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AG Sues Merchant advance loan businesses for ???Cheating??™ organizations Out of Millions

By Rebecca Baird-Remba June 11, 2020 6:22 pm

Nyc Attorney General Letitia James announced yesterday that she had been suing three vendor advance loan businesses for allegedly loaning cash to smaller businesses at ???astronomically high-interest prices,??? charging undisclosed fees, withdrawing ???excess amounts??? from consumers bank records and extracting cash judgements from organizations by filing false affidavits in court.

Three organizations, Richmond Capital Group , Ram Capital Funding and Viceroy Capital Funding , were called within the lawsuit filed in Manhattan Supreme Court on Wednesday. The suit, which lead from an investigation that is 18-month for them collectively as ???the Richmond businesses.??? The lawyer general also alleges that Ram and Richmond were ???harassing and threatening merchants with violence and appropriate action, so that they can force them to cover from the loans.???

The Federal Trade Commission additionally filed a separate lawsuit against the Richmond businesses in federal court on Wednesday, for ???making misrepresentations concerning its financial products, unfairly utilizing confessions of judgment, making unjust collection threats, and making unauthorized withdrawals from merchants??™ bank records.???

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