Itria Ventures was the direct lender for 165,827 approved loans in 2021 worth $4.76 billion. 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. Merchant cash advance companies like PowerUp aggressively cold-call, email and text small business owners offering quick and easy funding, merchants told NBC News. Will be used in accordance with our terms of service & privacy policy. Small businesses that need cash must increasingly rely on merchant cash advance lenders members of a little-known industry with almost no government oversight; effective interest rates that can hit 400 percent, according to congressional testimony; and direct access to their customers' bank accounts. "I will put you in the hospital and your family, call the police I don't care, you and your family will pay." 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. Indelicato said he began dealing with merchant cash advance companies around 2016, when he wanted to expand his business and needed more money than his conventional bank loan could provide. "We're already seeing a decadelong decline in small businesses. 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 . They have access to your bank accounts they can wipe out an account overnight.". Yolanda Orozco in Department 31 Stanley Mosk Courthouse, Complaint; 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), Summons on Complaint; Issued and 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), Civil Case Cover Sheet; 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), Notice of Case Assignment - Unlimited Civil Case; Filed by: Clerk. Itria, Biz2Credit Future Receivables Purchases RICO Complaint. The suit looks to represent all persons or entities who borrowed money from Itria and Biz2Credit using a nominal future receivables sale agreement or similar arrangement within the last four years and whose funding was treated as a loan by the defendants seeking repayment under all circumstances, specifically even when the percentage of the receivables set forth in the contract is less than the nominal daily amount of repayment.. This type of predatory, extortionate approach is going to wipe out so many businesses, and they're not going to come back. This case was filed in Los Angeles County Superior Courts, Stanley Mosk Courthouse located in Los Angeles, California. Before commenting, please review our comment policy. 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. 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 This field is for validation purposes and should be left unchanged. It became a cycle of death. New to ClassAction.org? Apr 26, 2022 Date of Initial Action: 12/30/19. Itria Ventures LLC (Itria), Biz2Credit Inc. (Biz2Credit), and Ramit Arora's (Arora, together with Itria and Biz2Credit, collectively, the Itria Parties) motion (Mtn. 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. Itria did not respond to the Commissioner's notice. 2023-01-31, Los Angeles County Superior Courts | Contract | And, inasmuch as there is a cause of action for fraud (i.e., the sixth cause of action) the third cause of action is dismissed as duplicative of the sixth cause of action (fraudulent misrepresentation), however, the facts underlying the third cause of action may continue to be the basis for the remaining fraud claim asserted. Itria has filed more than 50 lawsuits in New York courts since March against businesses around the country, court records show. Civil No. 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. Yolanda Orozco in Department 31 Stanley Mosk Courthouse, DocketComplaint; 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), DocketSummons on Complaint; Issued and 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), DocketCivil Case Cover Sheet; 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), DocketNotice of Case Assignment - Unlimited Civil Case; Filed by: Clerk, Case Number: *******7216 Hearing Date: November 29, 2021 Dept: 31. Protected by Google ReCAPTCHA. 11), invites this court to consider in a federal diversity . Currently, the complaint claims, Itria is freezing account owned by Abdul in order to secure payment.. 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.. The Judge overseeing this case is MOYE', ERIC. Biz2Credit had served as the loan broker with respect to the loans from the Pre-2017 Senior Lenders to Lotus Exim and knew that they maturity dates of certain loans were approaching (id., 26). by Corrado Rizzi 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.). This browser does not support PDFs. C at 2). This class action involves financing provided to businesses by Itria Ventures, LLC and Biz2Credit, Inc. I dealt with Paul and he made the process easy and smooth. 595127/2019 Second Third-Party Index No. 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. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. Write by: 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. Following the commencement of the bankruptcy proceedings of Lotus Exim and its affiliates, however, Itria took the position that each of Lotus Exim's locations was in fact a separate entity with its own separate accounts receivable and that Lotus Exim did not actually own any inventory or accounts receivable (id., 190-191). The companies generally provide a predetermined amount of money to a business in exchange for future receipts. husband ignores me when his daughter is around husband ignores me when his daughter is around Where a complaint alleges fraud, "the circumstances constituting the wrong shall be stated in detail" (CPLR 3016 [b]). J. "It's down a lot, more than 50 percent," she said. However, the complaint alleges, Itria insisted on repayments no matter what. 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The funds were deposited into a TD Bank account in the name of Lotus Exim, with an account number ending in -1975 (the 1975 Account) (id., 19). The company, PowerUp Lending Group of Great Neck, New York, had given North River money to be repaid from the stores' future sales. 2023-01-26, San Joaquin County Superior Courts | Contract | Provident further alleges that Itria, at the direction of Mr. Arora, subsequently began listing one or more of Lotus Exim's d/b/a companies as additional "sellers" on its Post-Closing FRSAs (id., 188). 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. Itrias dissemination of the alleged contracts electronically and by mail constitutes mail and wire fraud, the lawsuit alleges. 26 Feb Feb NYSCEF DOC. Polyethylene Film / PE Sheet "Normally we're usually really busy. (NBC News received no evidence that PowerUp, Itria or Biz2Credit had sent menacing messages to borrowers or had sent debt collectors to their homes, or had engaged in any other improper collection practice. chrysler capital lawsuit; who loves who more calculator. "You will end up hurt. Abstract of Judgment - Civil and Small Claims, Writ of Execution - WRIT OF EXECUTION (SAN FRANCISCO ), Writ of Execution - WRIT OF EXECUTION (LOS ANGELES), Notice - NOTICE NOTICE OF ENTRY OF DEFAULT JUDGMENT, Proof of Service (not Summons and Complaint), Declaration Pursuant to 585 CCP in Support of Default Judgment, Minute Order - MINUTE ORDER (CASE MANAGEMENT CONFERENCE), Cases involving other agreements or torts not classified elsewhere, 190, 1190, 2190, 3190, 4190, 4194, 5190, 5196. Itria Ventures LLC in Tallahassee, FL | Company Info & Reviews Company Information Reviews Questions Post Question Company Contacts ARORA RAMIT Ceo, 462 7th Avenue, 20th Fl New York, NY 10018 ARORA RAMIT Pmgr 462 7th Avenue, 20th Fl New York, NY 10018 JONATHAN S GITLIN Gc 462 7th Avenue, 20th Fl New York, NY 10018 ADDITIONAL LINKS 595072/2020. Per the lawsuit, Itria and the plaintiff business entered into an agreement whereby the defendant loaned the company more than $244,000. On a motion to dismiss pursuant to CPLR 3211 (a) (7), the court must afford the pleadings a liberal construction and accept the facts alleged in the complaint as true, according the plaintiff the benefit of every favorable inference (Morone v Morone, 50 NY2d 481, 484 [1980]). to transfer this lawsuit filed by the defendant, (Doc. Tortious interference is one of several claims that came up in Kalamata Capital's recent lawsuit against Biz2Credit Inc. and Itria Ventures, LLC, and the court has already issued its first ruling on what conduct might constitute tortious interference with cash advance agreements. 2.2K views 1 year ago Even if your PPP lender wasn't Itria Ventures LLC, you still should watch this video to find out how terrible was the experience of getting a PPP loan for some borrowers. Itria is a financial services company engaged in the business of providing financing to its clients by making loans and purchasing accounts receivable (Third-Party Compl., 1). NO. 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. 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