), 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. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, The Complaint asserts causes of action for: (1) Breach of Written Contract (against Kompugard and Retail Management); and. Bare legal conclusions are not accorded favorable inferences, however, and need not be accepted as true (Biondi v Beekman Hill House Apt. The offers are alluring to owners who often operate on the edge and are strapped for cash. Commissioner sent to Itria's Registered Address a Notice of Unpaid Assessment on November 6, 2019. 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). Sep 13, 2021 A large portion of the top local PPP lenders in 2021 are fintechs, Itria Ventures which together produced more than 51,000 loans in, Feb 19, 2020 Itria is a financial services company engaged in the business of providing financing to its clients by making loans and purchasing accounts, Sep 10, 2020 One in every four businesses that . The SBA updates PPP statistics every Monday so the ranking could change. Itria is a financial services firm in the business of providing financing to its clients by making loans and purchasing accounts receivable - typically referred to as a Merchant Cash Advance. It contains 23g, or half a daily serving, of protein, plus 7% of daily fiber, 20% of daily calcium and so on. Call the police I don't care.". Specifically, Provident alleges that the Itria Parties knew, at the time that they were helping to provide the Due Diligence Materials to Provident that (i) Itria had a 100% security interest in Lotus Exim's accounts receivable, (ii) Itria regularly provided funding to and received payments from Lotus Exim through the undisclosed 1975 Account, and (iii) neither Itria's funding nor Lotus Exim's obligations to Itria were disclosed on Lotus Exim's financial statements, which the Itria Parties provided to Provident (id.). Here, Provident fails to allege a special or privity-like relationship that would impose a duty on the Itria Parties to impart correct information to Provident. The Newsletter Bringing the Legal System to Light. Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. 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. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, 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). ABOUT PPP LOAN FUNDING All Biz2Credit originated PPP loans are funded by Biz2Credit's funding affiliate, Itria Ventures, LLC. 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. Civil No. Merchants like Indelicato have been hammered by the coronavirus outbreak. Biz2Credit offers three main funding options for business owners: Working capital is good for fast financing, and you can get from $25,000 to over $2 million. NYSCEF DOC. He didn't talk too much about how it was secured or the workings of it.". Lawsuit Filings Itria Ventures Hit with Class Action Over Allegedly Shady Money-Lending Based on Future Receivables [DISMISSED] February 9, 2022 A New Jersey company alleges in a class action that Itria Ventures has engaged in a number of fraudulent practices with regard to loans and other transactions. Itria Ventures LLC | The Department of Financial Protection and Innovation Itria Ventures LLC License or Case Number: CFL # 60DBO-35839 Date of Initial Action: 12/30/19 Defendants/Respondents: Itria Ventures LLC Contact/Customer Service phone number: (302) 295-3828 Documents: 12/30/19 - Order Summarily Revoking (PDF) 03/23/20 - Consent Order (PDF) 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. In this case, Provident alleges Provident had a security interest in Lotus Exim's accounts receivable, and that Lotus Exim transferred the proceeds of the accounts receivable to the 1975 Account, and the Investors interfered with Provident's right of possession of the proceeds by receiving and retaining payments from Itria through the 1975 Account (Third-Party Compl., 173-182). Currently, the complaint claims, Itria is freezing account owned by Abdul in order to secure payment.. February 8, 2022 This class action involves financing provided to businesses by Itria Ventures, LLC and Biz2Credit, Inc. The filings are often in amounts that are twice the money owed, say lawyers who work in the arena. Small businesses are the backbone of the U.S. economy, employing millions of people and paying taxes. And the best part of all, documents in their CrowdSourced Library are FREE! Itria is engaged in the business of providing financial accommodations to its customers. "He more or less presented me the net cash I would receive and the payments. Itria Ventures LLC, a Delaware limited liability company vs All Pro Preparation, Inc., a California corporation et al. Before commenting, please review our comment policy. They are filed without a business' knowledge; merchants often learn about them when they try to pay their employees and find their accounts blocked, the lawyers say. 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. A lot of these companies had problems prior to coronavirus; they were on a payment plan and they defaulted.". A former stockbroker, she won the Pulitzer Prize in 2002 for her "trenchant and incisive" reporting on Wall Street. The agreements are enforceable contracts the borrowers have agreed to, lawyers say, but some of the aggressive collection practices, such as visiting borrowers' homes, aren't legal, they contend. "We're already seeing a decadelong decline in small businesses. 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Starting in 2014, they borrowed $500,000 from Itria for Pizza Plus and signed a Future Receivables Sales Agreement (FRSA) with the lender, court documents show. 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. Unless Congress extends the program, it runs through the end of March. 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]). If you do not agree with these terms, then do not use our website and/or services. Kalamata sued Biz2Credit and Itria for, among other things . Why is this public record being published online? POPBAND LIMITED, A LIMITED LIABILITY COMPANY REGISTERED IN ENGLAND VS ARIEL GOLDENSTEIN, ET AL. Plaintiff has submitted the requisite documentation and provided sufficient evidence to support the judgment sought. Itria, Biz2Credit Future Receivables Purchases RICO Complaint. For example, Provident alleges that it used its in-house field examiners and an outside auditing firm to conduct due diligence. Itria Ventures corporate office is located in 1000 N West St Ste 1200, Wilmington, Delaware, 19801, United States and has 106 employees. Get class action lawsuit news sent to your inbox sign up for ClassAction.orgs free weekly newsletterhere. The causes of action include fraud, civil and criminal usury, extortion, theft by false pretenses, and RICO allegations, among other things. 653667/2018 Third-Party Index No. Runion said the companies that advanced him cash have persuaded an insurer holding $40,000 in reimbursements for procedures he had already completed to send the money to the advance company, not to Runion. "Working with a broker, I thought he was going to get me a traditional loan that was how the conversation started," Runion said. Five years ago, the merchant cash advance industry financed around $8 billion for small businesses. 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 The complaint alleges that Itria knew that funds from customers went first to Franklin and not to InvenTel. Although Itrias standard contract explicitly states that the company assumes the risk that future receivables may not be available from a customer, it is clear, the lawsuit alleges, that the company actually assumes no risk, and deems all loaned funds to be due and payable under all conditions. But, as alleged in the Third-Party Complaint, the Itria Parties knew that the information that Biz2Credit was providing to Provident was false (id., 33). The complaint alleges that the companies offer "future receivables purchases" rather than loans, but that they renege on terms of the financing, charge usurious interest rates, and engage in racketeering. Provident requested certain financial and business information from Lotus Exim as part of its underwriting process to determine whether to grant the line of credit (id., 31). 2023-01-06, Dallas County District Courts | Other | ITRIA VENTURES LLC, A DELAWARE LIMITED LIABILITY COMPANY VS KOMPUGARD, INC., A CALIFORNIA CORPORATION, ET AL. In 2019, it provided an estimated $19 billion in funding. The Judge overseeing this case is YOLANDA OROZCO. Guar. John Does 1-10 are fictitious names for individuals associated with either Itria Ventures LLC, Biz2Credit Inc., or both of them. That must change, Chopra said. Rohit Arora, Biz2Credit's co-founder and chief executive, said in a telephone interview: "In some cases, we have to file these cases, but we also try to work with our customers. 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