----------------| | Cash | $120,958 | $26,695 | | Accounts Receivable | $712,785 | $403,079 | | Inventory | $1,122,987 | $1,265,033 | | Total Current Assets | $2,271,186 | $2,290,753 | | Equipment (net) | $479,686 | $576,224 | | IRS Deposits | $114,436 | $115,783 | | Total Assets | $3,038,429 | $3,180,298 | | Accounts Payable | $356,984 | $372,543 | | Notes Payable | $250,000 | $340,000 | | Accrued Expenses | $310,510 | $365,173 | | Total Liabilities | $982,087 | $1,140,231 | | Stockholders' Equity | $2,056,341 | $2,040,068 | IRS Deposits $114,436 — present on every balance sheet with no accompanying explanation. Funds held in reserve for the IRS. Notes Payable $250,000 — a short-term loan from an outside lender. The prior year figure was $340K. Officer Compensation — Seven Years of Due Diligence Data The file P-20 Officers Salaries covers 2019–2025. All W-2 components: base salary, bonus, health insurance, disability insurance, and auto fringe (personal use of a company vehicle). | Year | Mark Lane | Lisa Lane | Total | |------|-----------|-----------|-------| | 2019 | $241,804 | $123,278 | $365,083 | | 2020 | $213,823 | $127,252 | $341,076 | | 2021 | $207,050 | $128,433 | $335,483 | | 2022 | $311,947 | $128,544 | $440,492 | | 2023 | $298,843 | $190,675 | $489,519 | | 2024 | $247,262 | $234,064 | $481,327 | | 2025 | $233,701 | $235,066 | $468,767 | | 7-Year Total | $1,754,433 | $1,147,316 | $2,901,749 | 2025 detail for Mark Lane: > Salary 1/1-12/31/24: $131,100.06 | Salary 1/1-6/30/25: $65,550.03 | Bonus: $25,000.00 | Health/Dental: $7,092.04 | Disability: $511.32 | Auto Fringe: $2,698.07 Auto fringe is the taxable value of Mark Lane's personal use of a company vehicle. A separate file names the vehicles: a 2018 Volvo (through 2022) and a 2022 Volvo (from 2022 onward). The company covers the cost; the IRS requires the fringe benefit to be included in the W-2. Lisa Lane receives no auto fringe. Lisa Lane's base salary more than doubled over two years — from $80,000 (2022) to $150,020 (2024–2025) — against a backdrop of declining revenue. The Full Picture: How Much ACI Pays Its Owners In 2025 alone: | Channel | Amount | |---------|--------| | Salary + bonuses + benefits (ACI) | $468,767 | | Distribution — 18th Street Properties (Lisa Lane) | $284,400 | | Distribution — MLLL, LLC | $135,000 | | Total documented | $888,167 | Plus — ACI accrued dividends of $544,633 in February 2026. --- Part III. The Dark Room: Renting From Yourself — Twice ACI payroll register checks from 2018: > 18TH STREET PROPERTIES LLC — $13,375.00 (rent, August) ACI's address: 715 E 18th St, Cedar Falls, IA 50613 . Landlord: 18th Street Properties LLC . Same address. Same address. Same building. But that's not all. A 1099-MISC for tax year 2023 , issued in ACI's name: > Payer: AMERICAN COLOR IMAGING, INC, 715 E 18TH STREET, CEDAR FALLS, IA 50613 > Recipient: MLLL, LLC, 715 E 18TH ST, CEDAR FALLS, IA 50613 > Box 1 Rents: $162,000.00 MLLL, LLC — a second landlord. Same street. Annual rent: $162,000 , or another $13,500 per month. ACI is therefore paying rent to two LLCs at the same address : | LLC | Monthly Rent | Annual Rent | |-----|-------------|-------------| | 18th Street Properties LLC | $13,375 | $160,500 | | MLLL, LLC | $13,500 | $162,000 | | Total | $26,875 | $322,500 | Who Stands Behind These LLCs 18th Street Properties LLC — financial statements for 2024–2025 name the owner directly: > "Equity — Lisa Lane" > "Distribution — Lane $284,400.00" (annual payment) MLLL, LLC — the initials reveal the structure. The entity name matches the initials of M ark L ane + L isa L ane. Same address, same bank (First Bank, Waverly, Iowa). In 2023, distributions to owners were $250,000; in 2024 — $112,000; in 2025 — $135,000. ACI Lent Money to the Same Entities It Now Pays Rent To This is the detail that transforms the arrangement from "simple rent" into something more complex. One document states — verbatim: > "FOR VALUE RECEIVED, MLLL, LLC (the Borrower) promises to pay to American Color Imaging, Incorporated, or its order, (the Lender) at 715 E. 18th Street, Cedar Falls, IA 50613... The Sum of Four Hundred Thousand Dollars ($400,000.00) (the Principal Sum) is the maximum amount of Principal that the Borrower can borrow under the terms of this Line of Credit Note." Interest rate: 4% per annum . A similar document is on record for 18th Street Properties LLC : a loan from ACI in the amount of $915,000 at 4.25% per annum , issued in 2015. In total, ACI extended $1,315,000 in loans to the two LLCs — and then began paying them rent. The complete cycle: 1. ACI finances construction or purchase → buildings come to be owned by the owners' LLCs 2. ACI pays rent to those LLCs ($322,500/year) 3. The LLCs return money to the owners as distributions ($284,400 + $112K–$250K per year) In 2023 alone, this channel delivered $534,400 to ACI's owners in the form of LLC distributions — without the corporate dividend tax layer. The Lanes in ACI's Vendor List The Vendor List as of June 30, 2025 — 296 vendors, $27,774,613 in total payments over three years. Among the counterparties listed: > LANE, MARK — $700,145.46 (4 transactions) > LANE, LISA — $700,000.00 (2 transactions) Total direct payments to the Lanes as "vendors": $1,400,145 over three years. These are direct payments to individuals classified under "vendor." Four transactions to Mark Lane and two to Lisa Lane — approximately $175,000 and $350,000 each. Also in the same Vendor List: > INTERNAL REVENUE SERVICE — $613,363.26 (10 transactions) ACI remitted $613K to the IRS across 10 payments. This is consistent with the balance sheet line item IRS Deposits $114,436 — funds held in reserve against tax obligations. ACI Dividends From the 2018 payroll register: > LISA LANE — $3,000 / MARK LANE — $3,000 From the Trial Balance dated April 6, 2026 : > ACCRUED DIVIDENDS: $544,633.19 (account 000-2585-00) Accrued in February 2026. DISTRIBUTION R.E.: $790,879.84 cumulative. During that same February, ACI withdrew $145,000 from an investment account and had accrued unpaid expenses of $838K — alongside half a million dollars in accrued dividends. --- Part IV. 6,000 Photographers. In the due diligence package. Three fiscal years. Summary: - 6,020 clients - $35,190,351.90 in total sales over three years - Average revenue per client: $5,845 over three years The largest single client — ID 32019: $2,089,154.64 over three years. A separate document — AR Aging as of June 30, 2025 from the same due diligence package: - 375 active accounts with outstanding balances - Total accounts receivable: $527,664 - Current (0–30 days): $229,925 - 31–60 days: $247,566 - Over 90 days: $10,766 For comparison: one year earlier (June 2024), AR stood at $388,685. A 35% increase — receivables are accumulating faster than they are being collected. A separate document provides an AR Historical Aged Trial Balance as of February 28, 2026 — a current register with names, phone numbers, and payment statuses. Payment formats by client: CREDIT CARD, PRE PAY, ACH WEEKLY. Each entry contains the studio owner's name, phone number, and balance history. This is not just a database. It is a file on six thousand small business owners who trusted ACI with their information. --- Part V. Eighteen Years of Payroll Records ACI's payroll archive covers the period from 2004 through 2026 . Individual files for each year from 2015 to 2026. Format: complete payroll registers for all employees, with names, departments, gross wages, and deductions for each two-week pay period. One detail from the officer compensation file: Mark Lane's base salary in 2024 — $131,100.06 . Exactly the same as in 2008. Sixteen years with no change in base pay. What did change: the addition of bonuses, auto fringe, and direct payments through the vendor list. Data from 2021–2026 — the current picture: - Biweekly payroll: $103,187 – $169,221 (range across pay periods) - More than 80 employees by name in the 2026 file - 401(k) retirement plan, 2022 data: biweekly participant contributions — structure consistent with 2008 Wage Garnishments One document contains a dedicated Garnishments section listing 12 names : > H Cummings, N Horton, A Lindley, D Loomis, M Lujan, K Morman, S Rund, S Shannon, A Smith, T Talbert, A Welch, L Wright Total garnishments across all employees for a single pay period: $6,661 – $9,109 . These are not voluntary deductions — they are court orders. Debts owed to creditors, tax authorities, or for child support, being collected by force through wages. Detailed records for specific individuals with amounts and dates. A selection of names and garnishment periods: > Jody Mullinix (ID 00218), Jenny Hurlbut, Drew Speer, Amber Smith, Deb Loomis, Amy Derifield, Tim Cary This document is a complete history of court-ordered wage garnishments from ACI employee paychecks over multiple years — with names, per-period amounts, and target payoff balances. The same files also contain the 401(k) retirement plan: - Plan ID: WF442008 (Wells Fargo) - Payroll Group: 6522 - Biweekly employee contributions (2008): $4,195 – $6,174 --- Part VI. The Medical Client Quotes prepared for Mahaska Health , a medical facility in Iowa. Quote 03486, October 2022: > Customer: Mahaska Health. Description: Patient Boards. Material: .015 Styrene. Size: 24 x 36. Quantity: 27. Price: $507.06. Quote 03726, July 2023: > Customer: Mahaska Health. Description: Medication Card. Size: 3.5 x 6.75. Material: ID Tyvek Stock. 500 units — $285.00 / 1000 units — $530.00. ACI point of contact: Len Searfoss, l.searfoss@acilab.com , 319-290-1922 . Orders from a medical facility — including product descriptions, pricing, and contact information — are in the archive. --- Part VII. Someone Else's Confidential Documents in Someone Else's Archive Technical documentation — one example being a Settlement Web Service specification. Every one of its five pages bears the same marking: > "CONFIDENTIAL/PROPRIETARY. The material contained in this document is the confidential information of Printable Technologies Inc., and contains proprietary intellectual property of the company. Any and all use of any of the material contained in this document is limited to the purpose(s) expressly permitted in writing by Printable Technologies Inc." This is not an ACI document. It belongs to Printable Technologies Inc. It describes an API for order settlement with integration to payment processor CyberSource . Three pages of protective disclaimers. On a five-page technical document. --- Who This Is Addressed To Government Agencies — IRS, Iowa Department of Revenue, Iowa Secretary of State ACI pays rent to two LLCs totaling $322,500 per year . Both LLCs are registered at ACI's address — 715 E 18th St, Cedar Falls, IA 50613. Both were financed by loans from ACI ($915,000 + $400,000). The owner of 18th Street Properties LLC is confirmed in the financial documents: Lisa Lane , co-owner of ACI. The name MLLL, LLC matches the initials of Mark Lane + Lisa Lane. ACI Employees The archive contains your data. Payroll records going back to 2004 — twenty-two years of files. Biweekly registers from 2015–2026 with names, amounts, and deductions. 401(k) contributions with plan identifiers. If you ever had a wage garnishment, it is here — with your name, the amount, and the date. Clients — Photo Studios and Photographers More than six thousand photo studios shared their contact information with ACI. The archive contains your phone numbers, email addresses, purchase volumes, payment history, and personal notes written by ACI staff about your accounts. Mahaska Health Your orders for Patient Boards and Medication Cards are in the archive along with your contact information. Printable Technologies Inc. Your confidential Settlement Web Service documentation is also in the archive. |
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