The Laser Key Scam

In January of 1994 Robert Almblad formed Laser Key II Limited Partnership in the State of Illinois. The purpose and business of the Partnership is to manufacture and distribute key making machines and related technology. The Limited Partners were sold Shares or a Percentage Interest in the company. This originally amounted to hundreds of thousands of dollars. Over the ensuing 10 years, Robert Almblad sold more  Shares or a Percentage Interest in the company amounting to millions of dollars. When Almblad could not get any more investors to give him money he started borrowing money and issuing Promissory Notes that came with an additional “kicker” of 1% ownership in Laser Key II Limited Partnership. This amounted to hundreds of thousands more dollars to Robert Almblad.

In December of 2003, Robert informed the Limited Partners that he is converting the Limited Partnership to a Limited Liability Corporation (LLC) named Laser Key LLC. Key duplication machines and advanced technology are developed over the years, key machines are sold, licensing contracts and agreements are entered into, millions of dollars were spent, borrowed and made as income does come in but all this was totally controlled by Robert Almblad and to my knowledge no Limited Partners/LLC Members ever see any of the income nor a return on their investment.

During this span of 17 years Robert Almblad has told numerous stories and given many different explanations to 25 or so different investors/limited partners and promissory note holders who had loaned or invested millions of dollars.

Fast forward to January of 2011 and we are now informed by Robert Almblad that he has decided to shutdown Laser Key LLC for good. It was this abrupt action that actually got the investors talking and e-mailing information and questions to each other. Now the pieces of the puzzle are starting to come together. I will continue to add the information that I come across and from the e-mails that have started to circulate. This will be a work in progress and I will post all that I can to this blog.

 

 

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