Runion said the companies that advanced him cash have persuaded an insurer holding $40,000 in reimbursements for procedures he had already completed to send the money to the advance company, not to Runion. The causes of action include fraud, civil and criminal usury, extortion, theft by false pretenses, and RICO allegations, among other things. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. Finally, one place to get all the court documents we need. Want to stay in the loop on class actions that matter to you? Why is this public record being published online? Questions Post Question ADDITIONAL LINKS Post Question For This Company Contact Us Regarding Your Company Profile All Companies Named Itria Ventures LLC Search All New York Companies Through its lending subsidiary, Itria Ventures, Biz2Credit has been the program's most active lender this year. ITRIA VENTURES LLC, Plaintiff, v. PROVIDENT BANK, Defendant. 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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. Inasmuch as the Itria Parties argue that the third cause of action impermissibly seeks to assert a claim for civil conspiracy as a separate cause of action, the argument misconstrues the pleadings. Seq. The following e-filed documents, listed by NYSCEF document number (Motion 008) 180, 181, 182, 183, 184, 185, 186, 221, 222, 223, 224, 225, 226, 227, 228, 229, 230, 231, 232, 233, 234, 235, 236, 237, 238, 239, 240, 241, 242 were read on this motion to/for DISMISS. 2022-02-03, U.S. District Courts | Contract | Civil No. Court: UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF PENNSYLVANIA. SUPREME COURT OF THE STATE OF NEW YORK NEW YORK COUNTY PART IAS MOTION 53EFM. For example, Provident alleges that it used its in-house field examiners and an outside auditing firm to conduct due diligence. As of December 6, 2019, Itria had not paid its annual assessment. To the extent that this claim is one for conspiracy to commit fraud the claim is dismissed as a separate cause of action. 008) pursuant to CPLR 3211 (a) (7) to dismiss the fifth cause of action (conversion) is granted and the fifth cause of action is dismissed without prejudice. Currently, the complaint claims, Itria is freezing account owned by Abdul in order to secure payment.. "We're already seeing a decadelong decline in small businesses. For this first loan, the plaintiff was required to pay back to Itria $305,000 at a rate of $1,452.38 per day, the suit says. Court filings in New York state show at least 313 legal actions brought by 98 companies from March 9 to March 20. 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). And the best part of all, documents in their CrowdSourced Library are FREE! The merchant cash advance agreements typically allow for these remedies. Default is entered in the amount of $443,680.93 consisting of $405,300.04 in damages, $28,537.28 in prejudgment interest, $3,900.61 in costs, and $5,943.00 in attorney fees. Biz2Credit facilitated the production of documents and information from Lotus Exim to Provident and in some cases provided the requested information directly to Provident (id., 31). However, Provident may continue to allege that the parties conspired to commit fraud as a theory of liability. 007 008. The Pre-Closing FRSAs authorized Itria to withdraw payments from Lotus Exim directly from a designated bank account (id., 16). (The suit is now on hold.). 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.. Why is this public record being published online? chrysler capital lawsuit; who loves who more calculator. 263 PRESENT: HON. Stretch Film Division. The class for this action is all persons or entities who borrowed money from Itria Ventures or Biz2Credit using a nominal future receivables sale agreement or similar arrangement, between February 8, 2018 and February 8, 2022, whose funding was treated as a loan by Itria and Bz2Credit who sought repayment under all circumstances, even when the percentage of receivables set forth in the contract is less than the nominal daily amount of repayment. Provident's negligent misrepresentation cause of action is therefore dismissed. 2022-09-07, Los Angeles County Superior Courts | Contract | Itria's marketplace lending platform makes funds available to small businesses. But the bank backed out after he had signed a new lease and begun construction on the second office, and by spring of last year, Runion said, he desperately needed funding. PROVIDENT BANK Plaintiff, v. BIZ2CREDIT INC., RAMIT AURORA, HIGHCREST CAPITAL, LLC, JIFFER SMALL BUSINESS LENDING FUND, LP, MARKETPLACE SPV, LLC, PRIME MERIDIAN CAPITAL MANAGEMENT, LLC, RANGER DIRECT LENDING FUND TRUST Defendant. 3:14-CV-05403 | 2014-05-13, Riverside County Superior Courts | Contract | The complaint alleges that Itria pushed false claims even after InvenTel began an Assignment for the Benefit of Creditors. Itria filed its lawsuit against that client on March 19 in a New York court for $282,000. On 07/23/2021 ITRIA VENTURES LLC, A DELAWARE LIMITED LIABILITY COMPANY filed a Contract - Other Contract lawsuit against KOMPUGARD, INC , A CALIFORNIA CORPORATION ,. It became a cycle of death. To wit, Provident alleges that Mr. Arora and his companies, Itria and Biz2Credit, were directing Lotus Exim not to deposit the funds into the Provident account but to deposit them into the 1975 Account so that Itria could receive the proceeds (id.). The filings are often in amounts that are twice the money owed, say lawyers who work in the arena. Itria provided more than $5,600,000 in funding to Lotus Exim between May 2014 and December 2016 pursuant to the Pre-Closing FRSAs (id., 20). You acknowledge and understand that Itria Ventures, a Funder that provides a variety of financing products, is an affiliate of Biz2Credit. Now those sales are nonexistent but PowerUp's suit demanded immediate payment of almost $91,000, plus legal fees. Owners must also give the lenders unfettered access to their bank accounts for the automatic withdrawals. In addition, Provident alleges its efforts to verify the Due Diligence Materials and information provided by the Itria Parties were stymied by the Itria Parties' active concealment of critical information and by their misrepresentations of material fact. 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, NOTICE OF DISMISSAL FOR WANT OF PROSECUTION; Comment: MAILED, DispositionDisposition: 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, DocketDISMISSAL FOR WANT OF PROSECUTION; Judicial Officer: MOYE', ERIC; Hearing Time: 2:00 PM; Cancel Reason: CASE CLOSED, DocketNOTICE OF DISMISSAL FOR WANT OF PROSECUTION; Comment: MAILED, DocketCITATION; Unserved: Anticipated Server; ESERVE: Anticipated Method; Comment: ADEEL MEMON, DocketCITATION; Unserved: Anticipated Server; ESERVE: Anticipated Method; Comment: MAFHH DISTRIBUTOR #1 LLC, DocketCITATION; Unserved: Anticipated Server; ESERVE: Anticipated Method; Comment: NEW WORLD WHOLESALE INC, FinancialFinancial info for ITRIA VENTURES, LLC : CREDIT CARD - TEXFILE (DC); Receipt # 83073-2021-DCLK; ITRIA VENTURES, LLC $316.00, FinancialFinancial info for ITRIA VENTURES, LLC : Transaction Assessment; ; $316.00, FinancialFinancial: ITRIA VENTURES, LLC ; Total Financial Assessment $316.00 ; Total Payments and Credits $316.00, Riverside County Superior Courts | Contract | 595127/2019 Second Third-Party Index No. J. At closing, Lotus Exim drew down on the line of credit and used the proceeds to pay off its obligations to the Pre-2017 Senior Lenders and to Itria pursuant to the Pre-Closing FRSAs (id., 60). 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. 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. 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). Small businesses sued by Itria included a builder's company in Minnesota, a grocery in South Carolina, a Holiday Inn Express in Wyoming and a barbecue joint in Alabama, court filings show. The complaint contends that, since the transactions were loans and the rates of interest were usurious, they are considered to be unlawful debt under US RICO laws.. raven eggs for sale; shooting in campbell, ca today; william alvin pitt trucking company. According to the complaint, Itria provides to businesses funding that it advertises and markets as future receivables purchases that a customer is responsible for paying back through some of its future revenue. He didn't talk too much about how it was secured or the workings of it.". 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). Thank you, Lior Monus Business Development Manager CFG Merchant Solutions Direct: (646) 880-6764 Cell: (516) 319-5826 Fax: (646) 278-7322 Lmonus@cfgms.com According to the complaint, Itria, a financial services company, and Biz2Credit, a broker, have overlapping ownership and staffs, share office space, and participate in each others affairs. abbvie ceo richard gonzalez wife; how far is haddonfield, illinois from chicago Download the NBC News app for full coverage and alerts about the coronavirus outbreak. The company, PowerUp Lending Group of Great Neck, New York, had given North River money to be repaid from the stores' future sales. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, If the merchants fall behind on their payments, some lenders send threatening emails and texts and even pay visits to borrowers' homes to try to collect, lawyers and small business owners say. ITRIA VENTURES LLC vs. WELLS FARGO BANK, NATIONAL ASSOCIATION. Biz2Credit did not, however, disclose that Itria owned 100% of Lotus Exim's accounts receivable pursuant to the Pre-Closing FRSAs (id., 30). Itria recorded a UCC-1 Financing Statement to perfect its security interest (id., 18). "I will put you in the hospital and your family, call the police I don't care, you and your family will pay." But the industry's reach has exploded as money from traditional banks has become less available to these borrowers. Itria Ventures provides a platform through which institutional investors can access small businesses looking for funding through a proprietary online dashboard. Abstract of Judgment - Civil and Small Claims; Issued by: Itria Ventures LLC, a Delaware limited liability company (Plaintiff), Notice of Rejection - Post Judgment; Filed by: Clerk, Writ 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, Writ 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, Notice 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), On 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, Updated -- 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, Address for Jason S. 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