Articles by deBanked Staff
Michael Bloomberg Says Democrats Off Limits From Investigations
December 7, 2019
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 comes some restrictions and responsibilities.”
CNN reported that inside the company reporters are frustrated by how difficult this will make their jobs.
Bloomberg is an influential player in politics.
As previously reported by deBanked last year, Bloomberg Senior Editor Robert Friedman thanked a state senator from New York on twitter for proposing legislation in response to a story he oversaw in 2018. When deBanked pointed it out, Friedman quickly deleted the tweet. The democrat-led legislature then went on to pass a law that relied almost entirely on the Bloomberg news story. That law was the restriction of entering Confessions of Judgment in New York against out-of-state debtors.
National Funding CEO David Gilbert Caddied For Tiger Woods For a Day
December 6, 2019
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 that National Funding has been supporting the organization for years.
You can watch the video highlights of the two of them below:
Ever dreamed of caddying for @TigerWoods? One man got that chance earlier this week. pic.twitter.com/lFWomIqN7q
— GOLFTV (@GOLFTV) December 5, 2019
Hedge Fund Billionaire With Fintech Focus is Buying The New York Mets
December 4, 2019
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 many investments the fund has already made have been in Nav and Acorns.
Nav, you may already know, has made a big name for themselves in the small business lending industry.
Point72 invested in Nav alongside Goldman Sachs in a $38M Series B round in 2017. At the time, Nav CEO Levi King told deBanked that “[Point72 is] a smart advisor for us from a data perspective – a quant hedge fund that’s best in class on data. We get free advice along the way. That’s part of the deal.”
Nav went on to raise even more money earlier this year from Point72 in a Series C round that was joined by Experian Ventures, Aries, and CreditEase Fintech Investment Fund.
Meanwhile, Acorns, another major Point72 investment, is the only micro-investing account that allows consumers to “invest” their spare change into ETFs. The company has signed up more than 4.5 million users to-date.
More recently, however, Point72 jumped into the small business lending market in Mexico via a collaborative $42M Series B investment with Goldman Sachs into Credijusto. Credijusto has already originated $90 million in loans and equipment leases to small businesses. The loans range in size from $20,000 to $500,000.
All of which to say is that even if the Mets do not improve anytime soon, they at least could very well find themselves at the forefont of financial technology in Major League Baseball.
deBanked CONNECT MIAMI Cyber Monday Special!
December 2, 2019
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 you buy your Miami ticket today!
and Automatically Be Entered Into The Raffle Here
More Individuals Expected to Be Criminally Charged in 1 Global Capital Case
November 30, 2019
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 preside over all 1 Global-related cases,” prosecutors argue. The number of forthcoming defendants was not revealed but has been described as “multiple additional co-conspirators.”
The case, far from over, is being characterized as an active investigation.
Heide, 1 Global’s former CFO, pled guilty on August 23, 2019. He is scheduled to be sentenced on December 18th. Atlas, an attorney who provided fraudulent legal cover for 1 Global via knowingly false opinion letters, pled guilty to 1 count of securities fraud in October. He is scheduled to be sentenced on January 10th.
Hallandale Beach-based 1 Global Capital was once ranked among the largest alternative small business funders by deBanked. That all changed in July 2018 with a sudden bankruptcy filing that revealed concurrent investigations being carried out by the SEC and a US Attorney’s Office.
Prosecutors are calling the company a multi-faceted securities fraud and Ponzi scheme that victimized at least 3,600 investors across the country. While the company took in more than $330 million, $100 million of it is expected to be returned to investors through a bankruptcy court liquidation.
The company’s former chairman and CEO has already consented to judgment with the SEC and agreed to be liable for disgorgement of $32,587,166 + $1,517,273 in interest and a civil penalty of $15,000,000. Shortly thereafter, the SEC reported that he had satisfied the judgment in full with the exception of the stipulation that he sell his condo. Although he has not been criminally charged, prosecutors say that Heide and Atlas both ultimately took direction from, and reported to the company’s former chairman and CEO.
Individuals familiar with the firm may recall that 1 Global Capital was previously reported as being named 1st Global Capital. However, another company bearing the same name sued them for trademark infringment. Since then, news related to the South Florida ponzi scheme have referred to the company by its legal name, 1 Global Capital, LLC.
Fast and Furious Funders – At The Canadian Lenders Association’s Venture Debt Summit
November 30, 2019Fast 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 of the panel below:
Broker Fair / Black Friday ONE-DAY ONLY Special Price
November 28, 2019
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.
Broker Fair’s two previous annual events sold out in advance. Hundreds of brokers from the commercial financing, merchant cash advance, and small business lending industries will be in attendance this year. See you at Broker Fair!
Happy Thanksgiving. It’s Meme Time!
November 27, 2019Happy 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 Cash Advance
SEE ALL OF OUR PREVIOUS THANKSGIVING POSTS!
2018
2017
2016
2012
