Articles by deBanked Staff

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The Fintech Legal Outlook for 2020: Top 3 Insights from Todd Hamblet

February 18, 2020
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We recently sat down with ​Todd Hamblet, Fundbox’s new Chief Legal Officer​, and asked his thoughts about what legislative or legal issues would be shaping the fintech industry this year. Between presidents and precedents, decisions are coming down within the next 12 months that will have a significant effect on the way Fundbox and other […]

Shopify Capital Originated $430 Million in Loans and MCAs in 2019

February 17, 2020
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Shopify Capital, the e-commerce giant’s small business financing arm, originated $430 million in funding through loans and merchant cash advances in 2019. Shopify now has more than 1 million e-commerce merchants on its platform, the company says. Earlier in the year the company began rolling out funding to merchants that are not using its payment […]

New Jersey Tries Again With a Small Business Finance Disclosure Bill

January 26, 2020
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For the third year in a row, New Jersey has a small business finance disclosure bill on the table. S233 is the latest iteration of S2262 from prior years. Introduced by State Senator Troy Singleton, the proposed law would impose disclosures on loans, factoring, and merchant cash advances on transactions less than $500,000. In addition […]

deBanked CONNECT MIAMI 2020 Photos

January 21, 2020
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View a selection of deBanked CONNECT MIAMI photos here View every official deBanked CONNECT MIAMI 2020 photo on facebook Ready for deBanked’s biggest event of the year? Broker Fair returns to New York City on May 18th REGISTER NOW BEFORE EARLY BIRD PRICING EXPIRES

Declined For Funding? Lack of Time in Business Beats Out Lack of Credit Worthiness

January 20, 2020
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Square Capital Report

A study conducted by Square Capital and the Stevens Center for Innovation in Finance at the Wharton School at the University of Pennsylvania, pulled back the curtain on small businesses and the financing process. Notably, the #1 reason that businesses said they had been declined for funding (regardless of the source) wasn’t credit, it was […]

Former 1 Global Capital CFO Alan Heide Sentenced to 5 Years in Prison

January 17, 2020
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arrest handcuffs

Alan Heide, the former CFO of defunct Hallandale Beach-based 1 Global Capital, was sentenced to 5 years in prison earlier this week for his role in the company’s securities fraud. He is one of three individuals that have pled guilty so far and the first to be sentenced. The other individuals, attorney Jan Douglas Atlas […]

Nav Co-founders Step Down From C-Level Positions

January 14, 2020
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Nav homepage

Levi King, a co-founder of Nav Inc., resigned as the company’s CEO on Tuesday. In a two-part explanation on LinkedIn, King wrote. “To be clear, I’m not burned out on Nav. I’m not aspiring to do something elsewhere, and I’m not leaving the company. I’m still dedicated and passionate about helping Nav succeed. And, I […]

New Jersey Firms Up Its Confession of Judgment Bill

January 13, 2020
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new jersey

The New Jersey State legislature strengthened its Confession of Judgment (COJ) bill last week by adding language that grants the Attorney General power to enforce monetary penalties against violators. S3581 would prohibit any provider of business financing from extending financing with a COJ. Business financing is defined as a loan, line of credit, cash advance, […]

SEC, US Attorney Charge Steven A. Schwartz in 1 Global Capital Case

January 6, 2020
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handcuffs and money

New criminal and civil charges have been filed against an individual in the 1 Global Capital case. This time it’s Steven A. Schwartz, who served as 1 Global’s Director and Chief Operating Officer. The SEC alleges that Schwartz aided and abetted former CEO Carl Ruderman in carrying out a securities fraud. The US Attorney for […]

United Capital Source Placed $199M In Deals In 2019

January 5, 2020
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Jared Weitz

United Capital Source, a commercial finance brokerage based in New York, placed 3,883 deals in 2019 for a grand funding total of $199.3 million. Company CEO Jared Weitz said on LinkedIn of the milestone, “Our employees all saw growth (again) this year both professionally and personally. As we come into 2020 we are going into […]

Online Small Business Borrowing Decisions Not Driven By Costs or Disclosures, Fed Study Finds

December 23, 2019
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uncertain terms

A new study on transparency conducted by the Federal Reserve on non-bank small business finance providers indicates that borrowers are not driven by costs or disclosures. The #1 reason for a business to apply with an online lender was the speed of the process, the study showed. #2 was the likelihood of being funded. Cost […]

1 Week Until deBanked CONNECT MIAMI

December 19, 2019
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Sentencings in 1 Global Capital Criminal Cases Delayed

December 18, 2019
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arrest handcuffs

The sentencing dates for the two individuals that pled guilty for their part in the the 1 Global Capital mess, have been delayed. Jan Douglas Atlas’s sentencing has been pushed back until March 2020 with a date to be determined, while Alan Heide’s has been rescheduled to Jan 14, 2020.

New Jersey is Propelling its Own Confession of Judgment Bill

December 12, 2019
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New Jersey Capitol Building in Trenton

The New Jersey legislature has climbed aboard the Confession of Judgment restriction train. On Thursday, the state’s Senate Commerce Committee advanced S3581, a bill that would prohibit the use of COJs in a “business financing” contract with a New Jersey debtor. The bill was introduced in March but had not experienced movement until today. New […]

Investors Receive Recovery Checks in 1 Global Capital Case

December 9, 2019
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money exchange

For all the noise surrounding the collapse of 1 Global Capital, investors recently recovered nearly $112 million, equating to about 40 cents on the dollar so far. “We continue to pursue collections where we can and legal actions where we can, and we’re working to see what else we can garner for the estate,” 1 […]

Michael Bloomberg Says Democrats Off Limits From Investigations

December 7, 2019
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Bloomberg

Suspect Bloomberg News might have a bias or an agenda? On Friday, Michael Bloomberg, whose company owns Bloomberg News, told CBS news that his reporters were restricted from investigating Democratic candidates while he runs for President. “We just have to learn to live with some things. [The reporters] get a paycheck. But with your paycheck […]

National Funding CEO David Gilbert Caddied For Tiger Woods For a Day

December 6, 2019
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David Gilbert - Tiger Woods

David Gilbert, the CEO of National Funding, had the honor of caddying for Tiger Woods on Wednesday at the Hero World Challenge pro-am in the Bahamas. Gilbert earned the opportunity by being a very generous participant in a Woods charity event held earlier this year. The proceeds went to the TGR Foundation. Gilbert told deBanked […]

Hedge Fund Billionaire With Fintech Focus is Buying The New York Mets

December 4, 2019
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New York Mets

Steve Cohen, the hedge fund billionaire behind Point72 Asset Management, is reportedly buying a majority stake in the New York Mets. After a long infamous run at the helm of S.A.C. Capital Advisors, Cohen founded Point72 and with it, an early-stage venture capital fund that focuses on areas like fintech and artificial intelligence. Among the […]

deBanked CONNECT MIAMI Cyber Monday Special!

December 2, 2019
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South Beach

Buy a deBanked CONNECT MIAMI ticket today and you’ll automatically be entered a raffle to win a free ticket to Broker Fair 2020 in New York City. The winner of the raffle will be announced on Instagram LIVE on Wednesday, December 4th at 3pm EST. The contest ends tonight at 11:59PM EST. So make sure […]

More Individuals Expected to Be Criminally Charged in 1 Global Capital Case

November 30, 2019
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Hallandale Beach

Federal prosecutors have asked a Court to consolidate criminal cases against 1 Global Capital defendants Alan Heide and Jan D. Atlas on the basis that there is substantial overlap between them and that additional individuals are expected to be charged. “Considerable judicial resources may be conserved if, going forward, a single judge is chosen to […]