Archive for 2019

WATCH CAPITOL HILL HEARING LIVE: Crushed by Confessions of Judgement: The Small Business Story

June 26, 2019
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The House Committee on Small Business will meet for a hearing titled, “Crushed by Confessions of Judgement: The Small Business Story” today at 11:30am. This hearing is intended to bolster support for The Small Business Lending Fairness Act, a bill to outlaw COJs in small business loans and merchant cash advances nationwide. (Read more about […]

As New Regulations Sweep The Industry, Find Out Where The Next Big Opportunities Are

June 25, 2019
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Change is coming to the small business finance industry. Are new opportunities on the horizon? Be sure to find out when you attend one or both of these two great upcoming events! deBanked CONNECT Toronto | July 25, 2019 Less Than 30 Days Left! Tap into the vast opportunities in Canada. Meet the players, learn […]

Federal Lawmakers Not Convinced NY Confession of Judgment Ban is Enough

June 25, 2019
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The recent New York State law that effectively ended the era of Confessions of Judgment in the small business finance industry is apparently not enough to satiate the outrage of some federal lawmakers. This morning, Rep. Nydia M. Velázquez (D-NY) and Rep. Roger Marshall (R-KS) introduced the “Small Business Lending Fairness Act” that would outlaw […]

Last Chance for VIP Rate on deBanked CONNECT Toronto Room Block

June 24, 2019
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deBanked CONNECT’s discounted room rate at the Omni King Edward Hotel in Toronto ends today. Don’t wait until the rate goes up! Book your room now for deBanked’s first ever event in Canada! Book Online Here OR CALL Omni Hotels Reservations Business Hours: 8am to 1am EST Telephone: 1-800-THE-OMNI (1- 800-843-6664) Group Name: deBanked CONNECT […]

UnTethered: How The Entire Crypto Bull Run of 2017 May Have Been a Mirage (And Why Its Resurgence May Be Too)

June 24, 2019
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UnTethered

This story appeared in deBanked’s May/June 2019 magazine issue. To receive copies in print, SUBSCRIBE FREE In 2017, college bros gathered at a bar in downtown Manhattan. As a journalist from deBanked approaches, a 5’10” young 20-something with long shaggy brown hair is vaping outside on the sidewalk while staring intently at his phone. I […]

The Industrial Hemp and CBD Industries, and the Potential Risks for Merchant Cash Advance Funders

June 22, 2019
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Hemp Farm

Authored by Josh Herndon of Global Legal Law Firm It seems that we are constantly being bombarded by news of the growing industrial hemp and cannabidiol (more commonly known as “CBD”) industries. Indeed, industrial hemp (and products derived therefrom, such as CBD) is now legal, and these industries have experienced substantial growth that is expected […]

SEC Secures Judgment Against Direct Lending Investments

June 20, 2019
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SEC

Without admitting or denying the allegations of the complaint, Direct Lending Investments, a defunct online lending hedge fund, consented to judgment by the SEC on Tuesday. They will be required to pay a disgorgement of ill-gotten gains, prejudgment interest, and a civil penalty that has yet to be determined. Read the full judgment here

It’s Official, The Confession of Judgment Era is Over

June 19, 2019
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COJ Tombstone

The New York State legislature passed a bill (S06395) late Thursday night that effectively eliminates Confessions of Judgment (COJ) in the small business finance industry. The Senate voted in favor 61-1. The Assembly voted in favor 83-43. The new law which goes into effect immediately after Governor Andrew Cuomo signs it, prohibits anyone from filing […]

Did You Watch the NY Assembly and Senate Vote LIVE?

June 19, 2019
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Albany Capitol

FINAL: S06395 HAS PASSED THE ASSEMBLY AND SENATE AND WILL BECOME LAWREAD MORE With Governor Cuomo’s signature, this law immediately prohibits the filing of COJs against non-New York State residents. #NYSenate Bill S6395, sponsored by Senator @bradhoylman, passed 61-1 (unofficial). Relates to judgment by confession:https://t.co/ybRXsLfwUk — New York Senate (@NYSenate) June 19, 2019

Michele Romanow to Keynote deBanked CONNECT Toronto

June 18, 2019
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romanow

Michele Romanow, a TV star on Dragon’s Den and Co-founder of Clearbanc, will be the keynote speaker at deBanked CONNECT Toronto on July 25th. She joins other industry executives speaking at the event from across the business finance industry in Canada. Tech titan Michele Romanow is an engineer and a serial entrepreneur who started five […]

That’s All Folks! COJ Ban in New York May Pass on Wednesday

June 17, 2019
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The End

The New York legislature has until Wednesday night to pass two bills that would prohibit the use of COJs, one on out-of-state debtors entirely and the other from being used as a condition in a financial contract. Either or both would effectively outlaw their use in the small business finance industry in New York State. […]

SEC, Ruderman Heading to Settlement

June 16, 2019
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SEC

The Securities and Exchange Commission’s motion for summary judgment against Carl Ruderman for his role in the 1 Global Capital case is likely to be stayed as the parties head toward a settlement. On June 14, the SEC informed the Court that “as a result of mediation and ensuing discussions, the Commission staff and Defendant […]

Enova Small Business Hires Two Industry Veterans to Lead ISO Partnerships

June 14, 2019
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enova

Investment in ISO partnership leaders will help Enova Small Business deliver faster and easier funding CHICAGO (June 14, 2019) — Enova Small Business, a leading provider of loans and financing to growth-minded small businesses in the U.S., announced today that Justin Friedman and Jay Shaw have joined Enova Small Business as senior sales executive and […]

Velocity Group USA Announces $100 Million Equity Facility

June 13, 2019
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Velocity Group USA

Melville, NY – June 13, 2019 Velocity Group USA, based in Melville, New York, announces that in addition to its current facilities, it has obtained up to a $100 million equity facility from an international multi-family office. The new equity facility will allow Velocity Group USA to fund a greater number of merchants and to […]

Long Island Business Loan Brokers Arrested in Bust

June 13, 2019
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Suffolk County Police

The owner of a Long Island based ISO/loan brokerage and several employees have been arrested, Newsday reports. Demetrios Boudourakis, whom deBanked has previously reported on, is charged with grand larceny, money laundering and other crimes for his role in an advance fee loan scheme. Boudourakis allegedly led a fraud ring that stole more than $2 […]

Senator Elizabeth Warren Questions Federal Agencies About Discrimination in Fintech Lending

June 12, 2019
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Elizabeth Warren

Senator Elizabeth Warren and colleague Senator Doug Jones (D-AL) addressed a letter to multiple federal agencies this week to inquire about their individual roles in overseeing fintech, particularly as it pertains to potential discriminatory underwriting. The senators cited a UC Berkeley study that examined discrimination in the era of algorithmic underwriting. “With algorithmic credit scoring,” […]

Do You Need a Mentor?

June 11, 2019
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mentorship

“You don’t need a f-ing mentor,” is the opening line of a short online video delivered to camera by Gary Vaynerchuk, the celebrated high energy marketing and sales guru. In the video, he concludes by saying: “Enough with the mentor horseshit. Go f-ing execute. There’s unlimited free mentors on f-ing YouTube. Go f-ing work.” A […]

Prospa, An Online Business Lender, Goes Public In Australia

June 10, 2019
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Australia Lending

Another online small business lender has gone public. This time it’s Australia-based Prospa, a company founded in Sydney in 2012. Prospa offers daily and weekly payment business loans with terms from 3-24 months and competes with companies like OnDeck and Capify. Earlier this year Prospa surpassed $1 billion in loans funded to 19,000 small businesses. […]

SEC Seeks Partial Summary Judgment Against Ruderman in 1 Global Capital Case

June 10, 2019
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United States Securities and Exchange commission SEC logo on entrance of DC building near H street

The SEC filed a motion for summary judgment against defendant Carl Ruderman last week as part of its ongoing lawsuit against 1 Global Capital and related parties. The motion applies to Ruderman on Count 1 of the SEC’s amended complaint alleging violations of 5(a) and (c) of the Securities Act of 1933 in addition to […]

Credit Invisibles Recap – Presented by Canadian Lenders Association in Toronto

June 9, 2019
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Credit Invisibles Panel - Canadian Lenders Association

The Canadian Lenders Association’s (CLA) workshop on credit invisibles and credit deserts was held at the Toronto law offices of Blake, Cassels & Graydon on June 5th. Situated in the financial district with views of the CN Tower, Michael Turner of Policy and Economic Research Council (PERC) kicked off the morning with a presentation on […]