[Jstarr]

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/

[golf2014]

Bingo

[brokerCompany]

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?

[SmartAdvanced]

This is literally the script of American Hustle - which is a 2013 movie

https://www.imdb.com/title/tt1800241/

[Michael I]

How would regulation stop something like this? I do not see where it says this happened multiple times

[rdgllc]

How would regulation stop something like this? I do not see where it says this happened multiple times

My thoughts as well. What they did was illegal. They were caught and have been indicted. The system worked (so far), and the victim will hopefully be made whole again (although I can't believe he actually gave them the amount of money and vehicles that he did).

[golf2014]

Regulation would explain what you can and cant do. No different then Hipaa

[Christian]

Regulation would explain what you can and cant do. No different then Hipaa

Because these clowns didn't realize what they were doing was unethical and illegal?

[WestCoastFunding]

They committed fraud. Fraud is already illegal.

[ryan $]

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.