"DEFRAUDED BY DEON KING"
Inside the Deon King & Tarik A. Floyd Investment Fraud Lawsuit
The Risks of Doing Business with Deon King & Tarik A. Floyd
Deon King and Tarik A. Floyd touted their credentials, contacts, and a trucking company to solicit investment from non-accredited individuals. Within a year of plaintiffs giving a considerable amount of money, Deon King would become unresponsive, leaving investors to hire attorneys and ultimately take him, Tarik A. Floyd, and an individual named Anthony Spencer to court.
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According to the lawsuit, Tarik and Deon presented the plaintiffs with an investment/loan opportunity in his trucking company. They claimed to need financing to expand their fleet to obtain bigger contracts. Leveraging their contacts and some reasonable guarantees by King and his team, the plaintiffs provided money to their trucking company. However, the trucks he was supposed to buy under the deal never materialized. Based on the facts alleged in the lawsuit, it appears that plaintiffs’ funds were used to pay back previous investors that had been duped and to cover their personal expenses, similar to another fraud case perpetrated by Franklin Ray of CSA Business Solutions, who, despite claims of his company owning nearly 5,000 trucks, was found guilty of possessing only two.
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Deon King
Deon King is the co-founder and acting CEO of Tancil Logistics LLC. From Reston, Virginia, King graduated from Norfolk State University in 2017. He has a background in professional football, with short stints on NFL and CFL teams, including the Dallas Cowboys, San Diego Chargers, Indianapolis Colts, Cleveland Browns, and the Jacksonville Jaguars. According to his Wikipedia page, he was often delegated to the practice squad, rarely with any team beyond a year.
THE PLAYERS
Anthony Spencer
Anthony Spencer is the co-founder and vice president of Tancil Logistics. Born and raised in Richmond, Virginia, Spencer is a graduate of Virginia State University. His early career saw him managing the front desks of various Marriott brands for nearly a decade, before becoming a production assistant at one of Richmond’s leading news stations, WWBT-NBC 12 News.
THE LAWSUIT
LEGAL ACTION AGAINST TARIK FLOYD, DEON KING, AND ANTHONY SPENCER
On January 18, 2023, an amended lawsuit was filed against Deon King, Tarik Floyd, and Anthony Spencer. The plaintiffs, Corles and Kenneth, allege in their petition that Floyd, the principal of FTF Investments, and King misrepresented the facts to persuade them into investing over $50,000 into Tancil Logistics. The investment aimed to enable the purchase of additional trucks and the hiring of drivers. King and Floyd pledged a return of 40% of Tancil Logistics' monthly profits or a minimum flat fee of $2,000 per month, along with a full refund of the investment at the contract's conclusion.
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Floyd negotiated the contract between parties according to the petition. It would seem his role in FTF Investments ostensibly lent credibility to Tancil Logistics and his co-defendant King. According to the petition, Floyd also appointed his best friend Deon King as a board member of FTF Investments.
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The petition alleges that Deon King and Anthony Spencer used Tancil Logistics the vehicle as a means to insulate themselves from liability while engaging in fraudulent conduct to induce the Plaintiffs to provide funds, and then reaped the rewards of the money provided by Plaintiffs under the Agreement for their own personal benefit. According to the petition, the Plaintiffs unearthed evidence that the defendants, prior to and after entering the contract had solicited funds in amounts exceeding $40,000 from several other individuals not involved in this suit. The plaintiffs suspect that their investment was exploited to perpetuate a fraudulent scheme to acquire money for the defendants' personal gain, rather than for the operations of Tancil Logistics. Even more worrisome, the facts alleged in the petition seems to suggest that money given by the Plaintiffs went to pay off other debtors as they sought to continue to borrow more money, similar to the referenced Ponzi scheme or fraud that swindled investors out of $40 million.
To induce the plaintiffs to enter the agreement, the petition also alleges Tarik Floyd and Deon King made numerous deceptive verbal representations that they knew were not true. They claimed that:
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1. Tancil Logistics had existing interstate freight transportation contracts and pending contracts in Texas before the execution of the Agreement. The petition asserts that this claim was false because the company did not possess its own operating authority or authorization to operate independently in interstate or intrastate Texas commerce as a for-hire carrier. The defendants concealed this fact by refusing to disclose it despite repeated requests from the plaintiffs to view current and pending contracts, as well as other information about Tancil Logistics' operations.
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