Results 1 to 25 of 60
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08-11-2020, 10:11 AM #1
Reputation points: 91418
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Not just bad actors...
"Today in NBC News, FTC Commissioner Rohit Chopra said that he is looking for a solution to wipe out all merchant cash advance companies: "We've started suing some of them and I'm looking for a systemic solution that makes sure they can all be wiped out before they do more damage." "
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08-11-2020, 10:52 AM #2
Reputation points: 86941
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https://www.ftc.gov/news-events/pres...%20accounts%20
https://debanked.com/2018/08/1st-glo...-fraud-by-sec/
https://ag.ny.gov/press-release/2020...and-kidnapping
https://www.msn.com/en-us/news/crime...ud/ar-BB17HQPF
https://news.yahoo.com/feds-states-c...130019307.html
one could deduce that statement from all these articles
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08-11-2020, 10:57 AM #3
Reputation points: 305250
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- Jun 2015
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08-11-2020, 11:00 AM #4
"Wipe out all cash advance companies" makes for a good soundbite and headline, but that isn't what he is really looking to do. He wants to get rid of the criminal element and get the industry regulated, so the merchants have a suitable remedy (i.e. arbitration) and the brokers can be regulated and corralled in. Too many bad actors and young spoiled punks floating around who think rules don't apply to them and they can do whatever they want....while helping to tear down the foundations of small business. To be doing this in an election year too?
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08-11-2020, 11:04 AM #5
Reputation points: 222781
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- Feb 2017
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"NBC News obtained a videotape of an investor pitch dinner in Nov. 2019 hosted by Dean Vagnozzi, head of an investment firm that raised money for Par and was sued by the SEC. On the video, in which Par executives also appear, Vagnozzi promises investors returns of between 10 percent and 14 percent, saying that the outsized returns were possible because merchant cash advance companies like Par charge interest rates of 35 percent and more."
Maybe the rep was wrong or was fired, but Par told me that their rates were so low because they had family-only money, and they weren't beholden to investors.
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08-11-2020, 11:06 AM #6
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08-11-2020, 11:08 AM #7
Reputation points: 77488
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- Jan 2018
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- 514
Eh, I was never really that good at acting anyway. That's why I got into sales.
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08-11-2020, 11:09 AM #8
Reputation points: 222781
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- Feb 2017
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08-11-2020, 11:34 AM #9
Reputation points: 198007
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- Mar 2017
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- 830
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08-11-2020, 11:59 AM #10
Reputation points: 25752
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- Apr 2015
- Posts
- 300
thats all she wrote folks
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08-11-2020, 12:31 PM #11
Reputation points: 19288
- Join Date
- Feb 2016
- Posts
- 242
Damn this guys really out to get us. He must've got swindled into taking a bad deal lol
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08-11-2020, 02:18 PM #12
But the Payday Lenders are cool, right? This is political; Payday Lenders support Biden who has been their sugar daddy his whole political life.
MCA lenders have been Trump supporters, get it now?
The actuaries in federal positions like FTC will use (abuse) their authority in every way possible to hurt Trump because they believe his re-election is an existential threat to them - they're right.
Disclosure: I'm not a supporter of any political party and I don't believe voting changes anything important.
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08-11-2020, 02:39 PM #13
Reputation points: 14400
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- May 2014
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- California
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- 336
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08-11-2020, 03:25 PM #14
It's really gangster like isn't it? Basically we have a federal bureaucrat threatening an entire industry along with all of their employees & vendors with elimination. No mention of the thousands of otherwise un-lendable business and THEIR employees who would lose access to capital also. So here we have Uncle Sambino putting the "word on the street" that without due process and because of some unresolved accusations of fraud that IT WILL BE SO! F*$k them.
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08-11-2020, 04:31 PM #15
Reminds me of the late 90's Boilerroom cleanup that swept through Wall Street.
Alot of the same chest thumping and whining back then too...heh, almost ver batim,
But they got rid of 90% of the riff raff though..
Alas, you young bucks never want to learn from past history...y'all think you are better and smarter than your predecessors....when you ain't even original
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08-11-2020, 04:48 PM #16
I was one of those guys! The riff raff never went away, trust me! Now they borrow at 0% from the Fed and skate while their companies are convicted of felonies like Chase, WF and Citi and then pay fines waaaay less than the $$ they steal.
This is gang warfare where the "Muscle" is when the authorities work to advantage of one side against the other.
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08-11-2020, 04:58 PM #17
Reputation points: 179851
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- Jun 2017
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I wonder if they will target Amazon, Paypal, Shopify - Better Yet where is this dudes problem with Mr Wonderful?..... $1 a Cupcake in Perpetuity is alot more criminal than 14% of Sales for 12-18 Months.
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08-11-2020, 05:43 PM #18
Nope,,, payday lenders support trump, had their convention at Trump Doral, hes allowing for consumers to fight for themselves by weakening regulations.
Can find many articles on showing this:
https://www.washingtonpost.com/busin...audio-reveals/
https://www.buzzfeednews.com/article...g-payday-loans
https://www.propublica.org/article/t...-and-cashed-in
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08-11-2020, 06:26 PM #19
Reputation points: 97075
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- Jun 2015
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Facing 200 years;
https://www.justice.gov/usao-cdca/pr...se-alleging-he
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08-11-2020, 07:47 PM #20
Letitia James, New York state's attorney general, is continuing to investigate the merchant cash advance industry, according to her spokesman, Fabien Levy. "Many small businesses are struggling and trying to figure out how they can get by," Levy said. "We don't want them to feel they have no other option but to go to these predatory lenders."
So the NY AG doesn't want merchants that got denied by banks to "feel" they have no other option to get funding, when the reality is, they don't. I would love to here where a "struggling business" with bad personal credit can get funds to meet the following weeks payroll outside of MCA... NYS has become a dictator state run by power trip thugs.
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08-11-2020, 07:48 PM #21
Reputation points: 81657
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- Mar 2014
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- Florida
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Rohit Chopra is a Democrat - & is only 1 of 5 Commissioners
https://www.ftc.gov/about-ftc/biographies/rohit-chopra
Don't jump off the bridge yet - IMO - there will be changes within the industryDave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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08-11-2020, 09:20 PM #22
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I told u you this very thing a year ago...because somebody i know who works with feds...
Last edited by golf2014; 08-11-2020 at 11:26 PM.
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08-11-2020, 09:21 PM #23
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Find other work next year
Last edited by golf2014; 08-11-2020 at 11:26 PM.
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08-11-2020, 09:50 PM #24
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^^also extreme
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08-11-2020, 11:25 PM #25
Reputation points: 18402
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Ok then dont. Stay and see. 49 to 49 cents on dollar...like that really had a chance to succeed ??