Shortly after NBC News spoke with Arora, Itria withdrew its court actions against Lone Spur and other small businesses, court records show. Itria Ventures LLC, a Delaware limited liability company vs All Pro Preparation, Inc., a California corporation et al. This case was filed in Dallas County District Courts, Dallas County Civil District Courts located in Dallas, Texas. For an optimal experience visit our site on another browser. Itria Ventures LLC, formed in March 2014, is a Delaware limited liability company headquartered in Delaware. Moreover, Provident alleges that Itria continued extending financing to Lotus Exim pursuant to the Pre-Closing FRSAs and subsequently entered into 22 additional Post-Closing FRSAs with Lotus Exim pursuant to which Itria acquired all of the Lotus Exim's accounts receivable at a discount, and that it did so knowing that Provident had a first priority security interest in 100% of Lotus Exim's accounts receivable. SUPREME COURT OF THE STATE OF NEW YORK NEW YORK COUNTY PART IAS MOTION 53EFM. Why is this public record being published online? C at 2). Where a complaint alleges fraud, "the circumstances constituting the wrong shall be stated in detail" (CPLR 3016 [b]). 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). UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. The class for this action is all persons or entities who borrowed money from Itria Ventures or Biz2Credit using a nominal future receivables sale agreement or similar arrangement, between February 8, 2018 and February 8, 2022, whose funding was treated as a loan by Itria and Bz2Credit who sought repayment under all circumstances, even when the percentage of receivables set forth in the contract is less than the nominal daily amount of repayment. In addition, Provident alleges that the Itria Parties misrepresented or concealed the relationship between Itria and Lotus Exim and falsely stated that Lotus Exim's obligations to Itria had been "repaid in full" (Third-Party Compl., Ex. ITRIA VENTURES, LLC., Defendant. Itria did not respond to the Commissioner's notice. moberly women's basketball roster includes invalid characters for a local volume name floyd leroy patterson memorial sloan kettering pulmonary critical care fellowship pretty boy floyd son water dispenser support collar dan gheesling conservative guelph police raid acetabular sclerosis treatment pollock dining commons edwards county property map how many wives does mufti menk have describe two . Provident asserts a fraud cause of action (the sixth cause of action), which is well-accepted under New York law, and simply alleges that the Itria Parties conspired together to commit the fraud, which is entirely permissible. Inasmuch as the Itria Parties argue that the third cause of action impermissibly seeks to assert a claim for civil conspiracy as a separate cause of action, the argument misconstrues the pleadings. 15. Please download the PDF to view it: Download PDF. As in any industry, some of the companies' practices are more problematic than others. 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). . Negligent Misrepresentation To properly state a cause of action for negligent misrepresentation, a plaintiff must plead "(1) that the existence of a special or privity-like relationship imposed a duty on the defendant to impart correct information to the plaintiff; (2) that the imparted information was actually incorrect; and (3) that the plaintiff reasonably relied on the information" (Mandarin Trading Ltd. v Wildenstein, 16 NY3d 173, 180 [2011]). 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) The court's inquiry on a motion to dismiss is whether the facts alleged fit within any cognizable legal theory (id.). 11), invites this court to consider in a federal diversity . Unless Congress extends the program, it runs through the end of March. But the bank backed out after he had signed a new lease and begun construction on the second office, and by spring of last year, Runion said, he desperately needed funding. If the merchants fall behind on their payments, some lenders send threatening emails and texts and even pay visits to borrowers' homes to try to collect, lawyers and small business owners say. 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. And, inasmuch as there is a cause of action for fraud (i.e., the sixth cause of action) the third cause of action is dismissed as duplicative of the sixth cause of action (fraudulent misrepresentation), however, the facts underlying the third cause of action may continue to be the basis for the remaining fraud claim asserted. On 12/16/2021 ITRIA VENTURES, LLC filed a Contract - Debt Collection lawsuit against NEW WORLD WHOLESALE INC . In its third cause of action, Provident alleges that the Itria Parties conspired to induce Provident to extend the line of credit to Lotus Exim and to continue advancing funds to Lotus Exim by, among other things, providing materially false due diligence materials to Provident (Third-Party Compl., 143, 144). ITRIA VENTURES LLC, A DELAWARE LIMITED LIABILITY COMPANY VS GLOBAL NRGY LLC, A CALIFORNIA LIMITED LIABILITY COMPANY, ET AL. Runion concedes that he signed the documents that have created the problems. REQUEST FOR ENTRY OF JUDGMENT IS CONDITINALLY GRANTED.On September 23, 2021, Plaintiff Itria Ventures, LLC filed the instant action against Defendants Kompugard, Inc. (Kompugard); Retail Management Solutions, Inc. (Retail Management); Ariel Goldenstein (Goldenstein) (collectively, Defendants); and Does 1 through 50. No. In addition, Provident alleges that the Investors received funds to which Provident had a first priority security interest. An email to PowerUp requesting comment received no response. why is my cookies pen blinking purple is there mobile coverage across the nullarbor university of richmond women's basketball: schedule ClassAction.org is a group of online professionals (designers, developers and writers) with years of experience in the legal industry. Plaintiff seeks judgment against Defendants in the total amount of $443,680.93 consisting of $405,300.04, $28,537.28 in prejudgment interest, $3,900.61 in costs, and $5,943.00 in attorney fees. When they reached $70,000 a month, he had trouble paying his vendors. "Working with a broker, I thought he was going to get me a traditional loan that was how the conversation started," Runion said. The company, PowerUp Lending Group of Great Neck, New York, had given North River money to be repaid from the stores' future sales. 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. "Currently in route to u right now," the text said. Ct. 2020). 2023-01-10, Harris County District Courts | Contract | 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]). NYSCEF DOC. The case status is Disposed - Other Disposed. 16. 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. This browser does not support PDFs. Call the police I don't care.". Biz2Credit, an affiliate of Itria, is a broker that assists businesses in applying for and obtaining financing ( id ., 2). 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. Therefore, the Investors' motion to dismiss the conversion claim is granted. Mr. Arora estimated that at least 20 percent of the nearly 140,000 loans the. Business is hurting, Kight said by phone. These included falsely representing itself to get customers of InvenTel to hold back funds that were due to Franklin, the complaint says. Meanwhile, as the crisis spreads, cash advance companies are on the hunt for new customers. 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 offers are alluring to owners who often operate on the edge and are strapped for cash. Next, the Itria Parties argue that Provident cannot, as a matter of law, establish justifiable reliance because it is a sophisticated party and it had the means to conduct its own independent due diligence. 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. The complaint claims Itria required Abdul to personally guarantee both loans. If you do not agree with these terms, then do not use our website and/or services. Another text to the owner included a Google map showing a driving route the debt collector was taking to the borrower's home. amarillo by morning glen campbell; somers, ct real estate transactions; j'ai vu l'enfer et le paradis; coventry gangster jailed; kowalczyk funeral home obituaries; morryde door latch extender; sea run cutthroat nehalem river; Court documents show that amid the pandemic, so-called merchant cash advance companies are pursuing legal claims against owners that freeze their bank accounts and are pressing their family members, neighbors, insurers, distributors even their customers for money the lenders say they're owed. District Courts located in Dallas, Texas a Contract - Debt Collection lawsuit against NEW WORLD INC. 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