Attorney General James Sues Predatory loan provider That Threatened physical violence and Kidnapping, and Illegally Collected many from smaller businesses
Richmond organizations granted Fraudulent, Sky-High Interest debts to Small Businesses, with Annual rates during the 100s and tens of thousands of per cent, One Nearing a yearly rate of interest of 4,000 Percent
NEW YORK a€“ ny lawyer General Letitia James now filed a lawsuit trying to stop three New York City-based firms and the people and administrators of the enterprises from continuing to cheat small enterprises in ny and across the nation off huge amount of money yearly by offering these small enterprises a€?merchant cash advances,a€? or deceptive, sky-high interest loans. In documents submitted in nyc region condition Supreme Court, Attorney standard James charges the 3 providers – Richmond money people, Ram investment financing, and Viceroy money Funding (the Richmond enterprises) – with illegally loaning cash to small enterprises at astronomically-high rates of interest, fraudulently billing undisclosed charge, debiting extra amount from merchants’ bank account, and acquiring judgments against merchants by submitting untrue affidavits in ny county courts. Continue reading “Attorney General James Sues Predatory loan provider That Threatened physical violence and Kidnapping, and Illegally Collected many from smaller businesses”