Apr 23, 2021
Small-fleet owners have been among victims of merchant cash advances that sometimes deceive customers and leave them trapped in increasing debt.Yellowstone Capital, a leading provider of a type of small-business funding that has caused problems for small motor carriers, will pay more than $9.8 million to settle Federal Trade Commission fraud charges, announced the FTC. Much of that sum could be issued in refunds to affected businesses.
The agency said Yellowstone “took money from businesses’ bank accounts without permission and deceived them about the amount of financing business owners would receive and other features of its financing products.”
Yellowstone, now operated as Fundry Inc., was a pioneer in the controversial financing niche of merchant cash advances. An MCA provider gives a client, usually a small business with a poor credit rating, a cash advance in exchange for a much larger amount repaid through daily automatic payments.
Yellowstone Capital to pay almost $10M in fraud settlement overdriveonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from overdriveonline.com Daily Mail and Mail on Sunday newspapers.
Apr 23, 2021
Small-fleet owners have been among victims of merchant cash advances that sometimes deceive customers and leave them trapped in increasing debt.Yellowstone Capital, a leading provider of a type of small-business funding that has caused problems for small motor carriers, will pay more than $9.8 million to settle Federal Trade Commission fraud charges, announced the FTC. Much of that sum could be issued in refunds to affected businesses.
The agency said Yellowstone “took money from businesses’ bank accounts without permission and deceived them about the amount of financing business owners would receive and other features of its financing products.”
Yellowstone, now operated as Fundry Inc., was a pioneer in the controversial financing niche of merchant cash advances. An MCA provider gives a client, usually a small business with a poor credit rating, a cash advance in exchange for a much larger amount repaid through daily automatic payments.
Small-business lender Yellowstone to pay almost $10M in fraud settlement overdriveonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from overdriveonline.com Daily Mail and Mail on Sunday newspapers.
EXCLUSIVE: Kyle Rittenhouse s lawyer threatened to kill his ex-wife and is in massive personal and professional debt, yet manages to cling onto Kenosha shooter s case and is entrusted with teen s fundraising
Kyle Rittenhouse s lawyer John Pierce said on December 3 he was stepping away from the criminal proceedings after prosecutors raised ethical concerns
Rittenhouse, 17, is accused of shooting dead two Black Lives Matter protesters and wounding a third in Kenosha, Wisconsin in August
Pierce, 48, was an integral part of the effort to secure the $2 million bail for Rittenhouse, who was bound over earlier this month for trial
The Harvard law grad said he d be continuing to raise money for the teen s defense fund and would represent him in future civil suits