[FUNd]

This is wild stuff. I bet he's got a coke problem.

Agreed, that high fructose corn syrup will make people do crazy things.

[isaacdstern]

Alex awesome job here!!!

[CraaaCraaa Radio]

Alex awesome job here!!!

We don't make up the news, we just report it!!!

Disclaimer: all parties are innocent until proven guilty in a court of law. These are allegations and are not 100% facts

[TStein]

Props to Fundkite for pursuing this in a legal sense.

[ADiamond]

They also should have noticed the notary coming out of the wrong state in Final Underwriting and the tracking fed ex etc.

Just because you have money doesn't mean you have good underwriting LOL - That is a fact!

[Jess]

Just because you have money doesn't mean you have good underwriting LOL - That is a fact!

Yeah this was prob fraud but very easily detected. Not hidden. Basic stuff. Why does funding kite want to publicize what appears to be lousy underwriting?

[Karen37a]

I disagree. At 19 I went out on my own and Started in my Basement.

As did multiple people I know that noe ave multi million dollar ISO and funding companies.

Ryan,

I am not going to debate you. Some of us paired up in the 90's and shared a secretary paying her $100 a week each( 4 of us) and sharing rent, running away from Boiler rooms they made movies about and everyone watches.( temporarily in west Hempstead not garden city.)..I was not in certain areas of IL either or other states( temporarily as a test)...that's why I know the west hemp to garden city reference in certain( many) states.

(Which is why when someone says West H vs GC in another state I call them out when they are bragging....and said "if you had money you would be in gc or wall st vs the bronx/west hemp etc")

Some brokers might start off in the house. BUT do not bs the bssing community. 10 points on a deal and 5 deals( 1 month) and you should be up and out to a small office at a minimum...1 month? 3 months?

Some people may want to just do a deal or 3 here or there and look out of their window of their house on the water, but make no mistake

All this bull virtual office crap has not gone unnoticed by anyone who can close deals.

I started with refurbished computers and slightly used desks on a few occasions ( only because I knew the brokers would not touch down and use the desks unless I fed them a free cheese sandwich or fed them leads )
I just went along with all this bull sh*t trying to be nice while pikers cursed me out playing big shot.

( no one is permanently in a basement popping shiate)

[Karen37a]

Yeah this was prob fraud but very easily detected. Not hidden. Basic stuff. Why does funding kite want to publicize what appears to be lousy underwriting?

Crazy...I would have eaten the loss and paid it back, took it on the chin, stayed silent....then said.."bad experience never do that again"

its a sign someone cant pay it back **** ( maybe they are cheap OR it's a big amount which I doubt)

[MCNetwork]

Some brokers might start off in the house. BUT do not bs the bssing community. 10 points on a deal and 5 deals( 1 month) and you should be up and out to a small office at a minimum...1 month? 3 months?

Some people may want to just do a deal or 3 here or there and look out of their window of their house on the water, but make no mistake

All this bull virtual office crap has not gone unnoticed by anyone who can close deals.

I started with refurbished computers and slightly used desks on a few occasions ( only because I knew the brokers would not touch down and use the desks unless I fed them a free cheese sandwich or fed them leads )
I just went along with all this bull sh*t trying to be nice while pikers cursed me out playing big shot.

( no one is permanently in a basement popping shiate)

We live in the 21st century Karen! Many Fortune 500 companies have embraced the distributed workforce model because it's more cost-effective and productive than the traditional physical office model. 99.9% of our work is done all on the phone and there's no justifiable need to assume all the overhead of an office just to massage our egos lol. Remote workers can be just as productive (if not more) than telemarketers packed like sardines in an office. I work from home and my team is located all over the country and I would pit my closing skills against somebody stuck in an "office" any day of the week! Having an office doesn't make you a better salesperson. Closing a lot of deals does.

You boiler room types need to get with the times. Technology has come a long way since 1991. Having a skilled remote workforce can 10x your current productivity and make you more profitable.

[Karen37a]

We live in the 21st century Karen! Many Fortune 500 companies have embraced the distributed workforce model because it's more cost-effective and productive than the traditional physical office model. 99.9% of our work is done all on the phone and there's no justifiable need to assume all the overhead of an office just to massage our egos lol. Remote workers can be just as productive (if not more) than telemarketers packed like sardines in an office. I work from home and my team is located all over the country and I would pit my closing skills against somebody stuck in an "office" any day of the week! Having an office doesn't make you a better salesperson. Closing a lot of deals does.

You boiler room types need to get with the times. Technology has come a long way since 1991. Having a skilled remote workforce can 10x your current productivity and make you more profitable.

Archie,

Brokers can be in the basement of their house BUT not big ISOS and FUNDERs


not in the 90s, 2000, 2017

period the end...the rest is fantasy crap

( and I have brokers who work out of their house that do not come into the office, and brokers from other states)

The supposed "corporate headquarters" shouldn't be in grandmas basement. Is grandma the receptionsit and processor too?


smoke and bs mirrors

**and you do not run all over town sayng you are a huge funder conning people . You have always said you are a brokers broker etc.( which is part of the reason I liked you and had respect for you when I first met you)

[Karen37a]

I can also tell when you people are talking to each other ...you all say the same words and give yourself away

someone else said "boiler room types"

Its not "boiler room" to realize who is a piker and who is real thru production ( which someone can only tell if they were in the inside watching or by "outside appeerances")

Again ...Big Funders should not be in the basement of their house ...it would never happen. They would get an office. Even if its small.

Technically the "boiler room" is in the basement


** and being great in sales and in phone sales doesn't make you "boiler room" ...stealing and backdooring does.

ps I am great at face to face biz to biz, door to door too ( I was a Master General Agent Insurance) they can sell a fridge to an eskimo

[MCNetwork]

Actually a boiler room isn't the basement. It refers to an outbound call center that sells questionable investments by phone. It's a room where salesmen use unfair, dishonest high pressure sales tactics, sometimes selling penny stocks, private placements or committing outright stock fraud. Stratton Oakmont was a boiler room even though they had beautiful offices.

[Karen37a]

Actually a boiler room isn't the basement. It refers to an outbound call center that sells questionable investments by phone. It's a room where salesmen use unfair, dishonest sales tactics, sometimes selling penny stocks, private placements or committing outright stock fraud. Stratton Oakmont was a boiler room even though they had beautiful offices.

They were not that beautiful...1981 or 1983 marcus ave...b grade not A.

doesnt take away from the fact that anyone who was really making BIG money and had a team would have a physical office and prosessing

[Karen37a]

Ive watched some of the things mca brokers have tried to do ( and it was worse than boiler room)

As stated previously. New brokers in the basement of their house creating LLCs running around breaking compliance are dangerous.

You have no idea what they said on the phone to bring that deal in. When they get desperate for money they will sink low and get anyone in trouble who touched the file and also cost people money thru lawsuits and defaults etc

New brokers should have to be supervised by someone ...a brokers broker or a physical office untill their "production" proves they can make it and not do crazy things

[Kevin Henry-Seacoast]

We live in the 21st century Karen! Many Fortune 500 companies have embraced the distributed workforce model because it's more cost-effective and productive than the traditional physical office model. 99.9% of our work is done all on the phone and there's no justifiable need to assume all the overhead of an office just to massage our egos lol. Remote workers can be just as productive (if not more) than telemarketers packed like sardines in an office. I work from home and my team is located all over the country and I would pit my closing skills against somebody stuck in an "office" any day of the week! Having an office doesn't make you a better salesperson. Closing a lot of deals does.

You boiler room types need to get with the times. Technology has come a long way since 1991. Having a skilled remote workforce can 10x your current productivity and make you more profitable.

Agreed to an extent. I think it is always best to have a corporate office, but you can have workers in the field if properly supervised and have procedures and processes in place. Although, having a rented office never legitimizes a business. There are plenty of firms I know with rented office I will NOT do business with.

[ridextreme]

Yeah this was prob fraud but very easily detected. Not hidden. Basic stuff. Why does funding kite want to publicize what appears to be lousy underwriting?

well, first of all Fundkite didn't write the article. Also, why wouldn't they wanna throw the book at the ISO and sue them for millions to show other shady ISO's that this is what happens when you forge docs and commit fraud against your funding sources?

[ryan $]

Ryan,

I am not going to debate you. Some of us paired up in the 90's and shared a secretary paying her $100 a week each( 4 of us) and sharing rent, running away from Boiler rooms they made movies about and everyone watches.( temporarily in west Hempstead not garden city.)..I was not in certain areas of IL either or other states( temporarily as a test)...that's why I know the west hemp to garden city reference in certain( many) states.

(Which is why when someone says West H vs GC in another state I call them out when they are bragging....and said "if you had money you would be in gc or wall st vs the bronx/west hemp etc")

Some brokers might start off in the house. BUT do not bs the bssing community. 10 points on a deal and 5 deals( 1 month) and you should be up and out to a small office at a minimum...1 month? 3 months?

Some people may want to just do a deal or 3 here or there and look out of their window of their house on the water, but make no mistake

All this bull virtual office crap has not gone unnoticed by anyone who can close deals.

I started with refurbished computers and slightly used desks on a few occasions ( only because I knew the brokers would not touch down and use the desks unless I fed them a free cheese sandwich or fed them leads )
I just went along with all this bull sh*t trying to be nice while pikers cursed me out playing big shot.

( no one is permanently in a basement popping shiate)

I disagree.

WHy leave the house? My end goal is to fund deals from the beach all day long.

Im anti office, anti establishment the whole way

[WestCoastFunding]

I disagree.

WHy leave the house? My end goal is to fund deals from the beach all day long.

Im anti office, anti establishment the whole way

Pretty much. I go with the data. And the data says workers are more productive when working from home (Harvard Business Review):

https://hbr.org/2014/01/to-raise-pro...work-from-home

[AndyYSCISOdept]

So the merchant is in Florida, and the ISO, who is located in Melville, NY, sent the COJ direct to FK with a Melville, NY notary? You can't make this stuff up.

Ive had this happen before where we got an ISO in Philly get a notary stamp in Philly but the merchant is in TX, HMMMMM that's tough to pull of

[Jess]

well, first of all Fundkite didn't write the article. Also, why wouldn't they wanna throw the book at the ISO and sue them for millions to show other shady ISO's that this is what happens when you forge docs and commit fraud against your funding sources?

I realize that-just commenting that ISO fraud is unfortunately a cost of doing business. I agree it sends a message, but so does ISO vetting and strong underwriting. If the ISO has the cash to pay a judgement ($$$) then good for them

[Karen37a]

# 1 Nothing wrong with people doing business out of their house like I said BUT you are self-employed not a business owner.

Read the Cash flow quadrant by Robert Kiyosaki

I gave seminars every wed and thurs night for 15 years, dragging people into Financial Services Part-time/Ft or out of their house to cross-sell Mortgages/Insurance/investments.

Id stand on a stage and yell SOME OF YOU HAVE A JOB ...( CROWD WOUD YELL BACK) THAT STANDS FOR JUST OVER BROKE, SOME OF YOU HAVE A JUB...( CROWD YELLS )THATS JUST UNDER BROKE.

Blah blah...seminars over
Now everyone thanks for coming and remember

The buyer is a ( crowd yells )
LIAR

A sale is not a sale untillllll ( its funded in full)

And where is the be back bus of all the peopel who said they were going to be back or call back\
\
( they are on the bkln bridge with excuses of 2 flat tires and a broken down transmission)
and what are we going to dooooooo !!

Follow up follow up untill they buy or dieeeee ...clap clap clap ....exits stage

____


Please do not give anymore advice to me or tell me whats going on in the basement of peoples homes.


cashflow-quadrant.jpg

[Karen37a]

# 2 for the younger generation...older homes had a "boiler" in the basement ( a heater)

so the term "boiler room" was derived from the people who hid in the basement of their home( out of sight),...with their home office being next to the boiler ...."heater"


"boiler room"


I do not care where people do business . You are self employed not a business owner no matter what it says on your business card.


eventyually get a team...a few brokers

maybe have teams of teams or branches....everyone wants different things or can achive different levels.

deal with it.


** and I am not coasting autopilot as a business either ...I am Self employed with unproductive excuse making nuts all around me. good thing they are 1099

[WestCoastFunding]

# 1 Nothing wrong with people doing business out of their house like I said BUT you are self-emplyed not a business owner

We're literally talking about telecommuting - which even the largest companies do. Not talking about a single ISO working from home.

[MCNetwork]

Self employed means you're a sole prop, independent contractor or a part-time worker. Business owner means you own a business and hire employees and contractors or both. Being home-based or not has nothing to do with whether or not you're self employed or a business owner.

[Karen37a]

MCN and west ...I am not going to debate you guys because of all the people in the industry I know both of you can "manage" a sales force of outside reps or home based

just like I can.

You are not the home based rep claiming to be the Big Direct funder, snatching applications and deals from a virtual office