[Michael I]

Warning on Nicholas Simo owner of Spartan advance out of brooklyn. They send fake Term loan docs with multiple MCA contracts and tell the merchants they are getting a term loan meanwhile they fund multiple MCA's. We did one deal with this iso. They Charged the client a 23,000.00 closing fee for a a fake Term loan. They use the proceeds of the advances to secure the closing costs they charge and then dont pick up the phone.

Funder Beware of these two companies they are a fraud ring and are under FBI investigation.

And this is why we need regulation in the industry because of crooks like these guys that send fake contracts and charge upfront fee's.

Just curious , what underwriting did you do before signing these guys up ?do you even know that it his real name? If this is total fraud cant he dispute it and file a police report

[excelcap]

Just curious , what underwriting did you do before signing these guys up ?do you even know that it his real name? If this is total fraud cant he dispute it and file a police report

Yea we do our diligence on isos run background and public data searches... - We actually got this default resolved and got paid so it was not worth it to sue iso however we where going to file a complaint if this deal went entirely belly up...... but there does need to be a system that funders use to blacklist bad actors in the space - I am sure this is a reoccurring theme with isos (we have got caught twice so far and where able to recoup both times) however us funders should put together a datamerch for broker