With respect to Mr. Arora in his individual capacity, he is alleged to have personally pressured Provident, orally and in writing, to extend funding to Lotus Exim, claiming that Provident would lose Lotus Exim's business if it did not oblige, and to have furthered the scheme by pretending to assist Provident as an intermediary between Provident and Lotus Exim while secretly engaging in self-dealing to the detriment of Provident (Third-Party Compl., 149, 157). The St. Louis 22nd Judicial Circuit Court reported the following activities in the suit brought by Itria Ventures LLC against Derek Schulze and Red Oak Biscuit Llc on July 29: . A lender is. Although Provident may assert in the New Jersey action that it reasonably relied on the independent auditors and field examiners, there is no basis on which to preclude them from arguing here that they also relied on the documents and information provided to Provident by the Itria Parties - particularly when the allegations include knowingly false statements from Itria's general counsel that no further payoff was required because all obligations were satisfied in order to induce Provident to make the loan. On March 15, the governor of Ohio ordered an end to all oral surgery procedures; Runion's practice is now open six to eight hours a week. Soon after he received the money, the amount of the repayments began rocketing, Runion said. Rohit Arora, Biz2Credit's co-founder and chief executive, said in a telephone interview: "In some cases, we have to file these cases, but we also try to work with our customers. Itria Ventures was the direct lender for 165,827 approved loans in 2021 worth $4.76 billion. Get class action lawsuit news sent to your inbox sign up for ClassAction.orgs free weekly newsletterhere. 26 Feb Feb husband ignores me when his daughter is around husband ignores me when his daughter is around 2023-01-25. Write by: According to the Third-Party Complaint, Provident reasonably relied on the Due Diligence Materials and representations provided by the Itria Parties through Biz2Credit, at Mr. Arora's direction, and as a result, Provident has incurred monetary damages including substantial legal fees in connection with the bankruptcy proceedings. Here, Provident alleges that Biz2Credit, at the direction of Itria and Mr. Arora, represented to Provident that Lotus Exim conducted business at three locations and owned all of the inventory at each location, together with the accounts receivable therefrom, with a total value of $6,000,000, and that it provided such materials and information to Provident to induce it to issue the line of credit to Lotus Exim (Third-Party Compl., 184-186). Smooth and Easy Process dealing with Paul Woods. During the three-week period, Itria filed suit against 20 small businesses for nonpayment, court records show, most of them outside the state. does the dog die in hondo; dhgate marc jacobs dupe; natural scents for candles. North River Outfitter in Beacon Hill, Mass., is owned by Jason and Alice Indelicato. On 07/23/2021 ITRIA VENTURES LLC, A DELAWARE LIMITED LIABILITY COMPANY filed a Contract - Other Contract lawsuit against KOMPUGARD, INC , A CALIFORNIA CORPORATION ,. Heskin, who testified last year before Congress about the lenders' tactics, said one of his law partners found a disemboweled rat splayed atop his mailbox in front of his home. Itria Ventures LLC, a Delaware limited liability company vs All Pro Preparation, Inc., a California corporation et al. John Does 1-10 are fictitious names for individuals associated with either Itria Ventures LLC, Biz2Credit Inc., or both of them. NO. On February 22, 2023 a Commercial - Contract case was filed by Itria Ventures Llc, represented by Gitlin, Jonathan S., against Aaron Reid, Sentient Decision Science, Inc., represented by in the jurisdiction of Kings County. ITRIA VENTURES LLC vs. WELLS FARGO BANK, NATIONAL ASSOCIATION. ClassAction.org is a group of online professionals (designers, developers and writers) with years of experience in the legal industry. Polyethylene Film / PE Sheet 2023-01-31, Riverside County Superior Courts | Contract | This case was filed in Dallas County District Courts, Dallas County Civil District Courts located in Dallas, Texas. To the extent that this claim is one for conspiracy to commit fraud the claim is dismissed as a separate cause of action. Why is this public record being published online? Pa. Sep. 24, 2018) Citing Cases. 3:14-CV-05403 | 2014-05-13, Riverside County Superior Courts | Contract | "It's down a lot, more than 50 percent," she said. Corp., 257 AD2d 76, 81 [1st Dept 1999]). Arora disputed the number and said most of the cases were in the works pre-pandemic. In September 2019, the plaintiff entered into a second loan with Itria for more than $244,000 and was again required to repay $305,000, this time at an accelerated $1,613.76 per day, the lawsuit claims. As in any industry, some of the companies' practices are more problematic than others. Per the lawsuit, Itria and the plaintiff business entered into an agreement whereby the defendant loaned the company more than $244,000. According to the complaint, this calculates out to an interest rate of 43.29%, which is well over any reasonable interest rate and fully criminally usurious.. 47 6 thatphanom.techno@gmail.com 042-532028 , 042-532027 From 2014 through 2017, Itria entered into a series of Future Receivables Sale Agreements (the Pre-Closing FRSAs) with Lotus Exim International, Inc. (Lotus Exim) (id., 10; Third-Party Compl., Ex. I dealt with Paul and he made the process easy and smooth. Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. itria ventures ppp forgiveness. The companies generally provide a predetermined amount of money to a business in exchange for future receipts. Itria has filed more than 50 lawsuits in New York courts since March against businesses around the country, court records show. "You can't have people freezing assets and demanding payments at a time like this. C at 2). ), ITRIA VENTURES, LLC vs. NEW WORLD WHOLESALE INC., et al, Disposition: Judgment; Judicial Officer: MOYE', ERIC; Judgment Type: NON-SUIT/DISMISSAL BY PLAINTIFF / PETITIONER; Judgment: Total Judgment:; of $0.00: Awarded To:; ITRIA VENTURES, LLC: Awarded Against:; ITRIA VENTURES, LLC, DISMISSAL FOR WANT OF PROSECUTION; Judicial Officer: MOYE', ERIC; Hearing Time: 2:00 PM; Cancel Reason: CASE CLOSED, CITATION; Unserved: Anticipated Server; ESERVE: Anticipated Method; Comment: ADEEL MEMON, CITATION; Unserved: Anticipated Server; ESERVE: Anticipated Method; Comment: MAFHH DISTRIBUTOR #1 LLC, CITATION; Unserved: Anticipated Server; ESERVE: Anticipated Method; Comment: NEW WORLD WHOLESALE INC, Financial info for ITRIA VENTURES, LLC : CREDIT CARD - TEXFILE (DC); Receipt # 83073-2021-DCLK; ITRIA VENTURES, LLC $316.00, Financial info for ITRIA VENTURES, LLC : Transaction Assessment; ; $316.00, Financial: ITRIA VENTURES, LLC ; Total Financial Assessment $316.00 ; Total Payments and Credits $316.00. Court documents show that amid the pandemic, so-called merchant cash advance companies are pursuing legal claims against owners that freeze their bank accounts and are pressing their family members, neighbors, insurers, distributors even their customers for money the lenders say they're owed. 2023-01-30, Los Angeles County Superior Courts | Contract | But InvenTel had a factor, Franklin Capital Holdings, LLC, that had a priority security interest in InvenTels assets. "The coronavirus crisis is putting millions of small businesses in a precarious situation, and I'm really worried that loan sharks are exploiting the situation," said Rohit Chopra, one of the five commissioners who run the Federal Trade Commission. Court filings in New York state show at least 313 legal actions brought by 98 companies from March 9 to March 20. Date of experience: January 10, 2023. The complaint alleges that the companies offer "future receivables purchases" rather than loans, but that they renege on terms of the financing, charge usurious interest rates, and engage in racketeering. Itria Ventures LLC, a Delaware limited liability company vs All Pro Preparation, Inc., a California corporation et al. Toggle navigation. The 23-page lawsuit alleges Itria and affiliate broker Biz2Credit Inc. have fraudulently misrepresented loans as financing agreements, improperly sought payment outside of purportedly purchased future receivables and unlawfully charged criminally usurious interest rates on top of multiple acts of racketeering.. To secure the financing, business owners must provide documents detailing their recent sales and identifying their business partners, including their customers, and the amounts they owe, known as accounts receivable. A debt settlement company being sued by Itria Ventures in Miami-Dade County, FL was asked to prove its claim that it has managed over $1.5 billion in total debt, court records show. ITRIA VENTURES LLC, Plaintiff, v. PROVIDENT BANK, Defendant. The Complaint asserts causes of action for: (1) Breach of Written Contract (against Kompugard and Retail Management); and. "Working with a broker, I thought he was going to get me a traditional loan that was how the conversation started," Runion said. Although Itrias standard contract explicitly states that the company assumes the risk that future receivables may not be available from a customer, it is clear, the lawsuit alleges, that the company actually assumes no risk, and deems all loaned funds to be due and payable under all conditions. Want to stay in the loop on class actions that matter to you? This type of predatory, extortionate approach is going to wipe out so many businesses, and they're not going to come back. REQUEST FOR ENTRY OF JUDGMENT IS CONDITINALLY GRANTED.On September 23, 2021, Plaintiff Itria Ventures, LLC filed the instant action against Defendants Kompugard, Inc. (Kompugard); Retail Management Solutions, Inc. (Retail Management); Ariel Goldenstein (Goldenstein) (collectively, Defendants); and Does 1 through 50. For example, Provident alleges that it used its in-house field examiners and an outside auditing firm to conduct due diligence. Itria Ventures provides a platform through which institutional investors can access small businesses looking for funding through a proprietary online dashboard. On January 3, 2017, a few days prior to closing on the line of credit, Steven Forleiter, Provident's Vice President of Asset Based Lending, sent an email to representatives of Lotus Exim, following up on a prior email sent on December 30, 2016 asking for clarification regarding, among other things, the relationship between Lotus Exim and Itria (Third-Party Compl., Ex. Co. of New York, 98 NY2d 314, 326 [2002]). Accordingly, it is ORDERED that Itria Ventures LLC, Biz2Credit Inc., and Ramit Arora's motion to dismiss the third (fraud and civil conspiracy), fourth (negligent misrepresentation), and sixth (fraudulent misrepresentation) causes of action asserted in Provident Bank's Amended Answer, Defenses, Counterclaim, and Third Party Complaint is granted solely to the extent the fourth cause of action is dismissed without prejudice and is otherwise denied; and it is further ORDERED that the third-party defendants are directed to serve an answer to the complaint within 20 days after service of a copy of this order with notice of entry; and it is further ORDERED that Jiffer Small Business Lending Fund, LP, Marketplace SPV, LLC, Prime Meridian Capital Management, LLC and Ranger Direct Lending Fund Trust's motion to dismiss the fifth cause of action (conversion) asserted in Provident Bank's Amended Answer, Defenses, Counterclaim, and Third-Party Complaint is granted and the fifth cause of action is dismissed without prejudice, and the Clerk is directed to enter judgment accordingly in favor of said third-party defendants; and it is further ORDERED that the action is severed and continued against the remaining third-party defendants; and it is further ORDERED that the caption be amended to reflect the dismissal and that all future papers filed with the court bear the amended caption; and it is further ORDERED that counsel for the moving party shall serve a copy of this order with notice of entry upon the Clerk of the Court (60 Centre Street, Room 141B) and the Clerk of the General Clerk's Office (60 Centre Street, Room 119), who are directed to mark the court's records to reflect the change in the caption herein; and it is further ORDERED that such service upon the Clerk of the Court and the Clerk of the General Clerk's Office shall be made in accordance with the procedures set forth in the Protocol on Courthouse and County Clerk Procedures for Electronically Filed Cases (accessible at the "E-Filing" page on the court's website at the address www.nycourts.gov/supctmanh). 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