[abfunders]

Sean posted about it on LinkedIn, but I guess I'll post it here:
https://www.timesunion.com/business/...s-18662632.php

I worked with a client in Octobre 2022 who was supposedly refinancing a $1mm MCA by escrowing prepaid interest on a long-term loan from these guys. He said "my accountant did due diligence" before he paid the DD fee. Honestly, I warned him that it was a scam because of everything around the deal. This is why you need brokers, and you need trustworthy brokers as well. You should put your CFO in touch with brokers (even several), not just the ones who want to sell you on the product that they think will line their pockets the most.

[Kevin Henry-Seacoast]

Sean posted about it on LinkedIn, but I guess I'll post it here:
https://www.timesunion.com/business/...s-18662632.php

I worked with a client in Octobre 2022 who was supposedly refinancing a $1mm MCA by escrowing prepaid interest on a long-term loan from these guys. He said "my accountant did due diligence" before he paid the DD fee. Honestly, I warned him that it was a scam because of everything around the deal. This is why you need brokers, and you need trustworthy brokers as well. You should put your CFO in touch with brokers (even several), not just the ones who want to sell you on the product that they think will line their pockets the most.

YIKES! I think they were associated with NACLB.

[abfunders]

I think he was supposedly funding $20mm over 10 years or something.

[abfunders]

YIKES! I think they were associated with NACLB.

https://debanked.com/2024/02/naclb-n...rship-pursuit/
The NACLB were actually sued by the receiver!
This is a megafraud.

[Kevin Henry-Seacoast]

Crazy!

[Big Mack]

He also runs the Commercial Capital Training Group (broker bootcamp up in Albany).

[Shorebird]

Yeah, so many fake testimonials, bragging about his car collection, 25k broker training program, etc. What a complete stain on the industry. The other company charging 3k to train brokers has got up a ton of testimonials from defunct brokers as well. I wonder if they get pinched eventually.

[abfunders]

According to Debanked, he personally filed for BK also.

Roglieri’s bankruptcy election was under subchapter V, meaning the debts listed are business debts. Among them is an unpaid bill for $436,237 to Caesars Entertainment in Las Vegas where the NACLB held its last conference this past September. Other debts include a $709,000 EIDL loan, $600,000 in outstanding state taxes, ~$1 million to law firms, and a $100,000 business line of credit for the Commercial Capital Training Group.

EIDL loan (which is probably fraud), a LOC from the training group. On the face of it, it appears to be a massive Ponzi scheme. He probably won't see the light of day for the rest of his life, which means the Debanked and the Funder's Forum are apparently the only games in town.

As a broker who is a little bit more experienced in the wider non-bank lending world than many, I'm just going to copy and paste a line from a summary email that I sent to a lender to try to get them a much larger equipment loan.

"MCA with sub-$700,000 balance, but is presently in escrow for prepaid interest on a loan he claims he's getting, but I think is fraud, paying $13,500/week or so"

Yes, he took a Libertas MCA to pay for the "prepaid interest" from Prime. We as brokers MUCH know what else exists out there to know if it's a scam, even if the clients won't listen.

[mistamca]

NACLB was such a great conference with a solid amount of products under one roof. Does anyone recommend any other conference that is similar to NACLB?

[treymarkel]

We have been a sponsor of NACLB for years and this year I was asked to sit on the board of advisors. Kris, Prime and BK's aside, it would be an absolute shame if NACLB and CCTG were effected by this and went down.

At this point Centrex has onboarded probably over 40 to 50 CCTG grads and every single one of them had nothing but awesome things to say about the program. They also had nothing but awesome things to say about the annual NACLB conference as well. It brings together the entire corporate finance sector with brokers and funders/lenders that offer all sorts of products and services. Tech companies like us also had a massive presence providing tech solutions to the sector and to the grads.

Losing NACLB and CCTG would be a huge loss to our industry and to all that attend and participate.

Sean and DeBanked team, if it goes up for sale, jump on it!!!!

Trey Markel
VP Sales and Marketing
(888) 622-5810
tmarkel@centrexsoftware.com
www.centrexsoftware.com

[Ehenek]

WTF is prepaid Interest on a long term note!?!?

[abfunders]

WTF is prepaid Interest on a long term note!?!?

Elon, that's EXACTLY which is why I told him that it was fraud! That and the fact that he wasn't cash-flowing enough to justify a $20mm loan. He's profitable, but not like that. He told me "we did our due diligence and we're getting ready for the $20mm loan." Apparently being the director of NACLB gives you street cred.

[abfunders]

Way to go Sean
Fill the gap left that was left WIDE open.
https://debanked.com/2024/03/a-new-c...gas-this-fall/

[goatFunding]

Every time someone new around here posts... they get attacked that their website isn't working or has a spelling mistake...

just another proof that fancy websites and accreditations are not a replacement for solid values and ethics...

In my 5+ years in this industry... I have come across many good ppl and bad people..


Because you: sponsor an event, speak at a fair, or have really good tech, etc.. does not make you a person worthy of doing business with.

Honesty makes your worthy (at least in my book)

I have seen people... big players.. who are lauded as trailblazers and examples of how we should operate.. do incredibly dirty and dishonest things.

Be honest. Don't be scum. no federal agencies will raid your home or workplace.

[abfunders]

Every time someone new around here posts... they get attacked that their website isn't working or has a spelling mistake...

GOAT has a good point, look no further than Fortune Magazine's cover stories of SBF and Elizabeth Holmes.
However, if someone doesn't even have a website, the ball doesn't even get off the ground.

[Ehenek]

This is why I analyze the client's behavior as a risk metric before taking them on as a client. If they are 1) Ignorant in Finance 2) Stupid (Being kind in this case) 3) Emotional I have placed certain things in place to offset risk. It really sucks when you KNOW its fraud and they don't listen!!!!
I have learned over time that if they are willing to things like this it takes time away from you being productive, so I had my attorney draft up clauses in my contract to protect them from themselves.