[TopCapital]

Anybody has their number? or their alias

[iawia_advanced]

Anybody has their number? or their alias

Zahav Asset management / ameriquest / blue ribbon

[ryan $]

Are you Sure??

Unless Tru Capital is the same?

They were in a deal we Funded, Driver force, took a while to figure out who it was, but we got Contract Copies / Balance Letters...

They do some weird weird stuff

[ryan $]

Also, the Merchant Signed a $45,000 Contract. It has Weekly Disbursements, a Flex Deal, that supposedly was Going to Fund 5,000 a week for 4 Weeks every week, then on the 5th week fund $25,000.

Which seems insane.

Then, the Merchant got the first Funding, of $2,400.

The Payment was $995 a Day.

Do the Math. Paying Back 5k a Week. They Put out $2,400 of their own money. Then it's just Funding the Merchant back her own money with a Factor on it after the first week.

It was the craziest Contract I ever saw.

[iawia_advanced]

Also, the Merchant Signed a $45,000 Contract. It has Weekly Disbursements, a Flex Deal, that supposedly was Going to Fund 5,000 a week for 4 Weeks every week, then on the 5th week fund $25,000.

Which seems insane.

Then, the Merchant got the first Funding, of $2,400.

The Payment was $995 a Day.

Do the Math. Paying Back 5k a Week. They Put out $2,400 of their own money. Then it's just Funding the Merchant back her own money with a Factor on it after the first week.

It was the craziest Contract I ever saw.

Exactly. I don't believe they ever disburse anything other than the initial 5k and just stop the deal when the merchant complains or blocks

[Akanner]

Are you Sure??

Unless Tru Capital is the same?

They were in a deal we Funded, Driver force, took a while to figure out who it was, but we got Contract Copies / Balance Letters...

They do some weird weird stuff

Tru capital is on the PSF form in the contract. A lil hint: look at the address on the PSF form and see what google finds.

Also, the Merchant Signed a $45,000 Contract. It has Weekly Disbursements, a Flex Deal, that supposedly was Going to Fund 5,000 a week for 4 Weeks every week, then on the 5th week fund $25,000.

Which seems insane.

Then, the Merchant got the first Funding, of $2,400.

The Payment was $995 a Day.

Do the Math. Paying Back 5k a Week. They Put out $2,400 of their own money. Then it's just Funding the Merchant back her own money with a Factor on it after the first week.

It was the craziest Contract I ever saw.

iv seen them mess up my merchant worse.
deposits 25k and withdraw 7.5k for 10 days. Luckily the merchant contacted the bank when he realized that there was no second draw and no one was returning his call.

[ryan $]

This Merchant had a Blue Ribbon Contract, and was issued a Tru Capital Payoff Letter on the Advance. Sent to Tru Capital and their Bank.

So....If they are Paying Off Tru, it has to be Tru, lol

[ryan $]

The PSF Method you can't really tell though. A PSF form can be attached to any contract by the broker, Payoff Letter though.... that means gotta be the Funder.

[iwantyourpaper]

https://www.justice.gov/usao-sdny/pr...n-fraud-scheme

[Russell]

https://www.justice.gov/usao-sdny/pr...n-fraud-scheme

finally theyre going after the loc and term sheet scammers, now they just need to take down united funds , clover adv, credit adv, quick funding group, life long trust, dc capital, hybrid , forward advance (no relation to forward finance) imap group , all shore and the rest of the scammers and maybe our industry can be clean and honest

[Regium]

Zahav..

[abfunders]

Zahav is behind those scams... got it

Many of our merchants were scammed by these guys

Zahav wasn't on the indictment, who says that it was the same Zahav anyway? These jerks always take names of other companies to throw everyone off the track.

[ryanh]

Zahav wasn't on the indictment, who says that it was the same Zahav anyway? These jerks always take names of other companies to throw everyone off the track.

It's directly in the indictment:

"MESHI-ZAHAV, the defendants, used their access to victims' bank accounts through their control of Blue Ribbon Funding to cause thousands of dollars to be withdrawn from victims' bank accounts via electronic fund transfers without ever paying the victims the full amount of the promised loans.2 Specifically, the electronic fund transfers from the victims' accounts were each sent, via a wire processing company based in Georgia, to a bank account held in the name of Zahav Asset Management, doing business as ("DBA") "Blue Ribbon Funding," and controlled by MESHI-ZAHAV, who, in turn, wired hundreds of thousands of dollars to a bank account controlled by HEBER and a co-conspirator ("CC-1 "). "

[Russell]

Zahav wasn't on the indictment, who says that it was the same Zahav anyway? These jerks always take names of other companies to throw everyone off the track.

zahav is owned by yechiel meshi zahav , but youre right that most of the scams these days are not through him

[abfunders]

zahav is owned by yechiel meshi zahav , but youre right that most of the scams these days are not through him

Russel is right.... Public records. https://trellis.law/doc/70751710/summons-complaint (search for Yechiel)

[diditevenfund]

Looks like they are finally nailing these people. Been saying a long time, the feds spend a long time before they drop the hammer so they do not risk losing convictions. A lot of these losers are under the gun and do not even know it yet.

BOOM goes the dynamite on these cowards.

[abfunders]

Looks like they are finally nailing these people. Been saying a long time, the feds spend a long time before they drop the hammer so they do not risk losing convictions. A lot of these losers are under the gun and do not even know it yet.

BOOM goes the dynamite on these cowards.

Now it's time to get contact with Damiam Williams or Patrick Freaney to report more of these. Anyone?

[zalman]

I read through the document and it seems like it was either a Reverse Or a Flex deal that went bad. It seems like the merchants took funding that was supposed to be paid out over time and then the installment payments weren't made to them. If I had to guess, I'd say that these merchants breached their agreements by taking more funding or stopping to pay. This would generally allow the funder to stop sending the weekly disbursement or the next chunk of the flex while still collecting on the agreement...

I'm sure it's a lot more complex than the government wants to make it seem.

[Russell]

I read through the document and it seems like it was either a Reverse Or a Flex deal that went bad. It seems like the merchants took funding that was supposed to be paid out over time and then the installment payments weren't made to them. If I had to guess, I'd say that these merchants breached their agreements by taking more funding or stopping to pay. This would generally allow the funder to stop sending the weekly disbursement or the next chunk of the flex while still collecting on the agreement...

I'm sure it's a lot more complex than the government wants to make it seem.

zalman, ive had many merchants who were scammed by blue ribbon where they promised them a loc or term loan at crazy low rates in return for taking a terrible mca at crazy fees and some merchants who just sent blue ribbon money or who just had money debited from their accounts without even getting funding, they def deserve this

[SendDocsPlox]

maybe our industry can be clean and honest

That's funny Russell

[BIGCHUNGUS69]

ahhhh the smell of caught scammers in the morning lol

[dailyfunderppt]

ahhhh the smell of caught scammers in the morning lol

lol

[TruCapNews]

Just for the record, I've addressed this before but this Tru Capital and Ameriquest Funding is not the same as Tru Capital and Ameriquest Funding in Melville NY.

We are not associated with any of this. We had some business dealings with Mike Zahav when he was with Alpha with Tru as an ISO and we would syndicate with them on deals through our lending platforms as Ameriquest. Covid happened and things fell apart and he was angry with our owners.

During late 2020 & early-mid 2021 we were investigating who used our business name to do this stuff to merchants. We had spoken to a few lenders who we're friendly with to try to investigate furhter

Merchants would google Tru Capital and they would call us and ask us about the fee sheets. From there we had them send emails to us and try to dig further and provided what we could to lawyers but obviously, we don't have a trademark on our name.

Most of the emails forwarded to us were from an Aaron.roberts@blueribbonfunding.com. A former employee who worked a lot of deals with Alpha prior to covid had the same "Industry Name". I have a record of 9 business owners we spoke to during this time. The fee sheets matched the address that was correlated to Zahav Asset Management according to the SOS.

This industry is tough and there's a lot of people in it doing the wrong thing. Just want to make we are not looped into this stuff. If you have any questions about recent deals and you see Tru Capital or Ameriquest, please feel free to reach out to me and I will confirm whether it's us or not.

Thank you!
Kirsten
kirsten@trucapital.com

[Sean Cash]

I think a major takeaway from this one is that the alleged fraud occurred over just a 9 month period 3 years ago and was for a total of only $2 million. For all the scammers that think their scheme is small enough to fly under the radar and that the government isn't going to be able to figure out the maze you've created to hide who you are, think again.

[Robinhood21]

I think a major takeaway from this one is that the alleged fraud occurred over just a 9 month period 3 years ago and was for a total of only $2 million. For all the scammers that think their scheme is small enough to fly under the radar and that the government isn't going to be able to figure out the maze you've created to hide who you are, think again.

These guys basically did LOC scams?

If so this such good news im so tired of these merchants getting scammed left and right with no consequences and ruining the deal for everyone else