[BigAFunding]

Fake docs and 15,000$ scam
---------------------------------------
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

929-399-8297

[FlexibleCapitalSolutions]

Fake docs and 15,000$ scam
---------------------------------------
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

929-399-8297

Have you been able to verify that the Merchant is not lying to you? Also is Big A Painting Co involved?

[BigAFunding]

Got the fake document sent to me

[FlexibleCapitalSolutions]

Got the fake document sent to me

by who ?

[Yankeeman07]

Fake docs and 15,000$ scam
---------------------------------------
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

929-399-8297

How is this "Your Merchant" Did you fund them the original MCA -

[BR-Nightmare]

How is this "Your Merchant" Did you fund them the original MCA -

Oh hush Dave.

The man is informing us of a scam going around to keep us in the know. Something beneficial to many of us.

[reversefunder]

often times the same file will come in 10 times within a week with all isos saying "my merchant"

[Michael I]

How is this "Your Merchant" Did you fund them the original MCA -

You serious ? that is what you take out of that post ?

[TheConfidentBroker]

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.

[reversefunder]

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

[MOOF]

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

100% ?

i assume they are built to fail...

[mcafunders]

100% ?

i assume they are built to fail...

they probably dont have a default rate ..... the barely risk any money and they rip off big time

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.

Attachment on this email is an invoice "IMAP Group Wiring Instructions" 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. The MCA Funding was Sakks Group... I'm guess a white label on IMAP?

There is no Sakks Group online.

There is a whole other world out there. Teach your Merchants to document everything.

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-ny

[Kevin G]

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 !!!!!!!!

[Fetachini]

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 !!!!!!!!

I second this,

never heard of eco or sakks but I have funded deals with imap before and never had any issues with them.

[TheConfidentBroker]

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.

[TheConfidentBroker]

I second this,

never heard of eco or sakks but I have funded deals with imap before and never had any issues with them.

Boop* It's gone.

[mcafunders]

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 !!!!!!!!

the bank statements dont lie - they tell the story...
small deposit, larger wire out
merchant crying that he got scammed

just call a spade a spade

[BR-Nightmare]

Then they need to vet who they let whitelabel like everyone else - because that is a huge issue. The fact that "anyone" can whitelabel and do this - so it's not the platform/funds fault because they dont know fully what's going on but turn a blind eye to it? Until when... it's on daily funder? C'mon.

I second this.

Remember Black Swan? And they weren't even a white label.

[InfiniteCap]

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?

[SuperFastJoe]

Oh hush Dave.

The man is informing us of a scam going around to keep us in the know. Something beneficial to many of us.

Correct

[BrooklynFunder]

Who is ECO funding? Owner?

[abfunders]

Amanda, there's an email chain about this deal with the merchant. Would you please care to share what you found out?

[CharlieConway96]

Google...

[VEG]

Are they still doing this?

[BrooklynFunder]

Google...

Found it... amazing how these people don't stop...