Results 151 to 175 of 179
Hybrid View
-
09-09-2020, 10:54 AM #1
- Join Date
- Jan 2018
- Posts
- 518
Par was in more than half of the deals I saw
-
09-10-2020, 09:34 AM #2
- Join Date
- Mar 2019
- Posts
- 254
EPIC ADVANCE
Mark@epic-advance.com
-
09-09-2020, 11:24 AM #3
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 474
Is it just me... or is everyone they lent money to, "connected" in some way to fraud. Looks to me, like the scam was: 1. Raise money from investors using fake default numbers. 2. Funnel a huge portion of the money to "shell corporations" that they probably had a hand in (which ultimately don't pay). 3. Water it down by funding almost anything that comes in the door (thousands of customers and only 10 held 228M in outstanding receivables).
It looks like it had many moving parts (fraud within fraud)...
Some of these guys have serious talent when it comes to critical thinking. Imagine if they used it for good.
I've said it many times... this is a movie.
-
09-09-2020, 11:37 AM #4
- Join Date
- Jan 2017
- Location
- New York, NY
- Posts
- 59
We never had a chance to work with them, ever since I heard they backdoor deals we stayed clear.
What we noticed from merchant statements is that they would get into the deal with PAR and really over lever the merchant to the point that Complete Business Funding came in and did a reverse-consolidation. Did anyone else notice that?
-
09-09-2020, 11:29 AM #5
- Join Date
- Jul 2020
- Posts
- 14
Anyone else have clients who got this email??
September 9, 2020
Dear Par Funding Merchant:
We appreciate your patience as of late. Please be advised, that Ryan K. Stumphauzer,
Esq., was appointed Receiver ("Receiver") of Complete Business Solutions Group, Inc.
d/b/a Par Funding and other entities pursuant to a Court order entered in the United
States District Court in the Southern District of Florida on July 27, 2020 and amended
on August 13, 2020. Attached please find correspondence from the Receiver dated,
August 22, 2020.
You have been identified as having a merchant cash advance/factoring agreement
("MCA") with Par Funding. While the court was transferring business duties to the
Receiver, ACH drafts may not have been occurring. Effective Tuesday, September 8,
2020, operations have resumed and the Receiver, along with the assistance of
consultants from Development Specialists, Inc. and employees of the Receivership
Entities, has re-commenced ACH and debit activity in accordance with the MCA and
other collection efforts to enforce the terms of the MCA.
All payments should be directed to the Receiver and the Receivership Entities as the
owners of the rights title and interest in the MCA. Only the Receiver (and his designees)
are authorized to collect on the MCA. If any third party has made any attempts to collect
on the MCA owned by the Receivership Entities, please advise us immediately
So basically par will be pulling again. Making sure lenders know about this because it is going to seriously effect withhold.
-
09-09-2020, 03:37 PM #6
- Join Date
- Jun 2014
- Posts
- 541
-
09-09-2020, 11:31 AM #7
- Join Date
- Jan 2018
- Posts
- 518
-
09-09-2020, 12:10 PM #8
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 474
-
09-09-2020, 12:14 PM #9
- Join Date
- Jan 2018
- Posts
- 518
Even still? It takes more cojones to not give into temptation and to build a business up the right way. Maybe he has a small package of "cojones" and wanted to over compensate as fast as possible with as little effort as possible. That seems like a more realistic scenario.
-
09-09-2020, 12:42 PM #10
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 474
-
09-09-2020, 06:36 PM #11
- Join Date
- May 2014
- Location
- California
- Posts
- 343
Where are all the Par defenders that were active on here recently?
Crazy that half of the investors monies went to 10 merchants.
-
09-09-2020, 07:13 PM #12
- Join Date
- Jan 2014
- Posts
- 1,374
they did put out a 90 million mca and their second largest client was 35 million mca lol
-
09-09-2020, 08:04 PM #13
- Join Date
- May 2014
- Location
- California
- Posts
- 343
And they wonder why PAR busted out along with all the senior citizens money they allegedly scammed.
I guess there really is no such thing as a free steak dinner.
I wonder if the Gray Bar Motel reservation is coming up.
-
09-10-2020, 10:59 AM #14
- Join Date
- Feb 2017
- Posts
- 3,426
I just realized the irony here.... Par over-leveraged themselves.
-
09-10-2020, 11:00 AM #15
- Join Date
- Jun 2015
- Posts
- 754
-
09-10-2020, 11:05 AM #16
- Join Date
- Feb 2017
- Posts
- 3,426
-
09-10-2020, 11:06 AM #17
- Join Date
- May 2014
- Location
- California
- Posts
- 343
Sure, there was so much money coming in from the Senior Citizens that they had to throw it against the wall to see what sticks, now it appears hardly any of it stuck to the walls.
-
09-10-2020, 01:05 PM #18
- Join Date
- Apr 2018
- Posts
- 178
cbsg.PNG
PAR is back to debiting
-
09-10-2020, 01:49 PM #19
- Join Date
- Jan 2014
- Posts
- 1,374
Does anyone know what is happening with merchants that were in reverses with them? few of my merchants they started debiting again but they were reverses im assuming there will be no weekly deposit which would put them in breach of contract wouldn't it?
-
09-10-2020, 05:35 PM #20
- Join Date
- May 2017
- Posts
- 170
Did the FBI raid yieldstreet as well? Or just investigating?
-
09-11-2020, 01:45 AM #21
- Join Date
- Oct 2013
- Location
- Designer
- Posts
- 591
Yield street is the one that alerted the FBI and the SEC in the first place.
The Dubai trading association, operated by Mr. Lakhani and the Lakhani family, is currently being investigated for defrauding Yieldstreet and at least 5 other private equity and financial institutions, in multiple countries.
Www.B2BRecon.com - Never have a deal held hostage by a weak agent again.
-
09-10-2020, 08:11 PM #22
- Join Date
- May 2014
- Location
- California
- Posts
- 343
Isn't that where Quicksilver gets their funding from?