Confessions of Judgment in MCA Make the Evening News

January 21, 2019
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Erie County Clerk Michael Kearns is no longer processing Confessions of Judgment (COJs) in Erie County for merchant cash advance companies, according to a statement his office published this week. Prior to being elected Clerk, Kearns was an assemblyman in the New York State legislature. On Monday night, Kearns appeared on Channel 4’s evening news […]

Coming Soon: The End of Confession of Judgments (COJs) in New York State

January 16, 2019
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New York State plans to outlaw the use of Confession of Judgments (COJs) in small business loan contracts this year, according to details revealed in Governor Andrew Cuomo’s newly published Justice Agenda. The proposal, dubbed “Stopping Predatory Merchant Cash-Advance Loans,” is a 3-part plan to: Codify an FTC rule that prohibits COJs in consumer loans […]

Bloomberg Reporter Wipes His Twitter Account After deBanked Story

December 15, 2018
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Hours after deBanked drew attention to a suspicious exchange on twitter between a senior editor at Bloomberg LP and a New York State Senator, one of the Bloomberg reporters behind the highly questionable merchant cash advance series took drastic action, he deleted every tweet he’s ever posted. The series of events began on Thursday when […]

The Strange Connection Between Bloomberg, the AG’s Office, and the State Senator Proposing Legislation

December 14, 2018
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On Thursday, Bloomberg Senior Editor Robert Friedman publicly thanked New York State Senator Brad Hoylman and his colleagues over twitter for pledging to propose legislation in response to the (highly questionable) merchant cash advance series he produced with reporters Zachary Mider and Zeke Faux. When deBanked Chief Editor Sean Murray replied to it, to urge […]

Who Are the New York City Marshals?

November 28, 2018
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In 2017, New York City Marshal Ruth Burko earned less in poundage than she owed the city in annual fees. At 91-years old, Burko’s tenure as a city licensed judgment enforcer has finally come to an end. She technically announced her retirement at the end of 2016 but her long career began when Mayor John […]

How Bloomberg Played Fast And Loose With A Wall Street Tale And Got Sued

November 24, 2018
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On a cool Halloween evening in 2016, Bloomberg published its latest financial thriller, a story about a smooth talker that convinced bankers to invest $32 million and then vanished. Readers ate it up. Less than three weeks later, Bloomberg would face a defamation and libel lawsuit that would come to haunt them for years. For […]

Multimillionaire CEO Claims Predatory Lenders are Causing Him to Sell His Furniture for Food

November 22, 2018
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Two months ago, a billionaire hedge-fund manager named Philip Falcone, the 377th richest person in the United States who once “put the squeeze on Goldman Sachs,” led a Virginia-based investment group to make a strategic purchase of a local Telemundo TV station in Columbus, Ohio. The seller, a company led by local businessman Richard Schilg, […]

The Six Figure Wipeout

November 21, 2018
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Doug Duncan shows off his ride on facebook. He and his wife continued to draw a $130,000/year combined salary from the company Bloomberg Businessweek reported had been wiped out by a $40,000 transaction with a “predatory lender.” Prior to that, the Duncans’ business was averaging $4.3 million a year in sales In June 2017, Florida […]