Sean Murray is the President and Chief Editor of deBanked and the founder of the Broker Fair Conference. Connect with me on LinkedIn or follow me on twitter. You can view all future deBanked events here.
Articles by Sean Murray
Crypto Hype Man Ian Balina Hacked
April 16, 2018Cryptocurrency and ICO hype man Ian Balina has been hacked, according to a statement he published on social media. Balina’s self-reported fortune totaled $3.2 million just days earlier.
“I’m not worried about the money,” Balina tweeted. “I learned my lesson. I only care about catching the hacker.”
Balina is famous in the crypto world for his investment analysis and opinion on ICOs, in part because he managed to turn the $36,000 he had in cryptocurrency in May 2017 to $5.3 million by early January 2018. That rise was catalogued through his daily Instagram posts. The recent bear market cut into his profits significantly but his activity on social media had not let up. As of yesterday, he was still a millionaire.
Now his worth is uncertain.
Balina was previously mentioned on deBanked for having interviewed George Popescu about his ICO for Lampix. The value of Lampix, which Balina said he did not invest in, is down 77% from its ICO price.
The March/April 2018 Edition Has Shipped
April 13, 2018
The March/April 2018 edition of deBanked Magazine has shipped! The print version is distributed before all of the content is republished online so if you want to be one of the first to read our exclusive stories, make sure you’re subscribed. It’s FREE.
This issue, which will also be distributed at Broker Fair on May 14th, offers tips for more successful marketing, an in-depth discussion about merchants that are behaving badly, and a story that examines the impact of last year’s major hurricanes on the industry. There’s more of course, which is why it’s great to be a free subscriber.
On another note, Broker Fair is now just a month away. I can’t wait to see you there!
LendItFintech In Photos and Sound Bites
April 10, 2018
when speaking about the increase in mortality rate for people who have faced major financial distress
when interviewed by Jo Ann Barefoot
When asked by Bloomberg Technology reporter Emily Chang if Goldman Sachs would be considered a competitor
when interviewed by Lendio’s Brock Blake
When asked who will win the race for marketshare
When asked if it’s harder to underwrite loans above $50,000
talks business at the company booth
Below: Ocrolus account executive John Lowenthal stands in front of the company booth
Broker Fair 2018 On Pace for Major Success
April 4, 2018
Broker Fair 2018 is on pace to be a major success!
Companies still wishing to become a sponsor of Broker Fair 2018 have until Friday, April 6th to do so. After that, no additional sponsors will be accepted.
The coming May 14th conference in Brooklyn, NY has already sold out of funder/lender and general admission level tickets. Only ISOs, brokers and those employed by them can continue to register!
The inaugural event has lined up dozens of awesome speakers and sponsors from around the MCA and small business lending industry. In addition to the 31 confirmed speakers and 50 sponsors, TV sales celebrity Ryan Serhant will be the keynote speaker of the event and will offer the audience sales tips. Serhant’s new TV show, Sell It Like Serhant premieres on April 11th.
Salespeople will also be in for a treat with the Be A Better Closer panel featuring Jared Weitz (United Capital Source), Joe Camberato (National Business Capital), Ed Tucker (Yellowstone Capital), Evan Marmott (CanaCap), and Justin Bakes (Forward Financing) as Moderator and the Marketing Your Business panel with Jennie Villano (Kalamata Advisors), Adam Stettner (Reliant Funding), and Tom Gricka (Babylon Solutions).
Industry captains will also teach you how they underwrite deals and tips for ISOs to succeed. Attorneys will walk you through the ins and outs of telemarketing law and legal advertising. There’s more of course, like networking with the funders, tips to raise capital, debates on industry issues, and checking out industry CRMs.
Afterwards, all attendees are invited to network upstairs at Westlight sponsored by RapidAdvance, while enjoying free food and drinks. Westlight offers full views of the Manhattan skyline from Brooklyn’s William Vale.
To date, there’s never been anything like it. I hope to see you at Broker Fair.
Champion Auto Sales Decision Brings Closure to Another Case
April 1, 2018A merchant seeking to have a judgment against them voided on the basis that the underlying Purchase and Sale of Future Receivables agreement they entered into was actually a usurious loan, has had their motion denied pursuant to the law as decided in Champion Auto Sales, LLC et al. v Pearl Beta Funding, LLC, court records show.
3148521 Canada, Inc. and Amir Soghraty, through attorney Amos Weinberg, attempted to convince the Court that their MCA agreement with Principis Capital was actually a loan. After lingering in the court system for months, the Honorable David Benjamin Cohen, issued a decision on Friday, citing the appellate court ruling.
Specifically, plaintiff argues that the underlying judgment is based upon a usurious loan. Plaintiff and defendant entered into an arrangement where defendant purchased the future receivables that may (or may not) be collected. The Appellate Division, First Department, recently decided this very issue (argued by the same attorney as plaintiff herein) and held “the evidence demonstrates that the underlying agreement leading to the judgment by confession was not a usurious transaction” (Champion Auto Sales, LLC v Pearl Beta Funding, LLC, 2018 N.Y. Slip Op. 01645 [1st Dept 2018]).
The decision can be found under Index # 655008/2017 in the New York Supreme Court
SBFA Braved Snow Storm for Spring Fly-In
March 23, 2018
The Small Business Finance Association (SBFA) had their Washington DC Spring fly-in earlier this week. SBFA members met with Karen Kerrigan, the President and CEO of the Small Business & Entrepreneurship Council, on Tuesday afternoon, and Congressman Josh Gottheimer (D-NJ) in the evening.
Despite the blizzard, a handful of members continued to meet with members of Congress on the Hill on Wednesday.
Founded ten years ago, The SBFA is a non-profit advocacy organization dedicated to ensuring Main Street small businesses have access to the capital they need to grow and strengthen the economy.
It’s Settled, Merchant Cash Advance Not Usurious
March 15, 2018
It’s not a usurious transaction. That’s how trial courts across New York State have been ruling on merchant cash advances for years, but now, thanks to Champion Auto Sales, LLC et al. v Pearl Beta Funding, LLC, the matter has been settled in a key jurisdiction.
On Thursday, March 15th, The Appellate Division of The First Department published their unanimous decision that the underlying Purchase And Sale of Future Receivables agreement between the parties was not usurious.
In October 2016, the plaintiffs sued defendant Pearl in the New York Supreme Court alleging that the Confession of Judgment filed against them should be vacated because the underlying agreement was criminally usurious. As support, plaintiffs argued that the interest rate of the transaction was 43%, far above New York State’s legal limit of 25%.
The defendant denied it and moved to dismiss, wherein the judge concurred that the documentary evidence utterly refuted plaintiffs’ allegations.
With the case over, plaintiffs appealed the decision. Their major loss is spelled out below:
The decision is an interesting chapter in the story of Amos Weinberg, the attorney who represented the plaintiffs in this case. Prior to the appeal, he managed to file more than 100 lawsuits against merchant cash advance companies for usury. He has had very little success on the merits. Last May, deBanked reported that a judge in another lawsuit had admonished Weinberg for misleading the court over the actual wording of what a contract said.
Now he’s responsible for one of the biggest legal decisions in merchant cash advance history. And not in his favor.
The matter arose out of Index # 158692/2016 in the New York Supreme Court.
9 Real Industry Stories To Get You Fired Up
March 7, 2018
Whether you’re working from home as an independent agent or you’re the owner of a young alternative funding startup, here are nine deBanked stories that are guaranteed to inspire. For those of you that haven’t been in the industry very long, you’ll definitely want to read some of the older ones!
Nest Planner: The Story Of A Startup MCA Broker | 3/4/18
Hard Work, Big Success – The True Story of an MCA Broker | 12/15/17
A True Rapid Advance For Mark Cerminaro | 12/16/16
Can an ISO “Excel” in 2016? | 8/26/16
Stairway to Heaven: Can Alternative Finance Keep Making Dreams Come True? | 4/28/16
The Dual Aura of Fora – How Two College Friends Built Fora Financial and Became the “Marketplace” of Marketplace Lending | 2/16/16
The Closer – Meet the Yellowstone Capital Rep That Originated $47 Million in Deals Last Year | 2/10/16
Meet the Source: How Jared Weitz and United Capital Source became one of the industry’s fastest growing shops | 10/23/15
From Lowes to Loans: Meet William Ramos | 4/12/15
Ready to network with your industry peers in person? Register For Broker Fair! coming on May 14 in Brooklyn, NY.
