Business Loan Broker Shamed on TV by Investigative ReporterJanuary 5, 2018 | By: deBanked Staff
A business loan broker found himself on the wrong end of Television fame this week when award-winning investigative reporter Arnold Diaz showed up at his office to question him about fees charged to merchants for loans he did not procure. The exchange, which was captured on camera and broadcast on WPIX-11 in New York, shows Bridgehampton Funding managing director Anthony Kline of Long Island, initially running away when confronted about the allegations.
Kline and Bridgehampton are accused of charging merchants upfront fees to get them loans, failing to get the loans, and then keeping the fees. Bridgehampton also allegedly used LOIs of a real commercial lender’s letterhead to lure merchants into believing that a loan would be forthcoming. But the LOIs are forged, according to one commercial lender that has filed a lawsuit for fraud against Kline and his firm, swearing that they have no business relationship. Trevor Cole Commercial Co of CT, the plaintiff, is seeking more than $1 million in damages.
The alleged scheme is similar to other forged LOI scams that have been reported to deBanked by lenders hesitant to go on the record with the names of the offending brokers.
Bridgehampton Funding’s website claims they offer everything from merchant cash advances to SBA loans to equipment leasing.Last modified: January 5, 2018