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  1. #1

    Nicholas Simo -SPARTAN ADVANCE AND Liberty Capital International - FRAUD ISOS BEWARE

    Warning on Nicholas Simo owner of Spartan advance out of brooklyn. They send fake Term loan docs with multiple MCA contracts and tell the merchants they are getting a term loan meanwhile they fund multiple MCA's. We did one deal with this iso. They Charged the client a 23,000.00 closing fee for a a fake Term loan. They use the proceeds of the advances to secure the closing costs they charge and then dont pick up the phone.

    Funder Beware of these two companies they are a fraud ring and are under FBI investigation.

    And this is why we need regulation in the industry because of crooks like these guys that send fake contracts and charge upfront fee's.

  2. #2
    Senior Member Reputation points: 51397 DTFdowntofund's Avatar
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    So it's not completely unheard of to require a merchant to pay upfront fees for a secured loan for example, it's cost for title etc... Are they both the ISO and the lender? I'm confused.

  3. #3
    They charged a merchant 16k upfront and disappeared. They told the merchant he was approved for 1.4mm dollar term loan that was written on a fake contract and baited him to take multiple MCA's in order to qualify for the fake term loan. Obviously upfront costs are needed for traditional funding but writing up fake contracts to sell MCA's is fraud. They are an ISO Sending out fake term loan docs.

  4. #4
    We just funded a dentist deal with this ISO a little over 3 weeks ago, merchant put a stop payment on us 2 weeks later claiming this was all fraud and he was lied to (promised term loan as mentioned in above post). On top of that the merchant was double funded. No answer from iso, the clawback bounced.. guys like this need to be called out (t.y excel) so funders who read this stuff could avoid losing a lot of money
    203-705-8764

  5. #5
    we are referring to the same deal brother

  6. #6
    Senior Member Reputation points: 51397 DTFdowntofund's Avatar
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    & these guys are just going to scrap the LLC and make a new one for the low price of just $149. Which is why you should stick to funding houses that are reputable and have a proven track record. Kinda sucks to the newbies trying to make a dime but I mean iz' what it iz'.

  7. #7
    I won't be surprised if these pricks are connected to Saucheen Financing!

  8. #8
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    Quote Originally Posted by Newyork123 View Post
    We just funded a dentist deal with this ISO a little over 3 weeks ago, merchant put a stop payment on us 2 weeks later claiming this was all fraud and he was lied to (promised term loan as mentioned in above post). On top of that the merchant was double funded. No answer from iso, the clawback bounced.. guys like this need to be called out (t.y excel) so funders who read this stuff could avoid losing a lot of money
    24 capital saying guys like this need to be called out, while they do shady **** on a daily basis.
    confused.png

  9. #9

    Lightbulb

    Quote Originally Posted by moneygreen View Post
    24 capital saying guys like this need to be called out, while they do shady **** on a daily basis.
    confused.png
    Regardless of what 24 does ISO's like this need to be called out or better yet sued for damages... maybe they will have something to lose next time they pull some shady ****.

  10. #10
    Quote Originally Posted by excelcap View Post
    Regardless of what 24 does ISO's like this need to be called out or better yet sued for damages... maybe they will have something to lose next time they pull some shady ****.
    The problem with that is courts are not even answering funders regarding defaults. I know some funders that have not got a response for over 9 months.

  11. #11
    Senior Member Reputation points: 17775 cynthia's Avatar
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    Quote Originally Posted by excelcap View Post
    Warning on Nicholas Simo owner of Spartan advance out of brooklyn. They send fake Term loan docs with multiple MCA contracts and tell the merchants they are getting a term loan meanwhile they fund multiple MCA's. We did one deal with this iso. They Charged the client a 23,000.00 closing fee for a a fake Term loan. They use the proceeds of the advances to secure the closing costs they charge and then dont pick up the phone.

    Funder Beware of these two companies they are a fraud ring and are under FBI investigation.

    And this is why we need regulation in the industry because of crooks like these guys that send fake contracts and charge upfront fee's.
    you have websites or phone numbers for these guys??

  12. #12
    Quote Originally Posted by cynthia View Post
    you have websites or phone numbers for these guys??
    ns@spartanadvance.com - magically his site is now down and probably opened up another fraud shop. Legal company name is N Simo & associates, LLC

  13. #13
    Quote Originally Posted by excelcap View Post
    ns@spartanadvance.com - magically his site is now down and probably opened up another fraud shop. Legal company name is N Simo & associates, LLC
    Doesn't Spartan plug their company on like every thread on here or is that a different Spartan?

  14. #14
    Any and all MCA lenders who used these ISOs, are also 100% responsible for this scam bait and switch. We are currently suing in federal court both the MCA "lender" and their criminal brokers they used (as in actual criminals with prior prison time served for financial fraud. not these companies you named, but other operations).

    to really fix this situation, the actual MCA lending company must be fully held responsible and pay all the damages resulting from the fake promises, and that's what we are doing (and yes, we have also informed the FBI). The MCA's are not some kind of an angel who get to get away with this crime by saying "oh, we didn't know the broker"- that's load of a crap, and does not hold. Also their bogus "recorded funding call" holds no validity, if they did not do a recorded funding call with the broker (think about it- the current intent of the one-dimensional recorded funding call with the uninformed merchant, is to protect the scam of the MCA and the brokers being in bed together, and leaving all the problem on the merchant who does not know what scam the MCA and the lender are pulling together).

    So bottom line:
    - the actual MCA company (and all of their inside/outside investors) is fully responsible for all the fake or real promises made by the broker to the merchant.
    - the recorded funding call has no meaning, if the MCA did not do a recorded funding call to the broker, asking the broker on a recorded line "you confirm you have not promised anything to the merchant"

    you see, once these 2 points are implemented, all the fraud scams will go away magically, and also the MCA deals with drop and be corrected. Never for 1 second think or assume the actual MCA is not behind the scam.
    Last edited by EdwinS; 03-24-2021 at 12:52 PM.

  15. #15
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    Quote Originally Posted by EdwinS View Post
    Any and all MCA lenders who used these ISOs, are also 100% responsible for this scam bait and switch. We are currently suing in federal court both the lender and their criminal brokers they used (as in actual criminals with prior prison time served for financial fraud. not these companies you named, but other operations).

    to really fix this situation, the actual MCA lending company must be fully held responsible and pay all the damages resulting from the fake promises, and that's what we are doing (and yes, we have also informed the FBI). The MCA's are not some kind of an angel who get to get away with this crime by saying "oh, we didn't know the broker"- that's load of a crap, and does not hold. Also their bogus "recorded funding call" holds no validity, if they did not do a recorded funding call with the broker (think about it- the current intent of the recorded funding call is to protect the scam of the MCA and the brokers being in bed together, and leaving all the problem on the merchant who does not know what scam the MCA and the lender are pulling together).

    So bottom line:
    - the MCA company is fully responsible for all the fake or real promises made by the broker to the merchant.
    - the recorded funding call has no meaning, if the MCA did not do a recorded funding call to the broker, asking the broker on a recorded line "you confirm you have not promised anything to the merchant"

    you see, once these 2 points are implemented, all the fraud scams will go away magically, and also the MCA deals with drop and be corrected.
    i think most ISO agreements have wording that states that a broker cannot do these type of things. how can you blame a funding company when they are also being tricked and lied to?

  16. #16
    great, then the MCA company is responsible for using a broker that broke them. There is no explanation that will get the MCA off the hook, specially when a broker ISO is a known financial criminal with prison time served.

  17. #17
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    Quote Originally Posted by EdwinS View Post
    great, then the MCA company is responsible for using a broker that broke them. There is no explanation that will get the MCA off the hook, specially when a broker ISO is a known financial criminal with prison time served.
    if the broker is a known financial criminal then MAYBE it will look bad on the funder but most likely not since there are literally zero requirements to get into the MCA business. by your logic both people in any lawsuit regardless or purpose is to blame. this would be like if a murderer countersued the family that they murdered for being "in the wrong place at the wrong time". the ISO agreement is stating to a broker that they need to follow those specific rules or else they will have legal action taken against them, hence what you are seeing happening right now in this thread. no one can prevent 100% of illegal actions from happening.

  18. #18
    I understand you love to somehow protect your end of the things, always taking the option "we had nothing to do with it", but you see, the person making the most profit, bears the most responsibility. Your analogy was so off and irrelevant to the point, that I won't comment.

    And you see, you being from a funding company, are also running away from being responsible. Amazing. Because you know you need these bogus promises being made, so you make the deals, but the responsibility is somehow shifted to a broker that you have no idea about. Perfect, isn't it? Let's see when the first MCA lender will step up and say "I take responsibility for the broker I used to make the profit margin by scamming everyone". I am waiting.

    the main people responsible are the MCA lenders, and their investors. So let's all make sure that happens, and a lot of things will be fixed. We will do everything to the end to make that happen and correct this scam environment (main drive of it is the greedy profit margins of the MCA and their investors, who are creating this environment where these bogus brokers are born, and the atmosphere of "I am not responsible" is nurtured). time for this to end, and MCA lenders must pay for any and all damages.

  19. #19
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    whatever you say man....

    you sent me a message on here in august 2020 asking for me to testify in court with you so hopefully all of these things your saying start to actually happen at some point...

  20. #20
    Everything backed up due to covid delays. But justice time will come. Regards.

  21. #21
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    what specifically happened to you that made you hate MCA companies regardless of normal logic?

  22. #22
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    "the person making the most profit, bears the most responsibility"

    The lawyers make the most money on these deals, so I guess you should sue them?
    The press who cover these court cases can make more money, sue them?

    Since when does being a successful capitalist create guilt other than in a Marxist system? It's not like that in the USA, even under democrats... just because you profited that it means you're automatically guilty of wrong-doing. When brokers lie, they should be sued and cut off and banned. Without licensing, that's the best we can do and to have contracts with mutually indemnity written in, which they all do.

    Guilt by association is not a crime.

  23. #23
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    Quote Originally Posted by abfunders View Post
    Since when does being a successful capitalist create guilt other than in a Marxist system? It's not like that in the USA, even under democrats... just because you profited that it means you're automatically guilty of wrong-doing. When brokers lie, they should be sued and cut off and banned. Without licensing, that's the best we can do and to have contracts with mutually indemnity written in, which they all do.

    Guilt by association is not a crime.
    Oh, and COVID was created by Pfizer and Microsoft in order to control the masses and take all of our money. Granted I think that they should be donating/dumping a lot back into the economy so that we can afford to pay them in the future, but that's the danger of capitalism that we had during the years of the Robber barons from the 19th century and capitalism itself had to be legislated, which is where I think primarily where the American political spectrum revolves around, that being how much to legislate capitalism.

  24. #24
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    Guilt by association is not a crime...... In financial services and/or capital markets..... you are only as good as the company you keep. That being said, if you are doing business with shady players and/or get caught up in somebody's shady business....you are guilty by association.
    Hedley Lamarr......That's Hedley

  25. #25
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    Quote Originally Posted by excelcap View Post
    Warning on Nicholas Simo owner of Spartan advance out of brooklyn. They send fake Term loan docs with multiple MCA contracts and tell the merchants they are getting a term loan meanwhile they fund multiple MCA's. We did one deal with this iso. They Charged the client a 23,000.00 closing fee for a a fake Term loan. They use the proceeds of the advances to secure the closing costs they charge and then dont pick up the phone.

    Funder Beware of these two companies they are a fraud ring and are under FBI investigation.

    And this is why we need regulation in the industry because of crooks like these guys that send fake contracts and charge upfront fee's.
    Just curious , what underwriting did you do before signing these guys up ?do you even know that it his real name? If this is total fraud cant he dispute it and file a police report

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