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AG Sues Merchant advance loan businesses for ‘Cheating’ Businesses Out of Millions

AG Sues Merchant advance loan businesses for ‘Cheating’ Businesses Out of Millions

Nyc Attorney General Letitia James announced yesterday that she ended up being suing three vendor cash loan organizations for presumably loaning cash to small enterprises at “astronomically high-interest prices,” re charging undisclosed fees, withdrawing “excess amounts” from consumers’ bank records and extracting money judgements from organizations by filing false affidavits in court.

Three businesses, Richmond Capital Group , Ram Capital Funding and Viceroy Capital Funding , had been known as when you look at the lawsuit filed in Manhattan Supreme Court on Wednesday. The suit, which lead from a 18-month research relates to them collectively as “the Richmond organizations.” The lawyer general also alleges that Ram and Richmond had been “harassing and threatening merchants with physical violence and appropriate action, so as to force them to cover the loans off.”

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