loan company in california uses shady, deceptive tactics to scam customers

1. Business Owners and California Business Lenders
California is changing the way small businesses access capital. Merchant cash advance lenders and brokers will have
to deal with more stringent regulations if they want to do business in California. Debanked, an industry publication
published the following:
“As of January 1st, 2016 changes in the California Finance Lenders Law (Senate Bill 197) requires brokers and lenders
to be licensed when referring or making loans to California residents,” wrote LoanMe in an email it circulated last
week. LoanMe’s model has consistently been lending however, not merchant cash advance. Still, the announcement
ruffled feathers on industry forums where brokers were unsure of what the implications were.
LoanMe didn’t disclose however that there was uncertainty over their claim to be a licensed lender in the first place.
On February 18, 2015, California’s Commissioner of Business Oversight hit LoanMe with a desist and refrain order for
making among other things, “false, misleading and deceptive representations” about their status as a licensed lender.
After making the case that the license LoanMe was arguing a claim to should be revoked, the accusation was
withdrawn without prejudice the following month after the Commissioner received “additional information.”
While the outcome of that state inquiry is unclear, it may perhaps add some color to LoanMe’s decision to stop
accepting business from unlicensed brokers in California. In deBanked’s November/December magazine issue,
California attorney Paul Rianda wrote that the state is so thorough that he has seen a license application rejected
because the lender forgot to include the period after “Inc” in the company name.
Still, he wrote, “given the fact there have been a number of successful lawsuits against cash advance companies in
California, many cash advance companies have decided to take a different route and get a lending license to provide
loans to merchants in the state.
This information was published by Debanked.
California has several cases and business lenders offering small business loans which have faced challenges. The
following was taken from the California DBO’s website:
The Department of Business Oversight (DBO) has received reports of what appears to be an advanced fee loan scam.
Consumers report receiving correspondence from “Steve A. McFarlane” or “Steve McFarlane” with a Missouri address,
doing business as “Courageous Investment Solutions LLC” or “Advance America” and/or “Cash Advance Centers of
California LLC,” telling them that they were approved for a loan. After accepting the loan offer, consumers learned
that they could not receive the loan unless they first paid a fee and were instructed to pay the fee using a prepaid
card. The consumers paid the fee, but never received the promised loan. State law prohibits companies from
charging such advance fees or any fees unless the loan is made. In these cases, the correspondence sent to the
consumers included a copy of a DBO License for “ADVANCE AMERICA; CASH ADVANCE CENTERS OF CALIFORNIA,
LLC,” that was fraudulently altered to show the name “Steve McFarlane” in the area that should contain the name of
the DBO Commissioner.
More recent a company named: www.bfundingsource.com also known as bfundinsource.com was registered on June
of 2016 by Stanley Siringoringo. Public information reveals the following: The owner or registrant of the domain
name (www.bfundingsource.com) is: Stanley Siringoringo. Public records and information on google reveal various
links that linkup these individuals: Stanley Siringoringo, Stephen Siringorino, Christopher Lee, Lizette Alvarez. These
companies (bfundingsource.com), POH & Associates are affiliated to this address: 1768 Arrow Highway Ste. 103 La
Verne, CA 91750 and phone numbers starting with a 909 area code according to public searches on google.
Bfundingsource.com does not list on their website the owner of records or if it’s an LLC, Inc. or Co. In addition, there
is no name affiliated to actual ownership other than the owner of record of the domain. It is unknown if this company
is licensed in the State of Califorina. It is unknown how these companies or individuals are affiliated other than
previous articles, complaints, and other information found on google. Public records and news reveal that there was
previous loan modification fraud and arrests that took place. See: http://laopinion.com/tema/stephen-siringoringo/
There are several articles that report this information to include:
http://www.occupyfightsforeclosures.org/forms/shares/new?page_id=775
Business lenders or merchant cash advance lenders registered or not registered in the State of California may solicit
business owners in other states. Today, most business owners who receive loan offers receive them via a phone call,
email, or mail. A lot of business is being done over the internet and over the phone. There is nothing wrong with
that. However, business owners need to do some due diligence online before they take a business loan or merchant
cash advance not only with a small business lender or merchant cash advance company in California but in any other
state.
In California, The DBO urges consumers to exercise extreme caution before responding to any solicitation promoting
loans or other offers. Consumers can contact the California DEB at: www.dbo.ca.gov or 1-866-275-2677.