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  1. #1

    Jewelry store owner ordered to prison for cash advance fraud


  2. #2
    Looks like your run-of-the-mill POS. The guy was supposed to deliver Rolexes valued at 3.9 million to a customer that prepaid for the watches, and took out the MCAs to pay the client back when he failed to produce the watches. Makes you wonder where the customer's payment went to.

  3. #3
    Senior Member Reputation points: 99210 ridextreme's Avatar
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    It's a case of stolen identity. I thought maybe someone finally got wise and followed through with reporting fraudulent banks or something.

  4. #4
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    If you are a jeweler and couldn't make it work when the market was 30k for a Tiffany OP, then I guess fraud is the next logical course.

  5. #5
    Quote Originally Posted by ridextreme View Post
    It's a case of stolen identity. I thought maybe someone finally got wise and followed through with reporting fraudulent banks or something.
    The issue is...the banks are not fraudulent. The fraud occurred when one partner signed MCA contracts posing as the other partner.

  6. #6
    Senior Member Reputation points: 99210 ridextreme's Avatar
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    Quote Originally Posted by NotALoan View Post
    The issue is...the banks are not fraudulent. The fraud occurred when one partner signed MCA contracts posing as the other partner.
    Yeah, what I'm saying is there's so much fraud in MCA that never gets reported to law enforcement, such as sending in fraudulent bank statements which is a criminal act.

  7. #7
    Quote Originally Posted by ridextreme View Post
    Yeah, what I'm saying is there's so much fraud in MCA that never gets reported to law enforcement, such as sending in fraudulent bank statements which is a criminal act.
    How do you know who is providing the manipulated statements: the merchant or the ISO/broker? I guarantee if you ask them you will never get a straight answer from either one.

  8. #8
    they might answer if law enforcement is asking

  9. #9
    It’s crazy what these merchants do

  10. #10
    Senior Member Reputation points: 99210 ridextreme's Avatar
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    Quote Originally Posted by NotALoan View Post
    How do you know who is providing the manipulated statements: the merchant or the ISO/broker? I guarantee if you ask them you will never get a straight answer from either one.
    That's what the criminal justice system is for, we wouldn't need to solve the crime, just need to report it.

  11. #11

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