The Pre-Closing FRSAs were negotiated by Mr. Arora and executed by Mr. Arora on behalf of Itria (id., 11, 12). These included falsely representing itself to get customers of InvenTel to hold back funds that were due to Franklin, the complaint says. A former stockbroker, she won the Pulitzer Prize in 2002 for her "trenchant and incisive" reporting on Wall Street. Most businesses looking for working . Mr. Arora directed Biz2Credit to connect Lotus Exim with Provident to secure financing to Lotus Exim to satisfy the Pre-2017 Senior Lenders and ensure that Itria would be paid on its Pre-Closing FRSAs (id., 27). A party may also move to dismiss based on documentary evidence pursuant to CPLR 3211 (a) (1). Abstract of Judgment - Civil and Small Claims, Writ of Execution - WRIT OF EXECUTION (SAN FRANCISCO ), Writ of Execution - WRIT OF EXECUTION (LOS ANGELES), Notice - NOTICE NOTICE OF ENTRY OF DEFAULT JUDGMENT, Proof of Service (not Summons and Complaint), Declaration Pursuant to 585 CCP in Support of Default Judgment, Minute Order - MINUTE ORDER (CASE MANAGEMENT CONFERENCE), Cases involving other agreements or torts not classified elsewhere, 190, 1190, 2190, 3190, 4190, 4194, 5190, 5196. For an optimal experience visit our site on another browser. 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. "We went from having good credit and eight or nine stores to having bad credit and three stores," Indelicato said in an interview. 595127/2019 Second Third-Party Index No. Pursuant the Pre-Closing FRSAs, Itria extended financing to Lotus Exim by factoring Lotus Exim's accounts receivable (id.). (2) Breach of Written Guarantee (against Goldenstein). 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). Under a typical deal, a business might receive $40,000 in exchange for agreeing to hand over $50,000 in future revenue over a few months. LIVLAB INC, A CORPORATION VS RETAIL MANAGEMENT SOLUTIONS, INC, A CORPORATION, Retail Management Solutions, LLC v. Auto~Star Compusystems, Inc, ITRIA VENTURES LLC, A DELAWARE LIMITED LIABILITY COMPANY vs GLOBAL VISION ENTERPRISE CORP., A CALIFORNIA CORPORATION. Where a complaint alleges fraud, "the circumstances constituting the wrong shall be stated in detail" (CPLR 3016 [b]). Co. of New York, 98 NY2d 314, 326 [2002]). Abstract of Judgment - Civil and Small Claims; Issued by: Itria Ventures LLC, a Delaware limited liability company (Plaintiff), Notice of Rejection - Post Judgment; Filed by: Clerk, Writ of Execution (San Francisco ); Issued by: Itria Ventures LLC, a Delaware limited liability company (Plaintiff); As to: Itria Ventures LLC, a Delaware limited liability company (Plaintiff); Kompugard, Inc., a California Corporation (Defendant); Retail Management Solutions, Inc., a Delaware Corporation (Defendant); County: San Francisco, Writ of Execution (Los Angeles); Issued 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); County: Los Angeles, Notice of Entry of Judgment; 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), On the Complaint filed by Itria Ventures LLC, a Delaware limited liability company on 07/23/2021, entered Order for Dismissal with prejudice, does 1-50, Updated -- Certificate of Mailing [Notice of Case Management Conference filed on 07/26/2021]: Name Extension: [Notice of Case Management Conference filed on 07/26/2021]; As To Parties: removed, Address for Jason S. Takenouchi (Attorney) updated, Case Management Conference scheduled for 11/29/2021 at 09:00 AM in Stanley Mosk Courthouse at Department 31, Notice of Case Management Conference; Filed by: Clerk, Case assigned to Hon. REQUEST FOR ENTRY OF JUDGMENT IS CONDITINALLY GRANTED. This case was filed in Los Angeles County Superior Courts, Stanley Mosk Courthouse located in Los Angeles, California. February 27, 2023 alexandra bonefas scott No Comments . In addition, Provident alleges its efforts to verify the Due Diligence Materials and information provided by the Itria Parties were stymied by the Itria Parties' active concealment of critical information and by their misrepresentations of material fact. husband ignores me when his daughter is around husband ignores me when his daughter is around "I tried to make it work," he said, "but I really was unable to.". Court: UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF PENNSYLVANIA. "On some of our loans, we were paying over 200 percent. He didn't talk too much about how it was secured or the workings of it.". The proposed class action lawsuit detailed on this page was voluntarily dismissed without prejudice by the plaintiff on March 2, 2022. Date of experience: January 10, 2023. 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 crux of the lawsuit is Kalamata's claim that Biz2Credit secretly referred Kalamata's merchants to Biz2Credit's closely related company, Itria, and intentionally induced those merchants to stack additional cash advances in breach of the merchants' contracts with Kalamata, despite an alleged agreement between with Kalamata and Biz2Credit that A New Jersey-based direct-response television marketing company alleges in a proposed class action that Itria Ventures has engaged in a number of fraudulent practices with regard to loans and other transactions. In 2019, it provided an estimated $19 billion in funding. 26 Feb Feb 2023-01-25. ITRIA VENTURES - Trademark Details. Now those sales are nonexistent but PowerUp's suit demanded immediate payment of almost $91,000, plus legal fees. itria ventures ppp forgiveness. 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. Merchants are typically required to repay the advances via automatic withdrawals from their bank accounts every day or week. The complaint alleges that Itria pushed false claims even after InvenTel began an Assignment for the Benefit of Creditors. And the best part of all, documents in their CrowdSourced Library are FREE! 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. ITRIA VENTURES LLC, A DELAWARE LIMITED LIABILITY COMPANY VS GLOBAL NRGY LLC, A CALIFORNIA LIMITED LIABILITY COMPANY, ET AL. NBC News asked Itria and Biz2Credit why they were taking such an aggressive tack against small businesses during a national disaster. Get class action lawsuit news sent to your inbox sign up for ClassAction.orgs free weekly newsletterhere. During the three-week period, Itria filed suit against 20 small businesses for nonpayment, court records show, most of them outside the state. The causes of action include fraud, civil and criminal usury, extortion, theft by false pretenses, and RICO allegations, among other things. The 23-page lawsuit alleges Itria and affiliate broker Biz2Credit Inc. have fraudulently misrepresented loans as financing agreements, improperly sought payment outside of purportedly purchased future receivables and unlawfully charged criminally usurious interest rates on top of multiple acts of racketeering.. 2/19/2020, 2020 N.Y. Slip Op. On January 3, 2017, a few days prior to closing on the line of credit, Steven Forleiter, Provident's Vice President of Asset Based Lending, sent an email to representatives of Lotus Exim, following up on a prior email sent on December 30, 2016 asking for clarification regarding, among other things, the relationship between Lotus Exim and Itria (Third-Party Compl., Ex. A screenshot of a text sent to a small business owner. Jason Indelicato, who owns a three-store clothing chain in Massachusetts called North River Outfitter, is under siege. The complaint alleges that Itria knew that funds from customers went first to Franklin and not to InvenTel. Biz2Credit provided Provident with (i) inventory and accounts receivable listings, (ii) information about Lotus Exim's existing bank accounts, (iii) audited financial statements for Lotus Exim, (iv) information regarding existing Itria UCC filings against Lotus Exim, and (v) the status of previous financing between Itria and Lotus Exim (collectively, the Due Diligence Materials) (id.). Gretchen Morgenson is the senior financial reporter for the NBC News Investigative Unit. . Small businesses are the backbone of the U.S. economy, employing millions of people and paying taxes. A representative of Lotus Exim, Anshul Maheshwari, replied to Mr. Forleiter and cc'd representatives of Biz2Credit, and Itria on January 3, 2017, stating: A party may move for judgment dismissing one or more causes of action on the ground that the pleadings fail to state a cause of action for which relief may be granted (CPLR 3211 [a] [7]). 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