The court, however, disagrees. Write by: Here, Provident alleges that the Itria Parties' conduct consisted not simply of omissions but of active concealment of critical information and affirmative misrepresentations of material fact. This case was filed in Dallas County District Courts, Dallas County Civil District Courts located in Dallas, Texas. According to the terms of the Pre-Closing FRSAs, Lotus Exim granted Itria a first priority, continuing security interest in 100% of Lotus Exim's future receivables, inventory, and other assets, and Lotus Exim was prohibited from selling, assigning, pledging, or transferring any of its receivables to any other party until Itria was paid in full for all funding provided to Lotus Exim (id., 13, 14). ", When merchants fall behind on their payments, some direct lenders send threatening emails and texts, owners and their lawyers say. Mr. Arora estimated that at least 20 percent of the nearly 140,000 loans the. Now those sales are nonexistent but PowerUp's suit demanded immediate payment of almost $91,000, plus legal fees. Polyethylene Film / PE Sheet 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. 2023-01-06, Dallas County District Courts | Other | UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. The flood receded when New York courts stopped accepting electronic filings in nonessential matters on March 23. However, the Court notes that the Doe Defendants have not been dismissed. why is my cookies pen blinking purple is there mobile coverage across the nullarbor university of richmond women's basketball: schedule ITRIA VENTURES LLC A DELAWARE LIMITED LIABILITY COMPANY, RETAIL MANAGEMENT SOLUTIONS INC. A DELAWARE CORPORATION, 5/19/2022: Notice of Rejection - Post Judgment, 5/20/2022: Notice of Rejection - Post Judgment, 5/26/2022: Notice of Rejection - Post Judgment, 5/31/2022: Abstract of Judgment - Civil and Small Claims, 5/2/2022: Notice of Rejection - Post Judgment, 5/4/2022: Writ of Execution - WRIT OF EXECUTION (SAN FRANCISCO ), 1/7/2022: Notice of Rejection - Post Judgment, 1/11/2022: Writ of Execution - WRIT OF EXECUTION (LOS ANGELES), 10/6/2021: Request for Entry of Default / Judgment, 10/15/2021: Notice - NOTICE NOTICE OF ENTRY OF DEFAULT JUDGMENT, 11/17/2021: Proof of Service (not Summons and Complaint), 11/17/2021: Declaration Pursuant to 585 CCP in Support of Default Judgment, 11/17/2021: Request for Entry of Default / Judgment, 11/29/2021: Minute Order - MINUTE ORDER (CASE MANAGEMENT CONFERENCE), DocketAbstract of Judgment - Civil and Small Claims; Issued by: Itria Ventures LLC, a Delaware limited liability company (Plaintiff), DocketNotice of Rejection - Post Judgment; Filed by: Clerk, DocketWrit of Execution (San Francisco ); Issued by: Itria Ventures LLC, a Delaware limited liability company (Plaintiff); As to: Itria Ventures LLC, a Delaware limited liability company (Plaintiff); Kompugard, Inc., a California Corporation (Defendant); Retail Management Solutions, Inc., a Delaware Corporation (Defendant); County: San Francisco, DocketWrit of Execution (Los Angeles); Issued by: Itria Ventures LLC, a Delaware limited liability company (Plaintiff); As to: Kompugard, Inc., a California Corporation (Defendant); Retail Management Solutions, Inc., a Delaware Corporation (Defendant); Ariel Goldenstein (Defendant); County: Los Angeles, DocketNotice of Entry of Judgment; Filed by: Itria Ventures LLC, a Delaware limited liability company (Plaintiff); As to: Kompugard, Inc., a California Corporation (Defendant); Retail Management Solutions, Inc., a Delaware Corporation (Defendant); Ariel Goldenstein (Defendant), DocketOn the Complaint filed by Itria Ventures LLC, a Delaware limited liability company on 07/23/2021, entered Order for Dismissal with prejudice, does 1-50, DocketUpdated -- Certificate of Mailing [Notice of Case Management Conference filed on 07/26/2021]: Name Extension: [Notice of Case Management Conference filed on 07/26/2021]; As To Parties: removed, DocketAddress for Jason S. Takenouchi (Attorney) updated, DocketCase Management Conference scheduled for 11/29/2021 at 09:00 AM in Stanley Mosk Courthouse at Department 31, DocketNotice of Case Management Conference; Filed by: Clerk, DocketCase assigned to Hon. Merchants are typically required to repay the advances via automatic withdrawals from their bank accounts every day or week. NOTICE OF DISMISSAL FOR WANT OF PROSECUTION, Cases involving agreements to pay a specific amount of money (promissory notes, loan and credit card agreements, checks, etc. Make your practice more effective and efficient with Casetexts legal research suite. That translates into $60,812.50 in interest in only 210 days or an annualized interest rate of approximately 43.29% which is well over any reasonable interest rate and fully criminally usurious, the complaint alleges. But in this case, Provident alleges that it did make use of the means of verification that were available to it. raven eggs for sale; shooting in campbell, ca today; william alvin pitt trucking company. "On some of our loans, we were paying over 200 percent. In addition, Provident alleges that the Itria Parties misrepresented or concealed the relationship between Itria and Lotus Exim and falsely stated that Lotus Exim's obligations to Itria had been "repaid in full" (Third-Party Compl., Ex. 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.. moberly women's basketball roster includes invalid characters for a local volume name floyd leroy patterson memorial sloan kettering pulmonary critical care fellowship pretty boy floyd son water dispenser support collar dan gheesling conservative guelph police raid acetabular sclerosis treatment pollock dining commons edwards county property map how many wives does mufti menk have describe two . On March 19, as COVID-19 spread across the U.S., triggering a national emergency, a merchant cash advance company sued Indelicato and his wife, Alice. Legal filings by cash advance companies, including confessions of judgment filed against small businesses, have been ballooning amid the coronavirus crisis. The argument, however, fails. 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. Los Angeles County Superior Courts | Contract | North River Outfitter in Beacon Hill, Mass., is owned by Jason and Alice Indelicato. 2/19/2020, 2020 N.Y. Slip Op. Apr 26, 2022 Date of Initial Action: 12/30/19. In September 2019, the complaint alleges, Itria lent InvenTel $244,500, with $305,000 to be paid back at $1,613.76 per day, an interest rate of around 47.79%. Moreover, Provident alleges that Itria continued extending financing to Lotus Exim pursuant to the Pre-Closing FRSAs and subsequently entered into 22 additional Post-Closing FRSAs with Lotus Exim pursuant to which Itria acquired all of the Lotus Exim's accounts receivable at a discount, and that it did so knowing that Provident had a first priority security interest in 100% of Lotus Exim's accounts receivable. Pursuant the Pre-Closing FRSAs, Itria extended financing to Lotus Exim by factoring Lotus Exim's accounts receivable (id.). 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. NBC News reviewed some of the communications, including videos of a visit by a collection agent to a borrower's home and another to a borrower's office by an expletive-spewing man trying to collect on a loan. The complaint alleges that Itria pushed false claims even after InvenTel began an Assignment for the Benefit of Creditors. Per the lawsuit, Itria and the plaintiff business entered into an agreement whereby the defendant loaned the company more than $244,000. Itria has filed more than 50 lawsuits in New York courts since March against businesses around the country, court records show. 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). Under a typical deal, a business might receive $40,000 in exchange for agreeing to hand over $50,000 in future revenue over a few months. In any event, as the Court of Appeals has observed, "the question of what constitutes reasonable reliance is not generally a question to be resolved as a matter of law on a motion to dismiss" (ACA Fin. C at 2). 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. Arora disputed the number and said most of the cases were in the works pre-pandemic. The SBA updates PPP statistics every Monday so the ranking could change. A former stockbroker, she won the Pulitzer Prize in 2002 for her "trenchant and incisive" reporting on Wall Street. Kalamata sued Biz2Credit and Itria for, among other things . The tort of conversion occurs "when someone, intentionally and without authority, assumes or exercises control over personal property belonging to someone else, interfering with that person's right of possession" (Colavito v New York Organ Donor Network, Inc., 8 NY3d 43, 50-51 [2006]). ANDREW BORROK Justice MOTION DATE 02/13/2020 MOTION SEQ. Itria Ventures provides a platform through which institutional investors can access small businesses looking for funding through a proprietary online dashboard. The following e-filed documents, listed by NYSCEF document number (Motion 007) 149, 150, 151, 152, 153, 154, 155, 156, 157, 158, 159, 160, 161, 162, 163, 164, 166, 167, 168, 169, 176, 177, 178, 179 were read on this motion to/for DISMISS. "Their strategy was always to get more," he said. This case was filed in Los Angeles County Superior Courts, Stanley Mosk Courthouse located in Los Angeles, California. The plaintiff, InvenTel.TV, who is involved in the development, production, sale, marketing and distribution of consumer products, alleges Itria, as a pattern and practice, knows at the time it sends contracts to customers that the agreements are fraudulently and intentionally misleadingly named and described.. Runion concedes that he signed the documents that have created the problems. Paul and his team were very transparent during the entire process. Guar. Read our Newswire Disclaimer. This field is for validation purposes and should be left unchanged. In this case, Provident alleges Provident had a security interest in Lotus Exim's accounts receivable, and that Lotus Exim transferred the proceeds of the accounts receivable to the 1975 Account, and the Investors interfered with Provident's right of possession of the proceeds by receiving and retaining payments from Itria through the 1975 Account (Third-Party Compl., 173-182). Citations Copy Citation. Before commenting, please review our comment policy. The central argument here fails because, among other things, Provident's Third Party Complaint alleges more than omissions, but active fraudulent statements from Itria/Biz2Credit. And the best part of all, documents in their CrowdSourced Library are FREE! They are filed without a business' knowledge; merchants often learn about them when they try to pay their employees and find their accounts blocked, the lawyers say. 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. And, Jiffer Small Business Lending Fund, LP (Jiffer), Marketplace SPV, LLC (Marketplace), Prime Meridian Capital Management, LLC (Prime Meridian), and Ranger Direct Lending Fund Trust's (Ranger, together with Jiffer, Marketplace, and Prime Meridian, collectively, the Investors) motion (Mtn. Where a complaint alleges fraud, "the circumstances constituting the wrong shall be stated in detail" (CPLR 3016 [b]). ), "If you don't send money to me today you're done," said a recent text shared by a business owner. The Pre-Closing FRSAs were negotiated by Mr. Arora and executed by Mr. Arora on behalf of Itria (id., 11, 12). When they reached $70,000 a month, he had trouble paying his vendors. During the three-week period, Itria filed suit against 20 small businesses for nonpayment, court records show, most of them outside the state. ABOUT PPP LOAN FUNDING All Biz2Credit originated PPP loans are funded by Biz2Credit's funding affiliate, Itria Ventures, LLC. Itria Ventures provides a platform through which institutional investors can access small businesses looking for funding through a proprietary online dashbo Contact Who is Itria Ventures Headquarters 1000 N West St Ste 1200, Wilmington, Delaware, 19801, United States Phone Number (302) 295-3828 Website www.itriaventures.com Revenue $6.9M Industry NBC News asked Itria and Biz2Credit why they were taking such an aggressive tack against small businesses during a national disaster. Itria did not respond to the Commissioner's notice. Lone Spur Caf, a six-restaurant chain in Arizona and Colorado, was also sued by Itria on March 19, with a demand for $282,000. February 8, 2022 This class action involves financing provided to businesses by Itria Ventures, LLC and Biz2Credit, Inc. Plaintiff seeks judgment against Defendants in the total amount of $443,680.93 consisting of $405,300.04, $28,537.28 in prejudgment interest, $3,900.61 in costs, and $5,943.00 in attorney fees. 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