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02-13-2023, 01:44 PM #1
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- Nov 2022
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- NYC
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- 117
Eco Funding Group Scam
Fake docs and 15,000$ scam
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Just had my merchant reach out to me and send me fake docs that eco has sent him promising my merchant a Line of credit for 670,000$ once my merchant takes and pays off a 25,0000$ Cash Advance (Max Rate and Max Fees) My merchant ended up paying them off the same day and was blocked by the reps he was talking to... I know for a fact someone from eco is reading this post and I would like you to know that we are working with our lawyer and the FTC closely and will coach the merchant to take proper action against you and your team thank you
929-399-8297Last edited by BigAFunding; 02-13-2023 at 02:51 PM.
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02-13-2023, 03:55 PM #2
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- Apr 2020
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- 191
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02-13-2023, 05:24 PM #3
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- Nov 2022
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- NYC
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- 117
Got the fake document sent to me
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02-13-2023, 05:29 PM #4
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- Apr 2020
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- 191
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02-13-2023, 11:42 PM #5
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,950
Dave 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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02-14-2023, 09:19 AM #6
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02-14-2023, 09:38 AM #7
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- Feb 2023
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- 25
often times the same file will come in 10 times within a week with all isos saying "my merchant"
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02-14-2023, 10:00 AM #8
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- Jun 2015
- Posts
- 3,322
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02-20-2023, 06:42 PM #9
I found this thread from a Google search so... I guess these guys are going around? It is VERY real.
Merchant works with Broker who sends email... Broker's name is "Joseph Weber" ... okay... sure.
Invoice to pay off a balance on the "trade line" of $29XXX - the Merchant was funded 20k 5 days prior.... the Broker promised $695k... tells Merchant the Funding call is coming from a #424 number - Eco Funding was the horribly drafted LOC letter.
There is a whole other world out there. Teach your Merchants to document everything.Last edited by TheConfidentBroker; 02-21-2023 at 05:38 PM. Reason: Edited to protect Merchant* Still looking for ECO!
Funding is Temporary. Wu-Tang is Forever.
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02-20-2023, 07:33 PM #10
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- Feb 2023
- Posts
- 25
This group (and a few others) have been doing this for at least 2 years now
Anyone care to guess what their "default rate" is? Lol
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02-20-2023, 09:18 PM #11
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- Jul 2022
- Location
- NJ/FL
- Posts
- 39
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02-20-2023, 10:11 PM #12
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- Jan 2023
- Posts
- 25
they probably dont have a default rate ..... the barely risk any money and they rip off big time
I might have seen the same deal--- merchant was funded 30-40k from Sakks - a few 2k debits and a wire out next day to sakks for 70k or so
a few days later Imap wire back 40-50k to send back the money they got
was told by someone in a very vague way that he got the money back cuz the merchant would have settled the matter in his own way......
these days its not to hard for merchants to find out who ppl are and where they live/ work and hope on a plane and get ur money back
https://www.bizapedia.com/ny/sakks-group-inc.html
https://www.federalpay.org/paycheck-...nc-brooklyn-nyLast edited by mcafunders; 02-20-2023 at 10:17 PM.
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02-21-2023, 09:17 AM #13
- Join Date
- Jul 2019
- Posts
- 31
I personally know the owner of imap and sakks and never had a problem with them they are trying in every way to shack off these shady brokers that give them a bad name it's funny how there are 100s of funders doing shady **** !!! And you guys are here blowing this poor guy up in the wrong way dm me I have . No problems giving you the owners direct phone number I am pretty sure he knows who is behind these posts . Let's keep funding money never sleeps 💤 happy funding)))) eco sucks !!!!!!!!
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02-21-2023, 10:12 AM #14
- Join Date
- Apr 2013
- Posts
- 245
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02-21-2023, 10:16 AM #15
If I had a dollar for everyone who said "He's a good guy" I'd be out of this industry on a yacht in Greece.
I personally know a lot of people too and they would be great people if they were my barista or bagged my groceries... doesn't mean **** in this industry.
Again, the funding and payback within 4 days of netting $14k of a 20k advance and paying back 45% for the promise of a LOC is insane. You can't say one is innocent and would never let it happen when they let whoever whitelabel on their platform. The shady brokers are the ones who were communicating with the Merchant saying "Stop blowing up my phone these things take time" but confirming they received the wire for the "tradeline" in full so the Merchant can get the line...
There's always going to be that "I never had a problem with them" and "they treat me good" but to someone else they may be the worst walking the earth.
Never vouch or stick up for anyone when it comes to Money. Period.Funding is Temporary. Wu-Tang is Forever.
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02-21-2023, 10:18 AM #16
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02-21-2023, 10:36 AM #17
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- Jan 2023
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- 25
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02-21-2023, 11:07 AM #18
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02-23-2023, 09:09 AM #19
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- Mar 2018
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- 19
Good Morning, don't usually post here but came across this thread recently and yesterday spoke with a merchant who had been scammed, his words, by Eco Funding Group. He provided two emails to the people he claims promised him LOC of $695K, he said he signed contracts for this "LOC" and that after getting a $20K MCA and paying it back 1-2 Days letter, max rate and fees here as well. They went dark, Of course.
not sure what or how this helps, but I am sure this is ruining the industry for the rest of us.
What can we do here?
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02-23-2023, 11:17 AM #20
- Join Date
- Dec 2019
- Posts
- 158
Thank you,
Joseph Vaknen
Business Development
SuperFastCap
Direct: (646) 546-3866 (Text or Call)
E-mail: Joe@superfastcap.com
www.superfastcap.com
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02-24-2023, 03:15 PM #21
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- Feb 2021
- Posts
- 5
Who is ECO funding? Owner?
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02-27-2023, 10:55 AM #22
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- Feb 2017
- Posts
- 3,427
Amanda, there's an email chain about this deal with the merchant. Would you please care to share what you found out?
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02-27-2023, 02:13 PM #23
- Join Date
- Sep 2022
- Location
- New York, NY
- Posts
- 11
Google...
Chuck Conway
Hendrix Funding Group
Minneapolis, MN
Triple Deking 1.49s
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02-27-2023, 06:56 PM #24
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- Feb 2023
- Posts
- 15
Are they still doing this?
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03-01-2023, 02:59 PM #25
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- Feb 2021
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- 5
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