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  1. #1
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    Belesis Bros of John Thomas Financial Fame

    Word on the street is that they're in the MCA business these days and I'm curious if anyone knows if their a funder or broker?

  2. #2
    I remember walking into that office one day......those guys were hardcore!!!!

  3. #3
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    Yeah nuts. Trainee program was 7:30am to 9pm

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    bump

    If Legend Securities can pivot to Legend Funding, why not the Belesis bros?

  5. #5
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    JFT baby 14 wall street

  6. #6
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    Quote Originally Posted by fin4all View Post
    JFT baby 14 wall street
    *eye of the tiger starts playing at 7:25am*

  7. #7
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    Nice-Both brokerage firms mentioned in this thread have been EXPELLED.....yes EXPELLED by FINRA and have multiple disclosures.
    Hedley Lamarr......That's Hedley

  8. #8
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    Nice-Both brokerage firms mentioned in this thread have been EXPELLED.....yes EXPELLED by FINRA and have multiple disclosures.
    So what?

  9. #9
    Quote Originally Posted by NiceJewishBoy View Post
    So what?
    Good question, always good to know what the view is like from someone sitting on a high horse.

  10. #10
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    Quote Originally Posted by FlexibleCapitalSolutions View Post
    Good question, always good to know what the view is like from someone sitting on a high horse.
    If you chose to do business with people that have been expelled from an industry.....have at it.
    Hedley Lamarr......That's Hedley

  11. #11
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    If you chose to do business with people that have been expelled from an industry.....have at it.
    That's 90% of MCA. Just saiyan

  12. #12
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    [QUOTE=NiceJewishBoy;145943]That's 90% of MCA. Just saiyan[/QUOTE

    People and companies are expelled from FINRA and the SEC for a few reasons. Lying, cheating, and stealing are usually the top reasons. If these people have been expelled from FINRA/SEC for these reasons, what makes you think they will not do the same to you OR your customers? Your only as good as the company your keep......
    Hedley Lamarr......That's Hedley

  13. #13
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    Adding to the conversation here, not taking sides. Funders don't want to fund frausters. Got the following rejection from CDG:

    We appreciate the chance to review the file. We would not be able to get comfortable to make an offer as there has been an increase in overdrafts over the last two months. The client was also involved in a Mortgage Scheme a while back and pleaded guilty for his role in it. Tough to get comfortable with this on top of the client being in the construction industry.

    Then attached the image of of the charge of a conspiracy to commit wire fraud....

  14. #14
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    Quote Originally Posted by abfunders View Post
    Adding to the conversation here, not taking sides. Funders don't want to fund frausters. Got the following rejection from CDG:

    We appreciate the chance to review the file. We would not be able to get comfortable to make an offer as there has been an increase in overdrafts over the last two months. The client was also involved in a Mortgage Scheme a while back and pleaded guilty for his role in it. Tough to get comfortable with this on top of the client being in the construction industry.

    Then attached the image of of the charge of a conspiracy to commit wire fraud....
    Did you run any checks on the owner before submitting?
    Hedley Lamarr......That's Hedley

  15. #15
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    Did you run any checks on the owner before submitting?
    The underwriters at the funders are willing to do it for me, why should I run it be CLEAR first? I do sometimes Google a client first if things seem sketchy, but I'm a broker. I obviously don't want to submit files that have this type of hair on them, but you get surprises all the time. Everest stopped doing background checks until after contracts, so they have been killing deals last minute, so I don't think it's beyond "standard" to submit before doing my own background checks. Especially if I'm getting calls from funders every day asking me for more submissions.

  16. #16
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    Quote Originally Posted by abfunders View Post
    The underwriters at the funders are willing to do it for me, why should I run it be CLEAR first? I do sometimes Google a client first if things seem sketchy, but I'm a broker. I obviously don't want to submit files that have this type of hair on them, but you get surprises all the time. Everest stopped doing background checks until after contracts, so they have been killing deals last minute, so I don't think it's beyond "standard" to submit before doing my own background checks. Especially if I'm getting calls from funders every day asking me for more submissions.
    Keep submitting files with owners with subject backgrounds to real institutions and see how responses to deal flow slows of you get cut off completely.
    Hedley Lamarr......That's Hedley

  17. #17
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    Quote Originally Posted by abfunders View Post
    Adding to the conversation here, not taking sides. Funders don't want to fund frausters. Got the following rejection from CDG:

    We appreciate the chance to review the file. We would not be able to get comfortable to make an offer as there has been an increase in overdrafts over the last two months. The client was also involved in a Mortgage Scheme a while back and pleaded guilty for his role in it. Tough to get comfortable with this on top of the client being in the construction industry.

    Then attached the image of of the charge of a conspiracy to commit wire fraud....
    That's ****ing wild

  18. #18
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    As Edward Lovette taught me, merchants are SCUMBAGS

  19. #19
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    Keep submitting files with owners with subject backgrounds to real institutions and see how responses to deal flow slows of you get cut off completely.
    It is very easy to tell when you have a good broker Vs. a bad one.

    Good brokers still come across and submit bad deals with "hair" on them. The difference is a lot of times the good brokers are just as surprised as the funders when the issues are uncovered in the final. These types of deals are less frequent from them, and they are mostly not interested in brokering such deals. Once they find out the dirt that file goes to the trash bin.

    Bad brokers usually know about the dirt on the final, and they usually just shop the deal from one place to the next until it gets funded. There are a handful of ISOs that I have here I expect their deals to have dirt on them. Once I kill it, they move on to the next sucker

  20. #20
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    Nice-Both brokerage firms mentioned in this thread have been EXPELLED.....yes EXPELLED by FINRA and have multiple disclosures.
    Literally 40% of this industry man.

  21. #21
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    Quote Originally Posted by CT3 View Post
    Literally 40% of this industry man.
    Actually the majority I've met were broker trainees, never had a series 7

  22. #22
    The good direct lenders in the short-term business funding space aren't willing to onboard brokers who've had issues with FINRA, SEC, etc. I hate to see so many brokers defending the practice of working with convicted white-collar criminals by using the "that's just how it is" excuse...let's be leaders, change the industry perception, and be better! First off, I know enough good brokers personally who have solid ethics that that form of circular reasoning is just a cop out. Secondly, Congress, the CFPB, and a number of senators are working right now to purge these individuals from the space, and it's not a matter of if it happens, it's a matter of when.
    CapFront
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  23. #23
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    People always wonder why they get ripped off, backdoored, renewals not paid, etc.... Play stupid games.....win stupid prizes.....
    Hedley Lamarr......That's Hedley

  24. #24
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    People always wonder why they get ripped off, backdoored, renewals not paid, etc.... Play stupid games.....win stupid prizes.....
    WE NEED BROKERCHECK FOR MCAs

    Getting backdoored sucks. There's never any vasaline used

  25. #25
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    Quote Originally Posted by capfront View Post
    The good direct lenders in the short-term business funding space aren't willing to onboard brokers who've had issues with FINRA, SEC, etc. I hate to see so many brokers defending the practice of working with convicted white-collar criminals by using the "that's just how it is" excuse...let's be leaders, change the industry perception, and be better! First off, I know enough good brokers personally who have solid ethics that that form of circular reasoning is just a cop out. Secondly, Congress, the CFPB, and a number of senators are working right now to purge these individuals from the space, and it's not a matter of if it happens, it's a matter of when.
    lmao you don't need a conviction to be barred. it's all about arbitration

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