Articles by deBanked Staff

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SEC On High Alert for Initial Coin Offerings (ICOs)

January 22, 2018
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SEC Building

SEC Chairman Jay Clayton thinks that securities attorneys have checked out when it comes to ICOs. In a speech he gave on Monday, Clayton said it was disturbing that lawyers were assisting promoters in structuring products that look like securities while basically signaling to those promoters that they can roam free without any compliance with […]

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Industry Stock Performance Update

January 21, 2018
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New York Stock Exchange

Square is the big winner thus far according to the deBanked Online Lender Tracker. The company’s stock price is up 373% since its IPO and already up 22.76% YTD. OnDeck and Lending Club by contrast are down by more than 70% from their IPOs and down 17.6% and 2.66% YTD respectively. But the real loser […]

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Drift Capital Partners Credit Facility Shows Confidence in Fintech

January 20, 2018
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stocks up

Drift Capital Partners, LLC, an alternative asset management company, announced a new $50 million credit facility earlier this month. The funds will be used to “expand its portfolio of structured credit solutions to FinTech enabled Non-Bank Financial Services companies and allow them the opportunity to increase lending to ‘main street’ businesses,” a company release said. […]

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CFPB Still Has Not Begun Collecting Small Business Loan Complaints

January 20, 2018
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CFPB Logo

Two years ago, the Consumer Financial Protection Bureau (CFPB) announced that they planned to collect small business lending complaints. However, there is still no option to complain about a small business loan on their website. “Subject to an assessment of feasibility, the Bureau’s consumer response team will build the infrastructure to intake and analyze small […]

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Was This Bitcoin Lender Paying Returns Too Good to Be True?

January 17, 2018
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shell game

As the rivers flowed red with the blood of crashing cryptocurrencies Tuesday, one company did not survive. BitConnect, a company infamous in the crypto community for paying out obscenely high returns for lending your bitcoins, may have been too good to be true. BitConnect offered investors the opportunity to make loans on their platform and […]

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Defendants in Forged COJ Case Failed to Respond to The Complaint

January 16, 2018
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notary stamp

The lawsuit brought by FundKite against defendants alleged to have forged a Confession of Judgment (COJ) is not going so well for the defendants. Last week, FundKite filed a proposed order for a default judgment since none of the defendants ever appeared to defend themselves. Meanwhile, circumstances surrounding the suspicious notary stamp on the COJ […]

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Stacking Lawsuit Trial Date Set

January 16, 2018
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court ruling

The lawsuit between RapidAdvance and Pearl Capital has a trial date, June 25, 2018. RapidAdvance, who filed the complaint in 2015 in the Circuit Court for Montgomery County in Maryland, has sought to recover damages for tortious interference. Considering that RapidAdvance’s loan to the merchant at hand was only for $31,000, this litigation, which is […]

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Payday Loan Convict Scott Tucker to be Featured in Netflix Docuseries

January 14, 2018
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Scott Tucker Race Car

Payday loan mastermind Scott Tucker, who was recently sentenced to 16 years in prison, will be featured in Dirty Money, a Netflix docuseries focused on tales of greed. Watch a trailer of the series below Tucker was among the most prolific payday lenders in the United States, using Native American tribes to shield himself from […]

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Jersey City is Quietly Becoming a Fintech Hub

January 11, 2018
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Jersey City business lending & mca

Jersey City is luring yet another innovative small business finance company to their community. This time it’s NYC-based Pearl Capital. According to NJ state records, Pearl was approved on January 9th for a total of $5.6 million over 10 years to relocate under the Grow NJ tax program to boost jobs in the area. Other […]

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Trial in Murder of Universal Merchant Funding Execs to Begin Feb 5th

January 7, 2018
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Courtroom

Nearly one year ago, Michael Genovese, the owner of Universal Merchant Funding, and Carl Clark, an employee, were found dead inside the businesses’s office in Staten Island. Former employee Ricky Dennis was arrested soon after for the double-murder. His trial is slated to begin on February 5th, according to SI Live. Dennis had previously served […]

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