14. If you do not agree with these terms, then do not use our website and/or services. Smooth and Easy Process dealing with Paul Woods. Plaintiff has submitted the requisite documentation and provided sufficient evidence to support the judgment sought. 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.. 15. However, the Court notes that the Doe Defendants have not been dismissed. A). 3:14-CV-05403 | 2014-05-13, Riverside County Superior Courts | Contract | 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. 16. Finally, one place to get all the court documents we need. "We went from having good credit and eight or nine stores to having bad credit and three stores," Indelicato said in an interview. The plaintiffs in this case are InvenTel.tv, LLC, a direct-response television marketing company, and Yasir Abdul, its CEO. Taken as true for the purposes of this motion to dismiss, the allegations in the Third-Party Complaint are sufficient to sustain Provident's sixth cause of action, which the court construes as a fraud claim. If revenue dries up and the money stops flowing, merchant cash advance companies can freeze business owners' accounts by filing so-called confessions of judgment. 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. It also alleges Itria took wrongful, harmful and extortive acts to try to collect. By January 2017, the total amount owed to Itria pursuant to the Pre-Closing FRSAs exceeded $2,000,000 (id., 23). The companies generally provide a predetermined amount of money to a business in exchange for future receipts. 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). The court's inquiry on a motion to dismiss is whether the facts alleged fit within any cognizable legal theory (id.). As alleged in the Third-Party Complaint, the Itria Parties knowingly and intentionally provided Due Diligence Materials to Provident that were materially false and misleading. Currently, the complaint claims, Itria is freezing account owned by Abdul in order to secure payment.. ABOUT PPP LOAN FUNDING All Biz2Credit originated PPP loans are funded by Biz2Credit's funding affiliate, Itria Ventures, LLC. The merchant cash advance companies often demand that borrowers also pay attorneys' fees, which can be 25 percent to 33 percent of the balance due under a borrower's agreement, documents show. united south high school 9th grade campus Corofin News Archive 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. In its third cause of action, Provident alleges that the Itria Parties conspired to induce Provident to extend the line of credit to Lotus Exim and to continue advancing funds to Lotus Exim by, among other things, providing materially false due diligence materials to Provident (Third-Party Compl., 143, 144). "On some of our loans, we were paying over 200 percent. 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. . 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. Now, amid the coronavirus crisis, the lenders have come for their money. Fraudulent Misrepresentation To state cause of action for fraudulent misrepresentation, "a plaintiff must allege 'a misrepresentation or a material omission of fact which was false and known to be false by defendant, made for the purpose of inducing the other party to rely upon it, justifiable reliance of the other party on the misrepresentation or material omission, and injury'" (Mandarin Trading Ltd., 16 NY3d at 178, quoting Lama Holding Co. v Smith Barney, 88 NY2d 413, 421 [1996]). 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. On March 23, Kayla Kight, a server at a Lone Spur in Prescott, Arizona, told NBC News that hers was the only restaurant in the group open for business and that it was just providing takeout. Meanwhile, as the crisis spreads, cash advance companies are on the hunt for new customers. Paul and his team were very transparent during the entire process. 2023-01-31, Los Angeles County Superior Courts | Contract | Here, critically, the Third-Party Complaint fails to allege that the Investors colluded with Lotus Exim or the Itria Parties. Although a plaintiff asserting a cause of action for fraud based on the defendant's alleged omissions must establish a fiduciary relationship between the parties (EBC I, Inc. v Goldman Sachs & Co., 91 AD3d 211, 219 [1st Dept 2011]). A lender is. Finally, one place to get all the court documents we need. 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. In addition, Provident alleges that the Itria Parties actively and intentionally concealed the existence of the 1975 Account, so that Itria could continue receiving payments from Lotus Exim without alerting Provident to the ongoing relationship between Itria and Lotus Exim. "You can't have people freezing assets and demanding payments at a time like this. Contact/Customer Service phone number: (302) 295-3828 Headquarters: 1000 N West St Ste 1200, Wilmington, Delaware, 19801, United States ; Phone Number: (302) 295-3828 ; Website: www.itriaventures.com ; Revenue: $6 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. Hurt bad," one text said. 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.". 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. Apr 26, 2022 Date of Initial Action: 12/30/19. But aggressive lenders are still trying to extract money from their empty coffers. 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 ", Full coverage of the coronavirus outbreak. In Mr. Maheshwari's May 23, 2017 email to representatives of Itria and Biz2Credit, he acknowledges that the existence of the 1975 Account had not been disclosed to Provident (Third-Party Compl., Ex. 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