Sign Here to Lose Everything - Bloomberg

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Sign Here to Lose Everything

This series about the merchant cash-advance industry explains how an obscure legal document turned New York's court system into a debt-collection machine. Now state and federal lawmakers say they want to put a stop to it.

The Series

The Predatory Lending Machine Crushing Small Businesses Across America

The Predatory Lending Machine Crushing Small Businesses Across America

By Zachary Mider, Zeke Faux, David Ingold and Dimitrios Pogkas

How an obscure legal document turned New York’s court system into a debt-collection juggernaut.

A New York City Official Working for Predatory Lenders Made $1.7 Million Last Year

A New York City Official Working for Predatory Lenders Made $1.7 Million Last Year

By Zachary Mider and Zeke Faux

Armed with a badge and a stack of court papers, this marshal legally empties small-business bank accounts nationwide.

New York Clerks Wield Rubber Stamps That Doom Small Businesses

New York Clerks Wield Rubber Stamps That Doom Small Businesses

By Zachary Mider, Zeke Faux, David Ingold and Dimitrios Pogkas

Predatory lenders have co-opted New York’s court system to put the screws to borrowers nationwide.

Marijuana Smuggler Turns Business-Loan Kingpin While Out on Bail

Marijuana Smuggler Turns Business-Loan Kingpin While Out on Bail

By Zeke Faux, Zachary Mider, David Ingold and Dimitrios Pogkas

A drug smuggler built a predatory lending company while free on bail. Now the complaints are piling up.

Fall Behind on These Loans? You Might Get a Visit From Gino

Fall Behind on These Loans? You Might Get a Visit From Gino

By Zachary Mider and Zeke Faux

The unregulated cash-advance industry is reviving collection tactics of a bygone era.

Follow-up Coverage

The Loan Shark Trump Freed From Prison Is Lending Money Again

The Loan Shark Trump Freed From Prison Is Lending Money Again

By Zeke Faux

Jonathan Braun went to jail on drug charges after a successful career as a predatory lender. Thanks to a good word from Alan Dershowitz and commutation from Donald Trump, he’s back in business.

Sign This Agreement and Your Bank Account Might Be Frozen

Sign This Agreement and Your Bank Account Might Be Frozen

By Zachary Mider and Zeke Faux

Predatory lenders are turning to Connecticut to help collect their debts, using a legal trick to bypass judicial review.

New York Governor Andrew Cuomo Holds Media Briefing

Cuomo Signs Bill Cracking Down on Small-Business-Loan Abuses

By Zachary R. Mider

Nydia Velazquez

U.S. Urged to Stop Predatory Lenders ‘Crippling’ Businesses

By Zeke Faux and Zachary R. Mider

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New York Moves to Ban Confessions of Judgment for Out-of-State Loans

By Zachary R. Mider and Zeke Faux

Neon Cash Sign

New York Weighs Law to Crack Down on Predatory Loans With 400% Rates

By Zachary R. Mider and Zeke Faux

Plunging Pot Prices Have Legal Growers Scrambling To Lower Costs

Business-Loan Kingpin Sentenced to 10 Years for Smuggling Weed

By Zeke Faux and Zachary R. Mider

Views Of Manhattan As Trade Worry Drives U.S. Stocks Lower, Boosts Bonds

FTC, Manhattan Prosecutors Probe Costly Small-Business Loans

By Zachary R. Mider and Zeke Faux

President Trump's Nominees For The Federal Trade Commission Testify Before The Senate Commerce Committee

FTC Commissioner Calls for Review of Small-Business Loan Practices

By Zachary R. Mider

Times Square As Tech Shares Lead U.S. Stocks Higher

New York Officials Are Still Reaping Millions From Predatory Lenders

By Zachary R. Mider and Zeke Faux

The Predatory Lending Scheme Destroying American Lives

The Predatory Lending Scheme Destroying American Lives

Views Of Wall Street As U.S. Stocks Slip

New York State Is Said to Probe Abuses in Small-Business Lending

By Zeke Faux and Zachary R. Mider

Yellowstone Capital is said to have received subpoena. Attorney general is said to focus on cash-advance companies.

NYC Mayor Reviewing Marshal Program as Reappointment Put on Hold

NYC Mayor Reviewing Marshal Program as Reappointment Put on Hold

By Zachary R. Mider and Zeke Faux

De Blasio will ask investigations department for evaluation. Barbarovich, who earned $1.7 million last year, faces scrutiny.

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Senators Call for Ban on Tactics That Devastate Small Businesses

By Zeke Faux and Zachary R. Mider

Brown and Rubio would prohibit confessions of judgment. Their bill is a response to a Bloomberg News investigation.

One dollar notes travel through a large examining packaging equipment machine

New York Lawmakers Say State Must Stop Enabling Predatory Loans

By Zachary R. Mider and Zeke Faux

Officials weighing changes to confessions of judgment statute. Proposals are response to Bloomberg series on cash advances.

A magnifying glass is held over a 50 subject one dollar note sheet

Protect Small Businesses From Predatory Lending

By The Editors

Too many owners sign away their rights without realizing it.

U.S. Capital Building As Government Shutdown Looms

Predatory Lending Tactics Spur House Lawmakers to Propose a Ban

By Zeke Faux and Zachary R. Mider

Par Funding Sanctioned by New Jersey Over High-Yield Notes

Par Funding Sanctioned by New Jersey Over High-Yield Notes

By Zeke Faux

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Predatory Lending Tactic Curbed by Three New York County Clerks

By Zachary R. Mider and Zeke Faux

Cuomo Urges N.Y. Democrats to Restore Tax Break and Tunnel Funds

Cuomo Assails Predatory Lending Tactic That Uses N.Y. Courts

By Zachary R. Mider and Zeke Faux

relates to Did Elon Musk Forget About Buffalo?

November 26, 2018