Loan Broker on His Way to Prison
This past week in Maryland a business owner plead guilty to wire fraud in connection with a PPP, EIDL and equipment leasing scheme. Andrea Shiron Thompson of Silver Springs Md plead guilty to committing fraud by setting up fake documents to obtain an equipment financing loan for a business where the business was not structured to be qualified for this type of equipment financing. In addition, Thompson paid kickbacks to the borrower who assisted in the fraud. This is just another example of crime being committed in the business lending industry where brokers do not want to build, they want the fast and easy way. Now Thompson in addition to losing his business will lose his liberty. In total Thompson made over 800,000 from the fraud and purchased himself a new Lamborghini with the government will be more than happy to take the keys from him.
ISOs Selling Your Packs
This past week, one of my team members was contacted by an ISO shop, who has also told us in the past that he is industry veteran and runs a high-level team. All Credit Funding llc contacted my team member to let him know that he’s now in the business of selling full packages. All Credit Funding offered my team member a job. He indicated there was an opportunity to sell five-dollar full packs for 30% commission. So, we have an iso who says that he also funds selling submissions out the back door for five dollars and offering my team a 30% commission. Would it not be easier to roll up the sleeves, work hard and build a good lending business as opposed to trafficking, Social Security numbers and bank statements? If you’re working with new funders or super brokers, make sure you vet and do the best possible due diligence to make sure they’re not selling your paper out the back door.
Broker Fair
I am looking forward to attending the Broker Fair in New York this year. If you are attending or would like to meet outside of the fair, please call me to set up a meeting. I am happy to help you with anything from leads, technology, lender relationships and anything else you may need