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.
The Federal Motor Carrier Safety Administration (FMCSA) recently requested public comments on petitions for rulemaking backed by owner-operator/small-fleet groups to address the.