Articles by deBanked Staff

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Entegra Bank Chooses Velocity Solutions to Power Its Small Business Digital Lending

December 18, 2018
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bank sign

Velocity Solutions announced today that its Akouba digital lending platform was selected by Entegra Bank to power the bank’s digital lending for its small and medium-sized business customers. Akouba provides community and regional banks with origination and underwriting services. “We selected Akouba not only for their cutting-edge technology and willingness to work with us, but […]

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1st Global Capital Sues Capital Stack and Others Over Momentum Auto Group

December 18, 2018
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Momentum Auto Group

The notorious $40 million merchant cash advance deal has a new twist, even more cash advances. On Friday, the now-bankrupt 1st Global Capital filed a lawsuit against Momentum Auto Group, related entities, and 4 merchant cash advance companies including Capital Stack. According to documents filed in the case, Momentum Auto was behind on taxes and […]

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Wintrust Expands Accounts Receivables Financing

December 17, 2018
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Today, Wintrust announced the creation of Wintrust Receivables Finance, an expansion of the company’s asset-based lending group, according to a story in Monitor Daily. This translates to the addition of a specialized team focused on accounts receivables financing to middle market companies, with revenues between $10 million and $300 million. “We think this team is […]

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Business That Left Merchant Cash Advance Companies Hanging is Under FBI Investigation

December 16, 2018
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African Queen

In 2017, several judgments were issued in the New York Supreme Court against one Michael Willhoit, a resident and business owner in Springfield, Missouri. No lawsuits were filed, Willhoit had merely confessed judgment to nearly a half million dollars collectively. By the following summer, a visitor would come knocking on the door of Willhoit’s fully-customized […]

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Bloomberg Reporter Wipes His Twitter Account After deBanked Story

December 15, 2018
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tweet unavailable

Hours after deBanked drew attention to a suspicious exchange on twitter between a senior editor at Bloomberg LP and a New York State Senator, one of the Bloomberg reporters behind the highly questionable merchant cash advance series took drastic action, he deleted every tweet he’s ever posted. The series of events began on Thursday when […]

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The Strange Connection Between Bloomberg, the AG’s Office, and the State Senator Proposing Legislation

December 14, 2018
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strange

On Thursday, Bloomberg Senior Editor Robert Friedman publicly thanked New York State Senator Brad Hoylman and his colleagues over twitter for pledging to propose legislation in response to the (highly questionable) merchant cash advance series he produced with reporters Zachary Mider and Zeke Faux. When deBanked Chief Editor Sean Murray replied to it, to urge […]

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Trial of Debt Settlement Mastermind Sergiy Bezrukov Postponed

December 13, 2018
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Scammer of Salamanca

The trial of debt settlement mastermind Sergiy Bezrukov has been postponed until January 14, court records indicate. The trial was supposed to begin on Dec 17 but a possible scheduling conflict with another complex trial taking place in Buffalo right now may be the reason for delay. Bezrukov is charged with conspiracy to defraud, mail […]

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Defunct MCA Company Tried to Escape Signed Confession of Judgment

December 13, 2018
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New York Supreme Court

When a Florida-based merchant cash advance company, World Global Financing (WGF), declared bankruptcy this past May, it entered into a binding settlement agreement with its largest creditor, a hedge fund known as Eaglewood. There was a caveat. Eaglewood required that WGF sign a Confession of Judgment (COJ) as part of the agreement that would afford […]

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Subprime Lending to Increase in 2019

December 12, 2018
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credit line increase

Subprime loans are expected to increase in 2019, according to data from TransUnion. The data from a November 2018 report shows that Outstanding Unsecured US Personal Loan Balances have been increasing since 2013, and the increase was most dramatic from 2017 to 2018, jumping 18% from Q3 2017 to $132.4 billion in Q3 2018. The […]

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Cross River Bank Raises $100 Million

December 11, 2018
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Cross River Bank

Cross River Bank, which provides banking services to fintech companies, announced last week the completion of a funding round of roughly $100 million. This was comprised of a $75 million equity investment from KKR, along with capital from Andreessen Horowitz, Battery Ventures, Rabbit Capital, and funding from new investors CredEase and Lion Tree. This adds […]

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