Articles by deBanked Staff

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Google Bans Loan Apps From App Store If Personal Loan Offers Exceed 36% APR

October 12, 2019
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Google is implementing new rules for consumer lenders who have apps in the Google Play app store. And they’re pretty strict. If a lender offers loans that exceed 36% APR, their app will be banned. If the repayment period of the loan is 60-days or less, the app will be banned. It doesn’t matter what […]

New York Attorney General Secures Judgment Against Cardis Enterprises International

October 11, 2019
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New York Attorney General Letitia James announced today that she had secured default judgments against numerous entities and individuals involved in a $30 million fraud. In December 2018, the New York Attorney General’s Office filed suit against Cardis and company personnel Aaron Fischman, Stephen Brown, Steven Hoffman, and Seth Rosenblatt for participating in the fraudulent […]

Coinbase Begins Paying Interest Rewards On Crypto Holdings

October 2, 2019
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Bitcoin’s price might not be all that right now, but Coinbase, a US-based digital currency wallet, wants to pay its customers a reward for holding on to its stablecoin. Unlike Tether, a popular stablecoin that was purportedly fully backed by US dollars but then revealed it wasn’t, Coinbase’s stablecoin is fully backed by dollars on […]

Stephen Brown Indicted On Bank Fraud Charges

September 30, 2019
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Stephen Brown, the Cedarhurst, NY-based former bookkeeper for merchant cash advance companies, has been federally indicted. Brown is accused of falsifying the books for the father of a reality TV star so that he could deceive banks into getting approved for loans. The indictment is entirely separate from civil charges brought by the New York […]

deBanked Around The World

September 28, 2019
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Members of the deBanked editorial team returned from Ireland this week. The Republic of Ireland will be the latest in our international series on nonbank finance. Stay tuned for our stories on that. In the meantime, be sure to check out our international coverage of: Canada Canada story series Magazine Feature: Canada’s Alternative Financing Market […]

Subprime: Business Owners That Won Bitter Lawsuit Against Marcus Lemonis, Indicted

September 25, 2019
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hamburgers

A pair of business owners whose appearance on CNBC’s The Profit ended in a legal battle with celebrity investor Marcus Lemonis, are back in the spotlight. Howard Mora and Alan Buxbaum, co-owners of defunct New York-based A. Stein Meat Products, Inc., were arrested Tuesday for using counterfeit USDA Stamps on their meat. A Septemer 13th […]

Head of MyPayrollHR Charged in Massive Nine-Year Bank Fraud

September 23, 2019
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DOJ

When MyPayrollHR left thousands of companies and their employees high and dry without their paychecks earlier this month, suspicion grew that the company’s rather mysterious owner, Michael Mann, may have been involved in some unsavory business. New information has emerged that around that time, Mann voluntarily checked in to the US Attorney’s office in Albany […]

Last Call To Book Rooms & Sponsor deBanked CONNECT San Diego

September 21, 2019
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Hard Rock Hotel San Diego

deBanked CONNECT San Diego, which kicks off on October 24th at the Hard Rock Hotel, is fast approaching. Discounted hotel rooms through deBanked’s special link will only remain available until Monday at 5pm. Even if you were planning to book later and pay full price, the hotel has informed us that they are almost entirely […]

Prominent Attorney Criminally Charged In 1 Global Capital Mess

September 17, 2019
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Department of Justice

Another individual has been criminally charged in connection with the 1 Global Capital securities case. 74-year-old Jan Douglas Atlas, a securities attorney, was charged with 1 count of securities fraud by the US Attorney in South Florida on Tuesday for authoring opinion letters in 2016 that falsely described that the investments were not securities nor […]

New SoFi Stadium To Host Rams, Chargers, Super Bowl & Olympics

September 15, 2019
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SoFi Stadium

SoFi’s appetite to reach NFL viewers is going above and beyond just Super Bowl commercials. The fintech company that started with student loan refinancing, has secured the naming rights to a new professional football stadium in Inglewood, California. SoFi Stadium, which opens in 2020, will host both the Rams and the Chargers. The stadium will […]

Online Lender Wins Massive Arbitration Award After Retailer Challenged The “True Lender” Of The Loans

September 13, 2019
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business referee

An arbitrator was unconvinced by a retailer’s arguments that business loans it obtained from Celtic Bank via Kabbage were responsible for the business’s eventual failure. In 2017, NRO Boston, LLC and Alice Indelicato filed a lawsuit against Kabbage Inc. and Celtic Bank Corporation for allegedly violating Massachussetts’ usury law when the parties engaged in financing […]

Win Two FREE Tickets to deBanked CONNECT San Diego

September 12, 2019
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San Diego Ticket Giveaway

WILL YOU BE JOINING THE INDUSTRY IN SAN DIEGO?! The prize for the one lucky winner of deBanked’s raffle is TWO tickets to deBanked CONNECT San Diego*. Here’s how to enter: 1. Follow @debankedmagazine on Instagram 2. Like the giveaway post 3. Comment on the post by tagging three friends The results will be shown […]

Four Plead Guilty In Fake Business Loan Scheme

September 11, 2019
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Courtroom

Four of the five loan brokers indicted in a fake business loan scheme have pled guilty to charges. Toplica and his co-conspirators were alleged to have duped an Ohio victim out of hundreds of thousands of dollars in upfront fees, the title to 55 vehicles including a Ford Mustang, several dump trucks, several tractors, several […]

deBanked San Diego Sizzle Reel

September 1, 2019
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debanked san diego thumb

REGISTER FOR THE NEXT DEBANKED CONNECT SAN DIEGO EVENT ONOCT 24, 2019

Tampa Business Loan Broker Arrested

August 30, 2019
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arrest handcuffs

William Robert Wren was charged with four felonies on August 21st for engaging in an alleged advance fee loan scam. Wren, a business loan broker for a company doing business as Business Loan Solutions in Tampa, FL, surrendered to the authorities last week and was released on his own recognizance according to county records. A […]

IOU Financial Originates $38.5M in Q2

August 26, 2019
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iou homepage

IOU Financial originated $38.5M in loans in Q2, up from $32.8M the quarter before. The company said that the figure was actually a 31.8% increase over Q2 2018. In a press release, IOU CEO Phil Marleau said, “IOU delivered strong loan origination and revenue growth in the second quarter of 2019 and continued to post […]

For Sale: Three Loan Portfolios Held By Direct Lending Investments

August 19, 2019
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for sale

The Court-appointed receiver of the now-defunct hedge fund, Direct Lending Investments (DLI), is gearing up to sell three loan portfolios with an aggregate par amount owed of $29.8 million. The portfolios comprise of business loans, consumer loans, and merchant cash advances. An official notice of the proposed sale will be published in the Wall Street […]

Princeton Alternative Income Fund Saga Devolves Into SEC Investigation, RICO Lawsuit

August 18, 2019
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lawyer going to the courthouse

The demise of the Princeton Alternative Income Fund has resulted in several ugly twists and turns. In addition to a slew of lawsuits, the bankrupt hedge fund is also being investigated by the Securities and Exchange Commission. Matthew Cantor, who is serving as the bankruptcy Trustee, cited the SEC’s probe as one of many reasons […]

Alan Heide, CFO Of 1 Global Capital, Hit With Criminal Charge & SEC Violations

August 15, 2019
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handcuffs

The former CFO of 1 Global Capital, Alan Heide, was stacked with bad news on Thursday. The US Attorney’s Office for the Southern District of Florida lodged criminal charges against him at the same time the Securities & Exchange Commission announced a civil suit for defrauding retail investors. Heide was criminally charged with conspiracy to […]

1 Global Capital’s Carl Ruderman Consents To Judgment With The SEC

August 10, 2019
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Courtroom

Update 10/4/19: According to the docket, Ruderman has satisfied the judgment in full, with only the sale of his condo remaining. The SEC’s lawsuit against Carl Ruderman, the former CEO of Hallandale Beach-based 1 Global Capital, has come to an end. He has consented to judgment in a settlement and the penalties are devastating, papers […]