Results 1 to 9 of 9
-
08-18-2021, 06:10 PM #1
MCA “Funder” Was a $100M Ponzi Scheme, SEC Alleges
Wow, I dont know what to say....
It was all a ponzi scheme, the SEC alleged about MJ Capital Funding, LLC in a recently unsealed complaint. A purported MCA funding company in South Florida run by a woman named Johanna M. Garcia, is said to have raised between $70M and $129M from over 2,150 investors in roughly one years time.
https://debanked.com/2021/08/mca-funder-was-a-100m-ponzi-scheme-sec-alleges/Jerry Starr
Insource Funding
433 Plaza Real,
Boca Raton, Fl 33432
P: 800-805-3391 Fx: 561-270-6895
insourcefunding.net
WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL
◆ 50% LTV - No Fico Required
◆ 90% CLTV on Purchases
◆ Investment Residential / Commercial Properties
-
08-18-2021, 08:47 PM #2
- Join Date
- Jun 2015
- Posts
- 754
-
08-18-2021, 09:23 PM #3
- Join Date
- Dec 2015
- Posts
- 601
-
08-19-2021, 10:01 AM #4
- Join Date
- Feb 2018
- Posts
- 1,349
how do these stories keep happening. who are these investors that aren't doing their due diligence before handing over their money.
-
08-19-2021, 10:28 AM #5
- Join Date
- Oct 2013
- Location
- Designer
- Posts
- 587
When you hear you can double to triple your money in a year, plus your initial investment is guaranteed, making it basically a free roll (no loss potential), and you know 1 or 2 people already in, that basically sells itself.
www.UccRadar.com
-
08-19-2021, 10:42 AM #6
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,472
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
-
08-19-2021, 10:57 AM #7
- Join Date
- Jun 2021
- Posts
- 42
so many people are signed up with them and they have no idea what they're investing their money into... or have any clue about how MCAs work... I see it all over IG, people posting their monthly checks from MJ...
-
08-19-2021, 12:10 PM #8
- Join Date
- Oct 2013
- Location
- Designer
- Posts
- 587
Most "typical" investors are not that interested when it's a set and forget type of model. Years ago when I did work for Fidelity Investments, I would have to call Fidelity clients and give them updates on what the board of directors would be proposing, as any changes, especially financial, required a vote.
I was speaking mainly to high net worth individuals, so you would think they weren't idiots. The board of directors were already making mid six figures to sit around most of the year, and they would propose bonuses and salary increases for themselves, and we were required to inform shareholders naturally.
The shareholders would get pissed at me for calling them and telling them that their profits were about to decrease.
It was like a funder calling a broker and telling them that their 10 point commission was going down to 9 points on all future deals, because they're taking a success fee, and then the broker getting pissed at the funder for having the nerve to bother him with that info.
The shareholders didn't want to hear it most of the time. They were like, just go with what the board recommends.
www.UccRadar.com
-
08-19-2021, 01:14 PM #9
- Join Date
- Aug 2020
- Posts
- 143
Similar Threads
-
Oregon Mining operation 100m annual REV.
By Davincinc in forum Deal BinReplies: 1Last Post: 03-13-2019, 12:25 PM -
SFS secures Pine Brook $100m line
By Capital Stack in forum Merchant Cash AdvanceReplies: 4Last Post: 11-11-2014, 04:01 PM -
Super G / Darrin Ginsberg receives $100m
By Capital Stack in forum PromotionsReplies: 3Last Post: 09-10-2014, 05:47 PM -
a bad apple running a work-from-home scheme?
By cashman in forum Merchant Cash AdvanceReplies: 1Last Post: 11-27-2012, 11:24 AM