Articles by deBanked Staff

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Shopify Capital Originated $141M Of Loans And MCAs In Q3, Says It’s a Meaningful Part Of The Shopify Business

October 29, 2019
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Shopify Capital, Shopify’s small business funding division, originated $141 million in loans and merchant cash advances last quarter, an 85% increase over Q3 last year. The company has now cumulatively originated $768.9M since it began funding in April 2016. On the earnings call, Shopify COO Harley Finkelstein commented on the company’s recent initiative to fund […]

Head of Crypto Payment Company Arrested For Laundering Money For Drug Cartels

October 26, 2019
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Ivan Manuel Molina Lee, the president of Crypto Capital, was arrested in Poland for crimes that include laundering millions for Columbian drug cartels. As detailed in UnTethered: How The Entire Crypto Bull Run of 2017 May Have Been a Mirage (And Why Its Resurgence May Be Too), Crypto Capital served as a major bank/payment processor […]

Attorney Pleads Guilty In 1 Global Capital Securities Fraud Mess

October 25, 2019
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Jan Douglas Atlas, a Florida attorney that was arrested last month for his role in the 1 Global Capital debacle, entered a plea of guilty on Wednesday to 1 count of securities fraud. 74-year-old Atlas also agreed to be disbarred. The charges stem from his willingness to sign an opinion letter that claimed investment opportunities […]

OnDeck Repurchased 3.2M Shares, Reports $8.7M Q3 Profit

October 24, 2019
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OnDeck announced this morning that it has repurchased 3.2M of its own shares for $11M since making its buyback announcement on July 29th. The company intends to repurchase another $39M worth. OnDeck was profitable in Q3, reporting a net income of $8.7M on originations of $629M. Although that was an increase over the previous quarter, […]

LendIt China 2019 is Canceled

October 23, 2019
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shanghai

LendIt Fintech has officially announced that there will be no conference in China this year after 3 long years in the country. A blog post written by LendIt Fintech co-founder Peter Renton explained that calamitous events engulfing the peer-to-peer lending industry there, namely the abundance of fraud, and the government’s waning tolerance, has led them […]

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

October 12, 2019
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Google Dark

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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AG-NY

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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Coinbase

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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Fed courthouse Brooklyn

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 […]