[JustInCase]

[whiterabbit]

Is this the result of the wording in their contracts itself that caused this shake up?

It looks like it has more to do with the fact that they didn’t ever really reconciliate even when the merchant asked them to do so. That they added the clause in the contract but never had any intentions of actually purchasing the receivables at a specified percentage, but rather daily fix payments. They mention from multiple witnesses in the company that the % was just made up number and that the daily fixed payments were all they cared about,

[Yankeeman07]

Credit Card Split Funding with a Lockbox or Direct Integration with the processor eliminates the reconciliation issue.

IMO - a true MCA cannot have a fixed term - it is a purchase of FUTURE Receivables and since none of us can predict the Future,
a daily payment should be a flexible dollar amount.

[dailyfunderppt]

page 183 onwards is wild

[whiterabbit]

"Jerry Bush, a plumber based in Virginia, was told by Respondent Steve Davis that death was the only escape from his ballooning debts to Yellowstone (or winning the lottery), the merchant attempted suicide in a desperate attempt to save himself and his family from a bottomless pit of debt."

YIKES...

I'm not that far into this, but this is going to turn into criminal indictments.

I wonder how "The Fundworks, and TVT and others are going to feel about them using their name and similar names to misrepresent themselves as these companies?

[Shorebird]

Yes, RICO all over it.

[brokerCompany]

How many other brokers or isos will be pulled into this?

[SFllc]

The REAL problem here is Letitia James!

[TheUnderwriter]

The REAL problem here is Letitia James!

She is dumb for sure. But NY gets what it Votes for. Got a bunch of libtards ruining NYC and the State so its no shocker this is happening.

[goldenhippo80]

The REAL problem here is Letitia James!

Lol were you one of the named parties?

[KINGCASH]

The usual suspects.. Play by the rules- you’re good

A little law and order will hopefully wean out the used car salesmen

Happy funding

[Mariquita Préstamo]

Oh boy!!!
In my 15 years in the MCA business, I have seen it all.
While there are some in our business who are unscrupulous, our indistry is a vital source for businesses to get funding they need quickly.
I will hold my opinion on the NY AG who herself is a discrace to the legal profession.

https://ag.ny.gov/press-release/2024...tion-targeting

[abfunders]

BTW, all of the DBAs might have also been a very interesting method to white-label.

[Chambo]

As far as "impartiality of the law" is concerned, this press release was a constant presumption of guilt. I had problems with the article, and I had ChatGPT and Gemini read it to make sure I wasn't crazy and this was the analysis of problems, here's what we came out with:

- Strong and prejudicial Language used: "illegal" "fraudulent" "scheme"
- Focused negativity on alleged wrong-doing, ignoring balanced information
- Presenting the Attorney General's perspective as fact
- Seeking immediate remedies rather than waiting for trial

Press-releases are one-sided by nature, this one takes the cake.

This is a complaint in a civil case. She can make allegations.

Considering her recent court victories against Trump and other MCAs, I wouldn't bet against her

The Mafia figured it out years ago..."never mess with the Gov't, as they are the biggest racket out there"

[fundinggrasshopper]

This is a complaint in a civil case. She can make allegations.

Considering her recent court victories against Trump and other MCAs, I wouldn't bet against her

The Mafia figured it out years ago..."never mess with the Gov't, as they are the biggest racket out there"

Agreed the allegations are aggressive because they must be,
she has opened up what will become a very long and costly legal battle with all of the essentially unrelated entities

in my opinion - she threw out a big net , expanding the on core issue of the previous lawsuit, but the time/cost it will take to litigate with each complainant will be the detriment of a very audacious complaint

[Chambo]

Agreed the allegations are aggressive because they must be,
she has opened up what will become a very long and costly legal battle with all of the essentially unrelated entities

in my opinion - she threw out a big net , expanding the on core issue of the previous lawsuit, but the time/cost it will take to litigate with each complainant will be the detriment of a very audacious complaint

Will only be expensive to the defendants. Nothing is coming out of her pocket & all she has is time. You guys here sure as hell aren't voting her out of office.
She most definitely is piggy backing on her previous cases.
A case like this, unfortunately, she REALLY wants the entities gone, dissolved, bankrupt. She will use this is her ovious upcoming run for Governor, to show that she stands up for "the common man."

[Kevin Henry-Seacoast]

There will be more of this to come and not just in NY....... Regulators tend to enforce from the rear-view mirror. When bad things happen to customers, they enforce and keep digging. Keep in mind what happened in recent weeks with another alternative finance company CEO's house being raided. They won't be just looking at MCA......they will be looking at ALL.....ALL unregulated and regulated finance companies.

[Shorebird]

For sure, they are going to gather up all the evidence they need via civil discovery and refer to criminal once it's all gathered up.

[Kevin Henry-Seacoast]

For sure, they are going to gather up all the evidence they need via civil discovery and refer to criminal once it's all gathered up.

They will follow the paper and money to circle up anyone involved. Remember.....When a South Florida firm blew up.....The courts went after everyone..... The company, their principals, people who raised money for them, their accounting firm/attorneys, and even brokers who sent the deals......

[TheUnderwriter]

TVT got hit too apparently. They done?

[Russell]

TVT got hit too apparently. They done?

where was there anything abt TVT?

[whiterabbit]

That's not the real TVT that's listed in the lawsuit, that's not the real Fundworks either, the white label funders, used the names that were similar to other companies to confuse merchants into thinking it was other companies, real shady **** here.

[abfunders]

That's not the real TVT that's listed in the lawsuit, that's not the real Fundworks either, the white label funders, used the names that were similar to other companies to confuse merchants into thinking it was other companies, real shady **** here.

It probably was not underhanded backdooring to confuse the merchants. I think that TVT and others were using the Yellowstone name as a sophisticated way to white-label to fund their "C-D paper" stuff on the Yellowstone platform. Just register the DBA with the bank, open a new account, all draws come in and out of that account, nobody's the wiser that it's 100% Yellowstone's money. It could also be syndicated in that same way. If Yellowstone was really using the other big funders' names without telling them, we would have had at least one lawsuit and it would have stopped, Company names and DBAs are not hard to find out and research, it's almost all public record. The fact we know of Zero lawsuits on this is the only proof that I need.

[DonMcGrath]

It probably was not underhanded backdooring to confuse the merchants. I think that TVT and others were using the Yellowstone name as a sophisticated way to white-label to fund their "C-D paper" stuff on the Yellowstone platform. Just register the DBA with the bank, open a new account, all draws come in and out of that account, nobody's the wiser that it's 100% Yellowstone's money. It could also be syndicated in that same way. If Yellowstone was really using the other big funders' names without telling them, we would have had at least one lawsuit and it would have stopped, Company names and DBAs are not hard to find out and research, it's almost all public record. The fact we know of Zero lawsuits on this is the only proof that I need.

Was thinking the same thing... with the amount of cease and desist letters www.dumbleads.com receives, (which by the way, keeps our toilet paper expenses down and they make great seat protectors) there's no way Yellowstone could have escaped this many times without leaving some type of tush trail.



Welp, back to work, can't bomb atomically like socrates philosophy, all day.

[diditevenfund]

Thank abfunders is spot on.