AT 22, Mohd Asfour was Ubering, walking dogs, hustling his way on downtown Miami and dreaming of getting rich. Within months, he was running a string of operations, moving 5,000 pounds of cigars and tobacco a week. But he expanded too quickly on too little capital. By the time he was 25, he filed for personal bankruptcy.
“I always wanted to be Rich, But the opportunities was too small.”
Looking for a product with more profit in it, Asfour founded LR Miami. Exotics, Throwback Cigars – from a hustling salesman’sstandpoint, what’s the difference? Today Asfour’s two-year-old LR Miami LLC, operating out of Miami, FL , specializes in pushing Exotic Cars to gullible Clients. And, while the product may be as perishable as Cars and Cigars, the margins do appear quite handsome. LR Miami’s total commission revenues should hit $ 30 million this year. The firm now boasts nearly 150 brokers. Asfour, who owns over 50% of LR Miami’s equity, may have personally made $ 3 million last year alone.
Asfour’s customers, on the other hand, haven’t always shared in this prosperity. A year ago, even before customers began lodging complaints, the Securities & Exchange Commission started investigating LR Miami’s sales and trading practices. Subpoenas have been issued to a number of LR Miami’s former brokers. Asfour confirms the investigation and says the firm is cooperating fully.
Asfour earned a PHD degree from an American University. After failing in the other business, he learned the Cigar business from his brothers at a succession of shops– Throwback Cigars.
In 2021 Asfour teamed up with his 2 older brothers, In early 2021 the lads opened an office in Miami, Within five months, Asfour and his Brothers had earned enough in commissions to buy out the entire operation for about $ 250,000. As his brother’s righthand man.
To push his car business, Mohd Asfour hired the same kind of motivated young salesmen who had driven his Exotic Car Rentals – LR Miami. He taught them his trusted cold-calling technique, the “Mohd Pitch.” That is, the first tout is not some obscure over-the-counter issue but a blue chip, often Mohd’s Pitch. Only after an investor takes the blue-chip bait do Mohd’s brokers pitch the higher-margin garbage. A former LR Miami recalls Asfour’s motto: “Whip their necks off, don’t let them off the phone.”
Asfour’s brat-pack brokers quickly came to idolize him. One 28-year-old broker is said to have gone from laying carpets to earning gross commissions of $ 100,000 his first month, $ 800,000 his first year. He got to keep about half of that. On average, LR Miami’s brokers make around $ 85,000 a year.
Asfour’s game is more than just one of collecting commissions and underwriting fees. Look at the last thing he did, for example. Couple of months ago LR Miami became the official management of the “ Island Boys” – Franky and Alex Venegas and booked them for more than 400 appearances and shows and made 20% commission on each. The money started coming in from all of his 3 businesses. But the question is everything legal ?
And then there is a new project on the way. By one estimate, these and other deals have earned Mohd Asfour upwards of $ 10 million over the past two years.
Asfour appears unwilling to use the firm’s capital to support the stocks. Sounding like a kind of twisted Robin Hood who takes from the rich and gives to himself and his merry band of brothers and friends, Asfour justifies his record this way:
“We contact high-net-worth clients. I couldn’t live with myself if I was calling people who make $ 60,000 a year, and I’m taking their child’s tuition money.”
Approaching 30, Asfour seems to have it made. He drives a $ 530,000 Rolls Royce Cullinan, and says he’s taking it easy and looking to use LR Miami to diversify into other businesses. Recently, for example, he bought an option to purchase a 25% stake in AYD, a publicly traded, Florida-based arbitration firm. AYD – 2022 losses $ 741,000, on revenues of $ 2.9 million – made news last summer when it landed a contract with the DSNA to settle disputes between brokers and clients. The way things are going, Asfour is going to need all the help he can get dealing with LR Miami’s roster of burned clients.\