Articles by deBanked Staff
Kris Roglieri To Stay in Prison Indefinitely After Shocking Development
June 3, 2024Add credible threats to murder an FBI agent to the list of scandalous accolades that Kris Roglieri has racked up in recent months. On Monday, prosecutors revealed the rationale behind the unusual demand to have him detained for what is seemingly a white collar crime, and that is that he has become dangerous. According to calls and emails Roglieri had with an unnamed friend, he said would “take out” a judge and a receiver, that he was going to “wack anybody” that went after him, and that he had determined the home address of one of the FBI agents investigating him and that he planned to put a bullet in their head.
“when someone takes everything away from you . . . if I go down, everyone goes down,” he said.
When the FBI became fully aware of the circumstances, he was arrested and taken into custody on May 31 on a single charge of wire fraud. It is likely that more charges will follow given that more than $100 million of the funds he took from customers remain unaccounted for. Nevertheless, prosecutors used the danger he posed to secure his temporary detainment without bail and on Monday he was ordered to remain in prison indefinitely while awaiting trial. He is being represented by a public defender.
Meanwhile, Roglieri’s company Prime Capital Ventures has been in receivership while he himself is in Chapter 7. In the latter case, he was recently ordered to turn over all his assets, including ownership of his businesses. One of those businesses, NACLB, announced prior to the order that it was rebranding to a different name, was still accepting payments from customers, and that it was exciting to still be moving forward.
Kris Roglieri Arrested for Wire Fraud, in Jail
June 1, 2024Update: Roglieri to stay in prison indefinitely while awaiting trial after shocking revelations.
Kris Roglieri has been arrested by the FBI for wire fraud. He is currently in jail pending a June 3 hearing. The sealed criminal complaint was unsealed on Friday May 31 after months of news headlines and civil court proceedings revealed that his commercial lending business may have actually been operating as a fraudulent ponzi scheme. More than $100 million of customer funds are alleged to have gone missing. Roglieri himself is in personal Chapter 7 bankruptcy.
The criminal complaint focuses on just one alleged crime, however, wire fraud for how Roglieri dealt with a client named 1800 Park Avenue LLC. As part of that, Roglieri committed to fund a $98.9M line of credit to 1800 Park in exchange for a $5M upfront interest payment that would purportedly be held in trust. Roglieri is then alleged to have misappropriated all the funds for his own personal use.
Among all the former clients of Roglieri claiming they were victims of fraud, 1800 Park was one of the last to enter the picture. 1800 Park didn’t file its civil suit until April 3, months after several others, where it not only named Roglieri and his companies Prime Commercial Lending, LLC and Prime Capital Ventures, LLC as co-defendants but also three of Roglieri’s employees. Roglieri was the only person named in the criminal complaint, however.
Although Roglieri had represented in his Chapter 11 bankruptcy (now converted to Chapter 7) that his businesses had stopped operating, one of those businesses (NACLB) has publicly represented that it had merely rebranded to a new name, and it is still soliciting payments from potential customers under that name.
Intuit Originates $452M in Business Loans in FY Q3 2024, Has Excellent Portfolio Performance
May 27, 2024
Intuit generated $452M in business loans in its recent fiscal quarter ending April 30th. That was down slightly from the $469M in the quarter before it. Apparently the performance of its business loan portfolio has been excellent. Not only did the company say that “past due amounts were not material” but it also said that the allowance for losses on these loans was also immaterial. Similar to the prior quarter, this segment of Intuit’s business did not even come up once during the earnings call.
Intuit’s business loan originations are roughly on pace with Shopify Capital’s, at somewhere in the neighborhood of $2B a year. Both companies benefit from a sticky core product that their customers use. In the case of Intuit it’s the Quickbooks bookkeeping software.
Intuit’s CEO, Sasan Goodarzi, opened the quarterly earnings announcement by saying that AI is changing the world. “The era of AI is one of the most significant technology shifts in our lifetime and our strategy to be the global AI-driven expert platform is delivering significant benefits to our customers and strong results across the company,” Goodarzi said. “I’m proud of our innovation and performance, and because of our momentum, we are raising Intuit’s revenue, operating income, and earnings per share guidance for the fiscal year.”
Bankruptcy Court Orders Turnover of NACLB’s Assets
May 22, 2024
The Court in Kris Roglieri’s newly converted Chapter 7 bankruptcy has ordered him to immediately turn over possession, custody, and control of his assets including all assets of the Commercial Capital Training Group and the National Alliance of Commercial Loan Brokers conference (NACLB). The order was issued today. The last update from the conference, prior to this order, was that it was purportedly still going forward under a rebranded name.
“If the Debtor is no longer in possession, custody, or control of an Estate Asset, the Debtor is to provide the Trustee with a detailed affidavit explaining why the Debtor is no longer in possession, custody, or control over the Estate Asset and providing details and contact information for whoever is in possession, custody, or control of the Estate Asset,” the order says.
The training group and conference were hardly Roglieri’s only assets. Also listed by name in the order are additional business entities, 20 guns, 7 watches, 33 pieces of artwork, 3 vehicles, and all of his office furniture.
Broker Fair 2024 Recap
May 21, 2024Broker Fair 2024 in New York City went off with a bang, surpassing attendance of both Broker Fair 2023 and deBanked CONNECT MIAMI 2024. The all-Kosher catered event ran a lean format of high impact speakers with an optimized networking atmosphere. The Preshow Party at Somewhere Nowhere NYC sponsored by Triton Recovery Group was also a night to remember! Pictures will go up this week.
Some key highlights
Platinum Sponsors: Triton Recovery Group, Bitty Advance, Lendini
Tech Demonstrations: Ocrolus, Heron Data, Cloudsquare
Featured Speaker: Peter Ribeiro
SBA Lending Speakers: Bob Coleman & Adam Seery
NY Legal and Regulatory Update Attorneys: Scott Pearson, Kate Fisher, Chris Murray, Patrick Siegfried
BROKER FAIR 2024 INFO
May 17, 2024MAY 19: 7-9PM (requires preshow ticket for entry)
SOMEWHERE NOWHERE NYC (MAP)
38th floor of the Renaissance New York Chelsea Hotel at 112 W 25th St in Manhattan.
All food will be Kosher (Foremost Glatt Kosher Caterers)
More info here
MAY 20: 9AM – 4PM
THE METROPOLITAN PAVILION (MAP)
125 W 18th St in Manhattan
All food will be Kosher (Foremost Glatt Kosher Caterers)
View the agenda here
Got last minute questions? Email events@debanked.com. We are unlikely to answer calls at this point. See you there!
Kris Roglieri Bankruptcy Converted to Chapter 7, The End of NACLB?
May 15, 2024A judge approved a motion to convert the Chapter 11 bankruptcy proceeding for the embattled Kris Roglieri to a Chapter 7. The intent behind this is to kickstart the process to sell off Roglieri’s assets for the benefit of creditors whereas before Roglieri hoped that his various wholly owned businesses could somehow continue. The trustee, however, said that such an outcome was impossible given that Roglieri did not maintain financial records, has no revenue coming in, is being investigated by the FBI for ~$100 million in allegedly missing customer funds, and has no path forward. The creditors at issue in the matter felt similarly.
Among Roglieri’s wholly owned assets are Commercial Capital Training Group and the National Alliance of Commercial Loan Brokers (NACLB conference), according to documents he previously submitted to the court. He owns 100% of the membership interest in each LLC. During a prior hearing, the Chapter 11 trustee asked Roglieri if he understood that he could not transfer NACLB’s assets without trustee approval after rumors swirled that he was trying to sell it. At the time, Roglieri said that there had been no serious talks in that regard. It may have been a hard sell and could still continue to be. Despite the NACLB conference’s longevity, for example, Roglieri asserted during the proceedings that he did not maintain formal financial records for it and there are no balance sheets, P&Ls, or statement of cash flows related to it. It also apparently stiffed the venue of its last event since it lists an unpaid debt of $436,237 to Caesars Entertainment in Las Vegas.
The NACLB conference has also apparently changed its name in order to distance itself from its connection with Roglieri, according to emails reviewed by deBanked. On March 25, an official NACLB mass email communication asserted that the conference would go forward “despite uncertainties surrounding this year’s event due to unrelated legal issues” and that “we are thrilled to announce that the annual conference will proceed this November under a new rebranded name, maintaining the trusted team that has organized the event for the past 9 years.”
Following that, an official NACLB conference representative sent out emails affirming that it was rebranding to the “Commercial Loan Broker Association” and that the conference would actually take place in a new location with a different date.
The Receiver managing Prime Capital Ventures, LLC, the main entity at the heart of the Roglieri saga, filed Chapter 11 bankruptcy protection for it on Tuesday. As part of that, he stated that the entity owes more than $100 million to its creditors.
Do You Work for An ISO or Own One?
May 15, 2024Whether you’ve competed against him, worked with him, or have just seen his posts on social media, this is your limited opportunity to hear his advice in person this Monday on May 20 for Broker Fair 2024 in New York City. Peter Ribeiro, who is now the CEO of CapitalGurus, actually works in the industry just like you and is considered one of the best in the biz. So step away from that phone for just a day or bring it with you to Broker Fair, where he’ll be speaking. This is your last chance now to register!
