Articles by deBanked Staff

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New Jersey Firms Up Its Confession of Judgment Bill

January 13, 2020
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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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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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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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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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DEBANKED CONNECT MIAMI IS BACK View The Agenda Here Get inspired by Brian Holloway’s Total Market Domination, find out how much your company is worth, and learn how to make the dough from the pros in 2020. Brokers Pay a Reduced Price Still need a ticket? Register here! Meet The Sponsors – Form Relationships Get […]

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 […]

Fast and Furious Funders – At The Canadian Lenders Association’s Venture Debt Summit

November 30, 2019
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Canadian Flag

Fast and Furious Funders was the name of a panel at the Venture Debt Summit hosted by the Canadian Lenders Association on October 23, 2019. Panelists included: Karanjit Bhugra, Managing Director, Deloitte Corporate Finance Jyotin Handa, Director of Finance, Espresso Capital Tanay Delima, Co-Founder, Clearbanc Keren Moynihan, Co-Founder, Boss Insights You can watch the video […]

Broker Fair / Black Friday ONE-DAY ONLY Special Price

November 28, 2019
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broker fair 2020

Broker Fair Returns to New York City on May 18, 2020. Take advantage of this special ONE-DAY only discount code and get 29% OFF THE EARLY BIRD PRICE. This incredible deal ends at 11:59pm EST on 11/29/19. Promo code: brokerfair29 Register here Broker Fair’s two previous annual events sold out in advance. Hundreds of brokers […]

Happy Thanksgiving. It’s Meme Time!

November 27, 2019
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Happy Thanksgiving. You know what that means! deBanked original memes! Here’s the latest: SEE ALL THE MEMES FROM PREVIOUS YEARS! 2017 1: The State of The Industry (In Memes) 2017 2: Take a Break From Funding This Thanksgiving 2016: The History of Alternative Finance (As Told Through Memes) 2013: 10 Clues You’re Hardcore About Merchant […]

Merchant Infamous For Safari-Themed Home, Has Died

November 18, 2019
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African Queen

The saga of Michael Willhoit has come to an end. deBanked wrote about Willhoit in December 2018 when we learned he defaulted on nearly half a million dollars in merchant cash advance transactions and was sued by banks over $4.5 million in bad loan deals. This past June he was also indicted on 36 counts […]

IOU Financial Originated $41.4M in Loans in Q3, Continued Profitability

November 14, 2019
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iou homepage

IOU Financial originated $41.4M in business loans in Q3, according to the company’s latest published financial statements. The figure is a modest increase over Q2’s $38.5M. IOU also kept up its trend of profitability with net income $1M. Shares of IOU, which trade on the Toronto Stock Exchange, are valued at around (CAD) 14 cents […]

Funding Circle UK Referring Some Large Loan Applicants to Competitors

November 11, 2019
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Peer to Peer

Funding Circle UK has begun to refer applicants seeking an amount above their maximum loan size limit of £500,000 to Iwoca, MarketInvoice and French bank BNP Paribas, The Sunday Times reported. Previously, Funding Circle would just turn them away.

2019 Top 25 Executive Leaders in Lending – Canadian Lenders Association – Presented By BMO

November 11, 2019
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The Canadian Lenders Assocation (CLA) received 124 nominations for these awards from leaders in lending across the country. The CLA’s goal is to support access to credit in the Canadian marketplace and champion the companies and entrepreneurs who are leading innovations in this industry. The Top 25 finalists in this report represent various innovations in […]