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03-16-2019, 04:35 PM #1
Business Loan Brokers Indicted
This is why regulation would be a good thing for this industry.
Five business loan brokers were named in a federal indictment in Ohio for defrauding a 69-year-old business owner out of his money and cars. In addition to being asked for hundreds of thousands of dollars in upfront fees to apply for the loan, the victim signed over the title of 55 vehicles to a broker to serve as the collateral. The vehicles included a Ford Mustang, several dump trucks, several tractors, several restored classic vehicles, a Freightliner motor home, and trailers.
In reality, there was no loan.
Text messages quoted in the indictment indicated that one of the defendants traveled from New York to Youngstown, Ohio by Greyhound Bus to begin driving the vehicles back to New York one-by-one, but their scheme faced challenges when they could not afford the gas to drive all of the cars. By the end, the victim was cooperating with the police and one of the defendants was lured back to Ohio in September to pick up a payment where he was then arrested.
deBanked discovered a message board post that appears to be published by one of the defendants months after the alleged crime. In it, she attempts to recruit other brokers to send her business with promises of high commissions, same day approvals, free leads, and a policy of no backdooring.
https://debanked.com/2019/03/busines...kers-indicted/Last edited by Jstarr; 03-16-2019 at 04:38 PM.
Jerry Starr
Insource Funding
433 Plaza Real,
Boca Raton, Fl 33432
P: 800-805-3391 Fx: 561-270-6895
insourcefunding.net
WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL
◆ 50% LTV - No Fico Required
◆ 90% CLTV on Purchases
◆ Investment Residential / Commercial Properties
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03-16-2019, 04:48 PM #2
- Join Date
- Apr 2014
- Posts
- 781
Bingo
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03-16-2019, 09:16 PM #3
are hard money lenders and brokers regulated? There are plenty of scammers in that industry. Did regulation stop Wells Fargo? Regulation is a fantasy safety net
What idiot pays hundreds of thousands of upfront fees to apply for a loan and than signs over his vehicles. Where was victims attorney in the process?Last edited by brokerCompany; 03-17-2019 at 12:10 AM.
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03-17-2019, 10:49 AM #4
- Join Date
- Jun 2015
- Posts
- 754
This is literally the script of American Hustle - which is a 2013 movie
https://www.imdb.com/title/tt1800241/
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03-17-2019, 01:42 PM #5
- Join Date
- Jun 2015
- Posts
- 3,325
How would regulation stop something like this? I do not see where it says this happened multiple times
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03-17-2019, 02:13 PM #6
- Join Date
- Jun 2016
- Location
- Tampa, FL
- Posts
- 180
Last edited by rdgllc; 03-17-2019 at 05:51 PM.
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03-17-2019, 07:16 PM #7
- Join Date
- Apr 2014
- Posts
- 781
Regulation would explain what you can and cant do. No different then Hipaa
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03-17-2019, 10:39 PM #8
- Join Date
- Jan 2015
- Location
- Laguna Beach
- Posts
- 463
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03-18-2019, 07:28 AM #9
- Join Date
- Oct 2016
- Posts
- 4,318
They committed fraud. Fraud is already illegal.
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03-18-2019, 11:32 AM #10
- Join Date
- Jun 2017
- Posts
- 2,049
This is Insane.
It makes no sense to me.
Was this guy beginning to lose his faculties? He was getting up there in age. Something was not right, no competent person would sign over assets and pay up front fees like this.
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