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Two of the defendants behind an alleged small business financing scheme, RAM Capital Funding, LLC and its owner Tzvi Reich, will be permanently banned from the merchant cash advance and debt collection industries, and required to pay $675,000 to settle Federal Trade Commission charges that they used deceptive and illegal means to seize assets ...
1. Default so you can get sued and settle for less (Tortious Interference). In numerous instances, debt settlement firms reach out to UCC leads or small business owners who have one or more alternative loan or Merchant Cash Advances.
The Federal Trade Commission recently prevailed on summary judgment in a case against Jonathan Braun and his company RCG Advances, LLC. The product at issue, merchant cash advances, generally provide small businesses with critical and timely financing, and there was no dispute that the defendants gave these businesses upfront lump-sums of money ...
Federal and state regulators are cracking down on merchant cash advance lenders who target small businesses with high-cost loans and abusive collection tactics.
On January 5, the FTC announced that two defendants who allegedly participated in small business financing scheme are permanently banned from participating in the merchant cash advance and debt collection industries.
The U.S. Federal Trade Commission this month took its most significant action yet to rein in fraud and abuse by merchant cash advance providers, who have snared businesses, including truck...
Merchant cash advances may be considered a scam because of their ability to trap business owners in a debt cycle. Because of how expensive MCAs can be, business owners may need to take on more financing to pay off the original MCA.
As a result of a Federal Trade Commission lawsuit, Jonathan Braun, who controlled small-business funding company RCG Advances, will face a permanent ban from the merchant cash advance and debt collection industries.
Part 3: “The MCA industry is a scam.” The Merchant Cash Advance (MCA) industry is relatively young, and due to a few bad players—MCA companies that aren’t transparent about their terms and engage in deceptive practices—there is a lot of misinformation floating around about the MCA space as a whole.
How Merchant Cash Advances Work. A merchant cash advance can work in a couple of different ways, based on either your credit and debit card sales or your bank statements. Here’s a breakdown of how each type works. Merchant Cash Advances. This is the traditional form of merchant cash advances, and it’s predominantly tied to debit and credit ...