[WestCoastFunding]

https://www.bloomberg.com/graphics/2...-loan-kingpin/

[abfunders]

Who's Jon's rabbi?
https://iapps.courts.state.ny.us/nys...TrnH7kryx9tw==
Page 6 is the most interesting...

BTW, the individual in the document stacked his company to the wazoo with MCAs, got a reverse, and then ended up defaulting on everyone thanks to Kash, left the company that he was CEO and built from scratch, and declared bankruptcy.

[Big Mack]

https://www.bloomberg.com/graphics/2...-loan-kingpin/

I was curious how impressive Bloomberg's investigative skills would be with this piece, but you could learn more just by googling "Jon Braun" or interviewing someone such as myself that had met with him (and his gigantic cowboy boots) in the past.

[WestCoastFunding]

Wait, this guy John Braun has been awaiting sentencing for ..... 7 years?

Only one reason for that: he’s snitching.

[funding pro]

The fact that Bloomberg is painting this guy as a "Business-Loan Kingpin" is a joke. I get that drug trafficker makes their story that much more compelling but I am certain there are many more candidates that have had a bigger impact on the total MCA space than him. See 1st Global, YSC, original Pearl, 2nd Source, etc.

[MCNetwork]

Boring article. It would have been better if he wrote about Karen37

[WestCoastFunding]

“Gianni, 49, who fixes and sells luxury houses in California’s Napa Valley, borrowed from Richmond Capital and three other cash-advance companies a year ago to cover bills while waiting for construction loans.
Three days before Christmas, Braun called, asking why Gianni had blocked debits from his account. Braun grew angry upon learning that the bank was blocking all such payments while it investigated a fraudulent debit attempt, Gianni says.“

———-

He stacked 4 advances and blocked payments (not falling for the claim the bank blocked because of fraudulent debit).

No doubt Richmond is awful. But this is some weak **** to build your story around.

[TheFunda]

Just to recap the merchants listed in all parts of this article
Duncan: had money in other accounts and was bragging about his lifestyle
Richard Shillig: merchant is personally wealthy and has been caught trying to get more MCA's
Gianni: took out multiple MCA's and tried to default out the gate on all and had the COJ lock his bank

[J.Celifarco]

In my opinion the first article is the only one that could have any impact on us at all. Even though it was based on a bunch of BS and they left out key information that made us look much worse as an industry, that was the only one out of the four that could hurt us as an industry. The others were nothing more than nonsense trying to make the first story seem bigger than it was. Every industry on the planet has its bad actors, this article does nothing more then shine a light on an individual, it does nothing to the industry as a whole

[newunderwriter007]

The fact that Bloomberg is painting this guy as a "Business-Loan Kingpin" is a joke. I get that drug trafficker makes their story that much more compelling but I am certain there are many more candidates that have had a bigger impact on the total MCA space than him. See 1st Global, YSC, original Pearl, 2nd Source, etc.

Jon was in the original Pearl for a while, was interesting...

[WestCoastFunding]

This article makes Braun look like a sympathetic figure.

[WestCoastFunding]

Boring article. It would have been better if he wrote about Karen37

She would demand so many edits.

[RickyR3712]

She would demand so many edits.

where is she? I haven't been on in awhile because I was sick of her post. Good to read threads not tying into 1099 and her past life.

[J.Celifarco]

shhhhh lets leave it be. Its like beetlejuice, you say her name 3 times and all hell breaks loose

[WestCoastFunding]

where is she? I haven't been on in awhile because I was sick of her post. Good to read threads not tying into 1099 and her past life.

Supposedly she’s no longer on DF. Don’t know if she was banned or quit.

[Big Mack]

Is Jon Braun a 1099 or W-2?

[jenk12]

I'm not even clicking on this one.

[Mark24cap]

Supposedly she’s no longer on DF. Don’t know if she was banned or quit.

RIP. I'll miss her and her genius ramblings

[jenk12]

Once they put him away, what happens to his company? Do they continue doing business as usual or shut down?

[fundingsmbs]

"The profits have attracted big money from Wall Street, as well as from shadier operators—drug dealers, boiler-room stockbrokers and payday lenders. At least three cash-advance companies were founded by convicted stock scammers and another by a lawyer disbarred for defrauding the government of Bangladesh. Two traders who worked at the same Manhattan brokerage and were later banned from the securities industry now run competing firms."

remember all that dialogue about low barrier to entry? Who was the lawyer who defrauded the government in bangladesh?

[J.Celifarco]

"The profits have attracted big money from Wall Street, as well as from shadier operators—drug dealers, boiler-room stockbrokers and payday lenders. At least three cash-advance companies were founded by convicted stock scammers and another by a lawyer disbarred for defrauding the government of Bangladesh. Two traders who worked at the same Manhattan brokerage and were later banned from the securities industry now run competing firms."

remember all that dialogue about low barrier to entry? Who was the lawyer who defrauded the government in bangladesh?

Not one for name dropping when I am unsure of the exact facts of something but I have heard the Bangladesh story before. Also that company is no longer around so it is a past issue

[SmartAdvanced]

https://www.bloomberg.com/graphics/2...-loan-kingpin/

This article barely has any juice, the reporter who was going to drop a bombshell report to bring down the entire MCA business, did a very bad job at it.

[fundingsmbs]

it seems more aimed at the stacking companies that use cojs than attacking companies like ODC and others who do not use that practice, although, even ODC in the past had articles written about the types of brokers who send them deals

[WestCoastFunding]

it seems more aimed at the stacking companies that use cojs than attacking companies like ODC and others who do not use that practice, although, even ODC in the past had articles written about the types of brokers who send them deals

I assumed the stories are being pushed by those institutional non-bank alternative guys. They're probably sick of losing out at recovering funds because the stackers file COJs.

[Mark24cap]

This article barely has any juice, the reporter who was going to drop a bombshell report to bring down the entire MCA business, did a very bad job at it.

Exactly right. It was poorly written and driven more off emotional content rather than anything truly substantial - not defending Braun by any means but, that's apparent.