World Business Lenders Responds to the New York Post Story

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World Business Lenders Ribbon Cutting Jersey City
Above, company CEO Doug Naidus poses alongside state and local community leaders for World Business Lenders’ ceremonial Jersey City grand opening ribbon cutting in July 2016

A controversial story published in the New York Post earlier this week about World Business Lenders has drawn a response from the company. The text below was circulated by email to all World Business Lenders employees. With permission, it is being republished here.


As you may be aware, an article appeared earlier this week in a local tabloid which described entirely unsubstantiated allegations against our company and members of its senior management team made by a disgruntled former employee. Because the allegations are as inflammatory as they are baseless, I thought you should hear from me, since I am responsible for the day-to-day operation of the company’s business and ensuring compliance with its policies. Nevertheless, I am accountable to WBL’s Board of Managers. As soon as we became aware of these false allegations, we alerted the Board, including retired U.S. Congressman Edolphus Towns, who chairs the Board committee which focuses on WBL’s reputation in the business community. During his many decades of distinguished service to our country, Congressman Towns chaired the U.S. Congressional Black Caucus and the U.S. Committee on Oversight and Government Reform.

First, the allegations of race discrimination are patently false. I am very proud of WBL’s unwavering commitment to the practice of providing equal employment opportunities to all of its employees and applicants; our company has zero tolerance for employment discrimination or retaliation of any type. And, I want to remind you that, if at any time you feel you are being treated unfairly at work, for any reason, WBL’s policy encourages you to surface and escalate such concerns.

Second, I want to address this disgruntled employee’s outrageous and untrue allegations that WBL defrauded the State of New Jersey. Since we moved to Jersey City in 2016, we have been welcomed with open arms by the State and maintained a cooperative and constructive relationship. WBL has participated in and supported State programs designed to provide employment to some of New Jersey’s most vulnerable residents. We continue to enjoy our partnerships with various State agencies, including our ongoing grant from the Economic Development Authority. To be clear, at no time has any agency of the State of New Jersey expressed any concerns or reservations about our Company or its activities. Rather, we have been commended for our contributions to the economy, both locally and on a state-wide basis.

Finally, I want to assure you that WBL is not in the habit of succumbing to poorly veiled financial demands, and we will not do so here.

– Doug Naidus, CEO

Last modified: April 13, 2018

Category: Business Lending, Industry News

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