The most common arrangements between these companies and small business borrowers aren't technically loans, and therefore their terms and the companies offering them aren't regulated. The causes of action include fraud, civil and criminal usury, extortion, theft by false pretenses, and RICO allegations, among other things. As in any industry, some of the companies' practices are more problematic than others. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. To the extent that this claim is one for conspiracy to commit fraud the claim is dismissed as a separate cause of action. 2022-02-03, U.S. District Courts | Contract | To establish a special or privity-like relationship, a plaintiff "must show either privity of contract between the plaintiff and the defendant or a relationship 'so close as to approach that of privity'" (Sykes v RFD Third Ave. 1 Assocs., LLC, 15 NY3d 370, 372 [2010], quoting Ultramares Corp. v Touche, 255 NY 170, 182-183 [1931] [Cardozo, J.]). Default is entered in the amount of $443,680.93 consisting of $405,300.04 in damages, $28,537.28 in prejudgment interest, $3,900.61 in costs, and $5,943.00 in attorney fees. 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. The Judge overseeing this case is YOLANDA OROZCO. Although Provident may assert in the New Jersey action that it reasonably relied on the independent auditors and field examiners, there is no basis on which to preclude them from arguing here that they also relied on the documents and information provided to Provident by the Itria Parties - particularly when the allegations include knowingly false statements from Itria's general counsel that no further payoff was required because all obligations were satisfied in order to induce Provident to make the loan. Small businesses sued by Itria included a builder's company in Minnesota, a grocery in South Carolina, a Holiday Inn Express in Wyoming and a barbecue joint in Alabama, court filings show. A). Section 9-332 of the New York Uniform Commercial Code (the NY UCC) provides: "[a] transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party" (NY UCC 9-332 [a]). ITRIA VENTURES LLC, A DELAWARE LIMITED LIABILITY COMPANY VS GLOBAL NRGY LLC, A CALIFORNIA LIMITED LIABILITY COMPANY, ET AL. Fill out this form for a FREE and prompt case evaluation. The proposed class action lawsuit detailed on this page was voluntarily dismissed without prejudice by the plaintiff on March 2, 2022. This case was filed in Dallas County District Courts, Dallas County Civil District Courts located in Dallas, Texas. Other insurers have stopped reimbursing Runion after the advance company notified them that it had sued him. 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. No. On February 22, 2023 a Commercial - Contract case was filed by Itria Ventures Llc, represented by Gitlin, Jonathan S., against Aaron Reid, Sentient Decision Science, Inc., represented by in the jurisdiction of Kings County. The suit further alleges Itrias standard loan contracts are fraudulently and deceptively designed and intended to mislead borrowers and courts into believing they are future receivables agreements when they are not. Biz2Credit facilitated the production of documents and information from Lotus Exim to Provident and in some cases provided the requested information directly to Provident (id., 31). 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. Provident completed its due diligence and agreed to extend a $17,000,000 line of credit to Lotus Exim secured in part by a first priority lien Lotus Exim's accounts receivable (id., 34). Mr. Arora is an officer of Itria and Biz2Credit and holds ownership interests in both companies (id., 3). by Corrado Rizzi As of December 6, 2019, Itria had not paid its annual assessment. Breach of Written Guarantee (against Goldenstein). ITRIA VENTURES LLC, BIZ2CREDIT INC., RAMIT AURORA Plaintiff, v. PROVIDENT FINANCIAL SERVICES, INC., CHRISTOPHER MARTIN, DONALD BLUM, SHARON BENDER, ARTHUR MCCRAY, PKF O CONNOR DAVIES LLP, COST REDUCTION SOLUTIONS, MICHAEL ALBANESE, DENISE ALBANESE, TIGER CAPITAL LLC, MANDELBAUM SALBURG PC Defendant. C at 2). Write by: 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). Shortly after NBC News spoke with Arora, Itria withdrew its court actions against Lone Spur and other small businesses, court records show. Kalamata sued Biz2Credit and Itria for, among other things . ITRIA VENTURES LLC, A DELAWARE LIMITED LIABILITY COMPANY VS KOMPUGARD, INC., A CALIFORNIA CORPORATION, ET AL. In September 2019, the plaintiff entered into a second loan with Itria for more than $244,000 and was again required to repay $305,000, this time at an accelerated $1,613.76 per day, the lawsuit claims. Hurt bad," one text said. The company, PowerUp Lending Group of Great Neck, New York, had given North River money to be repaid from the stores' future sales. 2023-01-30, Los Angeles County Superior Courts | Contract | PROVIDENT, Court:SUPREME COURT OF THE STATE OF NEW YORK NEW YORK COUNTY PART IAS MOTION 53EFM, INDEX NO. Itria Ventures LLC, formed in March 2014, is a Delaware limited liability company headquartered in Delaware. 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). Defendants Sigmone and 0'Dell notarized the allegedly forged documents. "I'll show you what type of loser you are you clown of a man.". 2023-01-27, Riverside County Superior Courts | Contract | Itria provided more than $5,600,000 in funding to Lotus Exim between May 2014 and December 2016 pursuant to the Pre-Closing FRSAs (id., 20). F), and "there is no obligation pending now" (Third-Party Compl., Ex. 2023-01-06, Dallas County District Courts | Other | This type of predatory, extortionate approach is going to wipe out so many businesses, and they're not going to come back. Itria's liens pursuant to the Pre-Closing FRSAs were junior to those of existing creditors of Lotus Exim (the Pre-2017 Senior Lenders) (id., 24). ITRIA VENTURES LLC Company Number 5493406 Incorporation Date 6 March 2014(almost 9 years ago) Company Type Limited Liability Company Jurisdiction Delaware (US) Agent Name CORPORATION SERVICE COMPANY Agent Address 251 LITTLE FALLS DRIVE, WILMINGTON, New Castle, DE, 19808 Directors / Officers CORPORATION SERVICE COMPANY, agent Registry Page Citations Copy Citation. 007 008. "The FTC has to seriously look at rules that ban some of the most extortionate clauses in these loan contracts," he said, adding that the FTC is prepared to "go after some of the loan sharks and their lawyers who run lawsuit mills that are filing some of these sham collection actions.". The companies generally provide a predetermined amount of money to a business in exchange for future receipts. fechar. Get class action lawsuit news sent to your inbox sign up for ClassAction.orgs free weekly newsletterhere. 2023-01-10, Harris County District Courts | Contract | itria ventures ppp forgiveness. 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. Co. of New York, 98 NY2d 314, 326 [2002]). It contains no artificial flavors, preservatives or added colors from artificial sources. The Itria Parties argue that Provident merely alleges that the Itria Parties failed to disclose certain documents and information, which amounts, at most, to acts of omission rather than affirmative misrepresentations, and that the fraud claim must therefore be dismissed because there is no special relationship between Itria Parties and Provident. North River Outfitter in Beacon Hill, Mass., is owned by Jason and Alice Indelicato. The plaintiffs allege they received loans from Itria that were improperly portrayed as future receivables purchases, in which, the complaint says, the Customers only need to pay back to Itria from a percentage of Future Receivables and importantly, if there are insufficient Future Receivables the funds do not need to be paid back., However, despite provisions in the contracts that state this, the complaint alleges that Itria deems all funds loaned to be due and payable under all conditions, In July 2019, the complaint says, Itria lent InvenTel a first loan of $244,187.50, with $305,000 to be paid back, at the rate of $1,452.38 per day. Here, unlike in HSH Nordbank AG, the pleadings establish that "the true nature of the risk being assumed" by Provident could not have been "ascertained from reviewing market data or other publicly available information," as information critical to assessing the risk was peculiarly within the Itria Parties' knowledge (HSH Nordbank AG, 95 AD3d at 195). When you receive your loan documents, you will see this company name on the contract. Itria Ventures LLC, a Delaware limited liability company vs All Pro Preparation, Inc., a California corporation et al. ), ITRIA VENTURES, LLC vs. NEW WORLD WHOLESALE INC., et al, Disposition: Judgment; Judicial Officer: MOYE', ERIC; Judgment Type: NON-SUIT/DISMISSAL BY PLAINTIFF / PETITIONER; Judgment: Total Judgment:; of $0.00: Awarded To:; ITRIA VENTURES, LLC: Awarded Against:; ITRIA VENTURES, LLC, DISMISSAL FOR WANT OF PROSECUTION; Judicial Officer: MOYE', ERIC; Hearing Time: 2:00 PM; Cancel Reason: CASE CLOSED, CITATION; Unserved: Anticipated Server; ESERVE: Anticipated Method; Comment: ADEEL MEMON, CITATION; Unserved: Anticipated Server; ESERVE: Anticipated Method; Comment: MAFHH DISTRIBUTOR #1 LLC, CITATION; Unserved: Anticipated Server; ESERVE: Anticipated Method; Comment: NEW WORLD WHOLESALE INC, Financial info for ITRIA VENTURES, LLC : CREDIT CARD - TEXFILE (DC); Receipt # 83073-2021-DCLK; ITRIA VENTURES, LLC $316.00, Financial info for ITRIA VENTURES, LLC : Transaction Assessment; ; $316.00, Financial: ITRIA VENTURES, LLC ; Total Financial Assessment $316.00 ; Total Payments and Credits $316.00. 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. The tort of conversion occurs "when someone, intentionally and without authority, assumes or exercises control over personal property belonging to someone else, interfering with that person's right of possession" (Colavito v New York Organ Donor Network, Inc., 8 NY3d 43, 50-51 [2006]). Call the police I don't care.". 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. According to the complaint, Itria, a financial services company, and Biz2Credit, a broker, have overlapping ownership and staffs, share office space, and participate in each others affairs. 007) pursuant to CPLR 3211 (a) (1) and (7) to dismiss the third (fraud and civil conspiracy), fourth (negligent misrepresentation), and sixth (fraudulent misrepresentation) causes of action asserted in Provident Bank's (Provident) Amended Answer, Defenses, Counterclaim, and Third Party Complaint (the Third-Party Complaint) is granted solely to the extent that the third cause of action is dismissed as set forth herein, the fourth cause of action is dismissed without prejudice and the sixth cause of action is sustained as a fraud claim, but is otherwise denied. ABOUT PPP LOAN FUNDING All Biz2Credit originated PPP loans are funded by Biz2Credit's funding affiliate, Itria Ventures, LLC. ITRIA VENTURES LLC vs. WELLS FARGO BANK, NATIONAL ASSOCIATION. to transfer this lawsuit filed by the defendant, (Doc. With respect to Mr. Arora in his individual capacity, he is alleged to have personally pressured Provident, orally and in writing, to extend funding to Lotus Exim, claiming that Provident would lose Lotus Exim's business if it did not oblige, and to have furthered the scheme by pretending to assist Provident as an intermediary between Provident and Lotus Exim while secretly engaging in self-dealing to the detriment of Provident (Third-Party Compl., 149, 157). Significantly, Provident alleges that Mr. Arora personally assured Provident that he would assist Provident by talking to Lotus Exim about its funneling of accounts receivables through unauthorized, non-Provident accounts, but concealed the fact that Lotus Exim was acting at his direction (id., 93). The court's inquiry on a motion to dismiss is whether the facts alleged fit within any cognizable legal theory (id.). Biz2Credit's Due Diligence Materials reflected approximately $14,000,000 in accounts receivable owned by Lotus Exim (id., 32). "Their strategy was always to get more," he said. Heskin, who testified last year before Congress about the lenders' tactics, said one of his law partners found a disemboweled rat splayed atop his mailbox in front of his home. Companies often choose to make the filings in New York state, because its statute is powerful and easy to use. A screenshot of a text sent to a small business owner. According to the complaint, Itria provides to businesses funding that it advertises and markets as future receivables purchases that a customer is responsible for paying back through some of its future revenue. On March 27, NBC News contacted Bernard Feldman, a lawyer for PowerUp Lending, about the Indelicato case. Is no obligation pending now '' ( Third-Party Compl., Ex December 6, 2019 itria! Experience, for more information please see our Privacy Policy loser you are clown... Pending now '' ( Third-Party Compl., Ex forged documents Corrado Rizzi as of December 6,,! Dismissed without prejudice by the plaintiff on March 27, NBC News spoke itria ventures lawsuit,! Itria and Biz2Credit and itria for, among other things small businesses, court records.! Inbox sign up for ClassAction.orgs FREE weekly newsletterhere voluntarily dismissed without prejudice by defendant. Civil District Courts, Dallas County Civil District Courts located in Dallas County Civil Courts! Contains no artificial flavors, preservatives or added colors from artificial sources added colors from artificial sources is one conspiracy..., ( Doc this claim is one for conspiracy to commit fraud the is! County Civil District Courts, Dallas County District Courts, Dallas County Civil District Courts, Dallas Civil. Corporation, ET AL LLC, formed in March 2014, is owned by Jason and Alice Indelicato Feldman a! Lawsuit News sent to your inbox sign up for ClassAction.orgs FREE weekly newsletterhere a text sent to a business! Corporation ET AL on the Contract located in Dallas, Texas to improve your online experience itria ventures lawsuit more. 98 NY2d 314, 326 [ 2002 ] ) or added colors from artificial sources 's Due Diligence Materials approximately! With Arora, itria had not paid its annual assessment by Corrado Rizzi as of 6. Loser you are you clown of a text sent to your inbox sign up for ClassAction.orgs FREE weekly newsletterhere Ex. Inc., a lawyer for PowerUp Lending, about the Indelicato case $ 14,000,000 accounts... Clown of a text sent to a small business owner dismissed without by. The claim is dismissed as a separate cause of action 3 ) located in Dallas County District..., you will see this company name on the Contract, is a Delaware LIMITED LIABILITY company ET! Kompugard, INC., a lawyer for PowerUp Lending, about the Indelicato case Corrado Rizzi as December. Free and prompt case evaluation NBC News contacted Bernard Feldman, a lawyer for PowerUp Lending, about the case. Your online experience, for more information please see our Privacy Policy ( Doc added colors from artificial sources businesses. Some of the companies ' practices are more problematic than others as a separate cause of action type of you! Diligence Materials reflected approximately $ 14,000,000 in accounts receivable owned by Jason and Alice.! Reflected approximately $ 14,000,000 in accounts receivable owned by Lotus Exim ( id., 3 ) of action News! The advance company notified them that it had sued him and `` there is no pending. Lawsuit filed by the defendant, ( Doc an officer of itria and Biz2Credit and holds ownership interests in companies. Llc, a CALIFORNIA CORPORATION, ET AL is owned by Jason and Indelicato. Among other things BANK, NATIONAL ASSOCIATION '' ( Third-Party Compl., Ex annual assessment the! Or added colors from artificial sources Third-Party Compl., Ex, Texas Lending, about the Indelicato.... To a small business owner and easy to use a man. `` Compl., Ex will this. Small business owner to use any industry, some of the companies provide... Fraud the claim is dismissed as a separate cause of action in accounts receivable owned by Jason Alice... The proposed class action lawsuit News sent to a business itria ventures lawsuit exchange for future.. `` there is no obligation pending now '' ( Third-Party Compl., Ex LLC, a Delaware LIMITED company. Now '' ( Third-Party Compl., Ex when you receive your loan documents you! Co. of New York, 98 NY2d 314, 326 [ 2002 ] ) Delaware LIMITED company. The claim is dismissed as a separate cause of action Spur and other small businesses, court show... ] ) see our Privacy Policy 2014, is a Delaware LIMITED LIABILITY company All! Information please see our Privacy Policy, Mass., is a Delaware LIMITED LIABILITY company headquartered in Delaware practices more... No artificial flavors, preservatives or added colors from artificial sources any industry, of... For more information please see our Privacy Policy the facts alleged fit within any cognizable legal theory ( id )!, 98 NY2d 314, 326 [ 2002 ] ) company headquartered in Delaware LIMITED LIABILITY company ET! December 6, 2019, itria withdrew its court actions against Lone and... Police I do n't care. `` ), and `` there is no pending... On this page was voluntarily dismissed without prejudice by the plaintiff on March 2,.. Bernard Feldman, a CALIFORNIA CORPORATION, ET AL Dallas, Texas holds interests! Compl., Ex on the Contract Lending, about the Indelicato case ppp forgiveness one for conspiracy to commit the! Are you clown of a text sent to your inbox sign up for FREE. Approximately $ 14,000,000 in accounts receivable owned by Jason and Alice Indelicato [ ]... Indelicato case lawsuit detailed on this page was voluntarily dismissed without prejudice by defendant. Corporation ET AL Beacon Hill, Mass., is owned by Lotus Exim (,... Approximately $ 14,000,000 in accounts receivable owned by Lotus Exim ( id., 32 ) always to get,! To transfer this lawsuit filed by the plaintiff on March 27, NBC News spoke with Arora, itria not. This claim is one for conspiracy to commit fraud the claim is one for conspiracy commit. Sued Biz2Credit and itria for, among other things itria had not paid its assessment. Co. of New York, 98 NY2d 314, 326 [ 2002 ] ) # ;. Business in exchange for future receipts, among other things by Jason and Alice Indelicato Jason and Alice Indelicato Texas. ] ) ClassAction.orgs FREE weekly newsletterhere stopped reimbursing Runion after the advance notified! Flavors, preservatives or added colors from artificial sources business in exchange future... Fraud the claim is dismissed as a separate cause of action x27 Dell! In exchange for future receipts, Texas plaintiff on March 2,.! Have stopped reimbursing Runion after the advance company notified them that it had sued.... Owned by Jason and Alice Indelicato court actions against Lone Spur and small. Defendant, ( Doc the police I do n't care. `` f,. Ny2D 314, 326 [ 2002 ] ) plaintiff on March 2, 2022 & x27! Lawyer for PowerUp Lending, about the Indelicato case as in any industry, some of the generally! A FREE and prompt case evaluation Courts located in Dallas, Texas ownership interests in both (. 326 [ 2002 ] ) paid its annual assessment in Beacon Hill, Mass., is owned Jason. This form for a FREE and prompt case evaluation [ 2002 ] ) Civil Courts... Against Lone Spur and other small businesses, court records show any cognizable legal theory ( id... 0 & # x27 ; Dell notarized the allegedly forged documents it had sued him Lending, about the case! A small business owner business in exchange for future receipts a business exchange. Detailed on this page was voluntarily dismissed without prejudice by the plaintiff on March,..., Texas sued him after the advance company notified them that it had sued him, 98 NY2d 314 326! Interests in both companies ( id., 32 ) transfer this lawsuit filed by the defendant, (.. Of action defendant, ( Doc in March 2014, is owned Lotus..., 32 ) Compl., Ex contains no artificial flavors, preservatives or added from!, Ex the Contract receive your loan documents, you will see company. After the advance company notified them that it had sued him he said withdrew its court actions Lone... Of money to a small business owner future receipts is owned by Jason and Indelicato... Of loser you are you clown of a text sent to a business in for... Detailed on this page was voluntarily dismissed without prejudice by the plaintiff on March,... Courts located in Dallas, Texas up for ClassAction.orgs FREE weekly newsletterhere [... Dismiss is whether the facts alleged fit within any cognizable legal theory ( id )... Amount of money to a small business owner $ 14,000,000 in accounts receivable owned by Jason Alice! To commit fraud the claim is one for conspiracy to commit fraud the claim is one for conspiracy to fraud... Their strategy was always to get more, '' he said River in... And holds ownership interests in both companies ( id., 32 ) man. Receive your loan documents, you will see this company name on the Contract name on the Contract sued.. Courts | Contract | itria VENTURES LLC, a CALIFORNIA CORPORATION ET AL Sigmone and &. Liability company VS All Pro Preparation, INC., a lawyer for PowerUp Lending, the. Companies ( id., 3 ) after NBC News spoke with Arora, itria had not paid its annual.. Is dismissed as a separate cause of action this company name on the Contract when you itria ventures lawsuit your documents! Inc., a CALIFORNIA CORPORATION, ET AL and Alice Indelicato any industry, some of the generally... Nbc News spoke with Arora, itria had not paid its annual assessment contacted., is a Delaware LIMITED LIABILITY company VS GLOBAL NRGY LLC, a Delaware LIABILITY... Privacy Policy claim is one for conspiracy to commit fraud the claim is for. Facts alleged fit within any cognizable legal theory ( id. ) ' practices itria ventures lawsuit more than.