Friday, October 15, 2004

 

Headlines---

 

    Classified Ads---Sales Manager

        Pictures from the Past---1999-Diversity

            Kendra Bernal Sentencing Postponed Until Jan. 4th

                Weekly Bulletin Board Complaint

    Classified Ads---Help Wanted

        The List—Quarterly Chronological  Up-Date

            CIT Small Business Outlook Reflects Continued Confidence

    IFC Credit VP Named to ELA Small Ticket Committee

        DocuSign Announces First Complete Online Signing Service

            Daniel Spindler Joins LPC as Territory Manager

    News Briefs---

        Sports Briefs---

            California Nuts Brief---

                "Gimme that Wine"

                    This Day in American History

                        Baseball Poem

 

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Kendra Bernal Sentencing Postponed Until Jan. 4^th

 

 

This is the third postponement of the sentencing of Kendra Bernal,

now scheduled for January 4, 2005 in Superior Court, Riverside,

California.  Her most immediate employer dismissed her, reportedly filing a grievance with the district attorney’s office.

 

Here is what she is being sentence for this time:

http://www.leasingnews.org/PDF/Bernal.pdf

 

Here is her public criminal history:

http://www.leasingnews.org/Conscious-Top%20Stories/kendra.htm

 

After working with Growth 1, she set up two companies in Southern

California, then when the State of California Department of Corporations closed her down ( she had a Chapter 11 bankruptcy

and no Finance Lender’s License,) moved the operation to Nevada,

then changed officers, but the Nevada Attorney General caught

the company engaging in the same practices here in California:

collecting advance rentals, but not funding leases.  Many leasing

brokers lost commissions, clients, vendors, and truck dealers

who went direct wound up repossessing trucks not paid for.

 

Her own attorney was stiffed for $15,000 in non-payment

for defending her.  When the attorney complained to the judge

about the money owed, he instructed him to continue in

her defense on this case without pay. Later he was able

to excuse himself from representation for reasons of

“prejudice because he had not been paid for neither

costs nor his time.”

 

Later, she was employed for a firm allegedly under false

pretenses and reported discrepancies, according to the

ex-employer, who filed a complaint with the Riverside

County District Attorney.

 

Here are the latest news stories about Kendra Bernal and

the Funding Tree:

http://www.leasingnews.org/Conscious-Top%20Stories/Funding_Tree-Kendra_Bernal-main.htm

[headlines]

 

 

Weekly Bulletin Board Complaint

 

    by Kit Menkin

 

 

 

Prospects, funders, vendors send us e-mails regarding

whether they should enter into a transaction or ask

us about “common practices.”

 

Our first reaction is routine:  a)See if they belong to

a leasing association ( this is an indication they

are serious about their profession, plus often leasing

associations will know about their members. b) visit

their web site, as it will list organizations they belong

to, perhaps even have references or other information

which makes them appear “legitimate.” c) Visit bbb.org

and learn what the Better Business Bureau has to say.  

 

As a rule of thumb, if they fail one of the above, be

very careful.  If they fail two, ask who their funding

source are and ask them for references.  If they fail

all, run away.

 

Normally, we do not report complaints that are “satisfied.”

From time to time, we report cases we are working on.

If they are settled, we don’t write about it.  If they are

not, they get posted to the Complaint Bulletin Board,

and it is up to the readers to decide whether they

want to do business with companies that do not

return deposits or advance rentals.  We also get

other types of problems, such as:

 

#1---

 

This complaint was filed against a leasing company in Arizona

for not funding a transaction for $9,984.  The lease contract

was signed.  The leasing company stated that the vendor wanted

to be paid in advance before shipping, and that while they gave

evidence they were able to pay after acceptance, they are at a

stalemate with the vendor over terms and conditions.

 

The leasing company was willing to put the transaction on

a credit card, but the vendor wanted the points it would

cost to accept this as the price worked out with the lessee

was “bare bone profit.”

 

Leasing News was able to verify the approval of the lease by

the funder, the correction of all documents, and convinced the

vendor to ship as they would be paid in five days---

which they were.

 

#2  This one is reportedly settled, check sent, but at this

time not received by the applicant. We believe “the check

is in the mail,” although we had requested “next day delivery.”

 

This complaint was against a very well known Southern California

leasing company, who we have received numerous complaints,

but all satisfied to date.  This lease from a West Palm Beach. Florida

applicant was for over $300,000, approved in May, and lease

signed July 19,2004 for monthly payments of $7,497.65 with

miscellaneous charges including a $2,500 “doc fee.”  The check

was dated August 1,2004 for $17,495.30.

 

There is correspondence that the first set of documents were lost

by Federal Express, or then found, but the crux of the matter,

the equipment was delivered, vendor not paid, and lease never

started.  August 26^th the applicant contacted Leasing News.

 

After much discussion, it was learned the contract was signed “to

take the deal off the street” and it was never executed.  Over

a month of conversations, primarily with the leasing company

trying to put the deal together, they agree to return the money.

The vendor had never been sent a purchase order or told

to deliver.  The applicant went to his bank, who paid the vendor.

However, he wanted his “deposit” back.

 

Supposedly it is in the mail.

 

#3  This complaint is against the same leasing company in Southern

California.  In the early days of leasing news, many of the complaints

came from referrals of brokers trying to help a potential customer

out of their dilemma.  Today, most come direct; however, this one

was referred to us by a very reputable representative of a major

company specializing in  this type of financing. This applicant was a Venture backed company seeking $300,000 of “general office equipment” as their next round of financing was under way.  The actual commitment letter was signed July 27,2004. He was promised “quick action” and ask controller,

he said he fulfilled immediately.

 

September 14^th, he sent Leasing News a copy of all the documents

he signed, with a copy of the “Processing Fee $4,500”

 

The controller’s comment:

 

“******* has not returned several phone calls; their non-responsiveness has me concerned.

 

“****** has dragged its heels on our due diligence, and is failing to respond to phone calls regarding initiating the borrowing process. We paid a $4,500 due diligence fee to get this process going, and we are now concerned that this lease will not be executed and that we are going to lose our $4,500. 

 

“This non-performance is particularly disappointing as we are under strict pressure by our venture capital investors (including  *****) to maintain certain targets.  We are in the midst of seeking additional VC financing.  The funds anticipated through this lease were incorporated in our plans, and our inability to execute this lease and meet our targets could possibly compromise this fundraising effort.

 

“Bottom line – we’d like to continue to work with ********, but we cannot allow them to delay this process inevitably, force us to seek alternatives, then keep our money.  That is not professional or reputable behavior. 

 

“Also, any commentary on the reputation of ********* would be very valuable.”

 

Almost a month later, or to be more correct, on October 8^th,

“...looks like we are not approved yet.”

 

October 11^th:

“At this point, they're still working with us, but

slowly.  I appreciate your help.  Right now, it looks like your prodding

has helped.”

 

 

The Leasing Company states the applicant has not provided a current audited financial statement, which is holding up the process.

 

#4   In August, a company in Arizona was approved for a $45,500

Kenworth Truck & Boom.  The lease was signed September 10^th

with a commitment fee for $4,859.99.  October 6, the company

contacted Leasing News because the lease was never funded,

and the leasing company said they sent the check on September

21^st, but they never received it.

 

They found Leasing News because they did a web search and found

the company on the Complaint Bulletin Board.  They faxed us

all copies of documents they signed, plus e-mail that the company

had sent the check, the latest on September 27. 

 

After hearing from Leasing News that another complaint would

be posted if the check were not sent, they said they would

cancel the first check and issue a new one. Today we received an

e-mail from the lessee that included a copy of an airborne express number so they could track the return of their check.

 

[headlines]

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Classified Ads---Help Wanted

 

Brokers

Brokers. We get deals done!  We can help you make more money. We are on top of the changing marketplace with more sources due to our volume. Must have 4 years of leasing experience w/ strong client base.  70% Commission, 70% Residual. Barbara Griffith bgriffith@socalleasing.com or 714-573-9804 About the company: SCL has been in business for 12 years. We are contracted with multiple funding sources which enables us to provide more competitive rates and flexible terms and conditions.

 

Funding/Loan Processor

CFO / Leasing Sales Leader

Leasing Sales Leader: Atlanta GA. Outstanding opportunity for highly motivated, exp. leasing rep. for fast growing tech solutions provider. Unlimited earnings potential, fast paced enviroment. Exper. end-user sales/ tech leasing required. Full description here. Email: OHCResumes@OHC-LLC.com CFO: Atlanta, GA. CPA/10yrs exp. required. Direct/oversee all financial activities and manage leasing operations. Full description here. Email: OHCResumes@OHC-LLC.com About the Company: Located in Atlanta GA. Optimus Solutions is a leading provider of enterprise Information Technology solutions including systems, storage, and software enhanced by a complete range of integration and consulting services. http://optimussolutions.com/

 

Dealer Credit Finance Analyst / Dealer Credit Finance Services Supervisor

Dealer Credit Fin. Analyst, Torrance, CA Click here for full descrip. & to apply.    Dealer Credit Fin. Services Supervisor, Torrance, CA. Click here for full descrip. & to apply. To learn more about us, please visit: www.toyotafinancial.com/careers

 

National Account Manager

National Accounts Mgr: Truck/Trailer Industry.  Must generate minimum of $500K/month. Click here for detailed description & resume submission info. Trinity Capital, a subsidiary of Bank of the West, is a national leader in the equipment financing industry with a consistent presence and superior reputation.

 

Vendor Account Executive

Vendor Account Executive: Troy, MI, Proven sales exp in developing vendor relationships. Must be knowledgeable in all aspects of leasing. Strong communication skills. Send email to resume@leasecorp.com About the Company: Lease Corporation of America is a well established, 16 year old, national equipment leasing company.

 

 

We can help you design an inexpensive “help wanted ad” or

“banner ad.”  As you can see, full job descriptions are

available or connection to your web site, at no additional

charge.

 

 

The logo area is free, as well as the description about

your company.  The main ad body is two weeks

 

   $400.00 for four lines

   $50.00 per line the next four lines

   $25.00 per line thereafter

 

 

contact: maria@leasingnews.org

 

[headlines]

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The List—Quarterly Chronological  Up-Date

 

Available in full alphabetical and chronological sequence at:

 

http://www.leasingnews.org/list.htm

 

 

 

 

October

 

    Preferred Lease/CapitalWerks (10/04) A number of readers questions how Kinko's turned over a video so quickly, others believe it is an ex-employee that is the culprit and thus the real reason the name is not being revealed(10/04) “We do not receive any benefit in publicly humiliating the individuals responsible for this misconduct. Our intentions are to hold them responsible and liable for the consequences of their statements, and to recover damages they have caused to our business,” says Raeder (10/04) Survey Results: “Let Us Know the Name” http://www.leasingnews.org/archives/October%202004/10-01-04.html#survey (9/04) Jim Raeder to reveal culprits name(8/04) Jim Raeder allegedly sees video at Kinko's, sales slip, talks to clerk, knows party's name and company (8/04) derogatory and malicious accusations spread around internet and to funders, industry readers, becomes “chain letter.”(8/04) New York Times criticizes company for not returning advance rentals. Controversy grows regarding story and commitment fees in general (5/2001) Preferred Lease, A CapitalWerks Company Mark Seif now in private law practice, company one of his clients (3/2001) Rumor close to sell to Capital Werks, and will become Preferred Leasing, a Capital Werks Company, this month (2/2001) internal memo about training by company about to take over, supposedly there for several months, "training" employees (01/2000 Mark Seif confirms for sale; will make no further comments  (12/2000) Company reportedly on the block

"one the block."

( 11/2000). David Murray left 11/7 "didn't like letting his friends go." (Reportedly now at VenServe ).

 

    NorVergence, New Jersey (10/04) Leasing companies file on lessees, Weir Group has almost 1300 plaintiffs in class action suit, newspapers print poor picture of leasing companies (9/04) Florida attorney general requests leasing companies cease collecting lease payments; three other state AG's follow (8/04) First class action is filed, two others to follow. (7/2004) Campaign to Stop Leasing Company Payments (7/2004) Robert J. Fine Resigns as EAEL President, ran Finance Division, discounting paper to banks and others (7/2004) Telecom Agent Association starts “Legal Co-Op” to breaking third party leasing contracts sold by NorVergence or involved with NorVergence equipment and service. (7/2004) NorVergence files Chapter 7(7/2004) NorVergence files Chapter 11.(7/2004) NorVergence investigated for failing to pay its employees NorVergence (4/2004) "Mr. Arnold comes to NorVergence Capital from HP Financial Services, where he was the Finance Director for North America. At HP Financial Services, he was responsible for all financial functions and was instrumental in integrating the HP and Compaq Financial services portfolios. Mr. Arnold was part of management team that launched Compaq Financial Services in 1997."

 

    Microfinancial/Leasecomm (10/04) Secures $30 Million Line of Credit From CIT(4/2004) Reports $7.6 Million revenue loss first quarter, resulting in $4.7 million net loss. (11/03) Changes name to Transaction Enabling Systems http://www.tes-edi.com/ (10/03) Net Loss $3.2 million for 3rd Q (10/03) class action filed. (5/03) Record Fine/Judgment Under the terms of the settlement with the Federal Trade Commission, Leasecomm will stop collection efforts on all outstanding judgments, totaling $24 million, involving the financing of the software and equipment for processing credit-card transactions. The company also agreed to stop financing those kinds of business opportunities in the future. Leasecomm will also pay a $1 million fine to be split by the states of Massachusetts, Florida, Illinois, Kansas, North Carolina, North Dakota and Texas. The district attorney for Ventura County, Calif. will also receive a portion of that fine. The company was looking for a financial partner, and there is the question regarding the selling of $500,000 stock by an executive officer before the stock took a nose dive. The company was also recently "re-listed" on the exchange. http://www.leasingnews.org/archives/June%202003/06_02_2003.htm#24 (5/03) New York Stock Exchange has accepted the Company's proposed compliance plan for continued listing on the Exchange (5/2003) Files $0.8 million quarter loss http://www.leasingnews.org/archives/May%202003/05_08_2003.htm#micro (4/2003) delays filing for 15 days with SEC (3/2003) to be de-listed (3/2003) Net loss for year-end was $7.7 million. http://www.leasingnews.org/archives/March%202003/03-11-03.htm#micro (2/2003) Stocks Falls to .73 cents on Friday, 12/2002-----The Board of Directors of MicroFinancial Inc. (NYSE:MFI) has suspended its dividend to comply with the Company's banking agreements. (11/2002) Leasecomm closes, shuts off all brokers, won't fund deals approved "Goes Down---CEO Sells $500,000 Stock Before the News." ( Microfinancial Stories )Waltham, MA (8/2001) Leasecomm, Attorney General investigating, many complaints on line .

 

 

September

 

    American Express/Sierra Cities/Rockford (9/04) The Gazelle is Back! Registered for the October 27th Equipment Leasing Association Conference in Palm Desert, California:

Mr. Thomas J. Depping MAIN STREET INVESTMENT PARTNERS

Mr. Robert H. Quinn, Jr. MAIN STREET INVESTMENT PARTNERS (3/2004) 40 Amex Leasing Employees Let Go in Santa Ana, closing down the office imaging-copier processing center in Santa Ana, CA.---- where the old Rockford use to be in the Xerox building on Third Street. Much of the health operation went back to Parsippany (NJ), and some moved to the old Sierra Cities location in Houston, Texas. The main reason for the closing of the operation here--the building lease was originally to Rockford and it expired. Some HR and marketing will remain in Santa Ana., about ten. All employees were offered jobs in other American Express locations. (11/2002) Lays off salesmen, rumors float they are about to get out of leasing business; Richard Anderson does not return telephone calls to confirm or deny. (09/2001) American Express Business Finance has closed down their broker division. We can submit deals until 10/12/01. All deals must be funded by 12/31/01. Unconfirmed rumors that salesmen are now going after the broker vendor accounts. We are seeking to confirm or deny this. (8/2001) Discovers up to $20 million write-off with RW Leasing portfolio, other portfolio's, alleged stock fraud, Amex declares they are investigating (7/2001) pretax write-down of $826 million that will pummel, second-quarter profits. The company also unveiled plans to cut as many as 5,000 more jobs because of the weak economy. Rumors abound about portfolio performance and major problems in the woodpile/going the way Rockford Industries went. (5/2001) New Name: "American Express Business Finance" (4/2001) Merger complete, Depping resigns as "gazelle" (3/31/2001) American Express completes purchase/merger (3/2001) Sierra Cities-Amex Merger gets green light by authorities (2/2001) offer from American Express for $5.68 per share in cash. We predicted this last week, naming the company and floor price. American Express active in equipment leasing, likes what it sees, and Sierra Cities is the vehicle, not Advanta or others that it has viewed to purchase. (1/2001) VerticalNet Merger falls apart. (1/16/01) Sells Off UK Assets. (7/2000) 2nd quarter loss, see report http://www.leasingnews.org/articles.doc/newsletter3.htm.

 

    Siemens Financial Services, Iselin, NJ. (9/04) Enters Small Ticket Fray "The current marketplace demands a provider who can allot as much attention to smaller client needs as it would a large-ticket contract," SFS President and CEO, Bill Zadrozny declares. "SFS now has the capabilities, dedication, and expertise to fulfill such a role."

 

    RW Professional, Long Island, NY (9/04) Drayer Fires Attorneys, Trial Postponed until March, 2005 (8/04) Trial scheduled for October 14,2004. http://www.leasingnews.org/archives/August_2004/8-09-2004.htm#rw (6/2004) Trial to start October 14 th , 2004 http://www.leasingnews.org/Conscious-Top%20Stories/RW_update7.htm (11/03)Jury to be selected for trial on April 12,2004 (9/03) Defendants on bail, "house confined," with trial to start April 12, 2004. "Status Conference adjourned to 11/14/03 @ 1:30 p.m. before USDJ Spatt. Conference held. Speedy Trial Information on Dfts: Code Type: XT, Start Date: 9/5/03, Stop Date: 4/12/04. Excludable Delay entered on the record. Next Status Conference: 1) Conclude discovery 2) Set motion schedule. Questionnaires two weeks before jury selection on 3/30/04. 3/31/04 counsel to pick up questionnaires. 4/6/04 all counsel to agree on jurors who will return for Jury Selection. Jury Selection 4/12/04 @ 9:00 a.m. Consent to Magistrate Judge selecting jury by dfts and govt. No adjournments of Jury Selection date will be granted. Re: Bradley Simon's Letter dated 9/2/03. Govt. to move documents to another location and keep boxes (2nd set) for the Courthouse." Last file is a letter: "Ms. Besser is currently subject to a 7:00 p.m. curfew as part of her pre-trial supervision and requests that the curfew be lifted on 10/19/03 so she may participate in a gathering in Manhattan." It appears for the defendants to ask to either/or travel from their home or at certain hours, as they are remanded to their residence with electronic monitors on their ankle.

"MINUTE ENTRY; before USDJ Spatt on 9/5/03 @ 11:30 a.m., for Criminal Cause for Status Conference as to Dfts Payaddi Shivashankar, Susan Cottrell, Adam Drayer, Roger Drayer, RW Professional Leasing Services Corp., Rochelle Besser, Barry Drayer. Dft RW Professional Leasing Services Corp. present on bail with retained counsel Stuart E. Abrams. Dft Rochelle Besser present on bail with retained counsel Stuart Abrams. Dft Barry Drayer present on bail with retain counsel Stephen L. Cohen. Dft Roger Drayer present on bail with retained counsel Jerald Rosenthal. Dft Adam Drayer present on bail with retained counsel Thomas Marino. Dft Susan Cottrell present on bail with retained counsel Jerald Rosenthal. Dft Payaddi Shivashankar present in custody with CJA counsel Edward Jenks. Govt: Geoffrey Kaiser. Court Reporter: Harry Rapaport. Case called. Status Conference adjourned to 11/14/03 @ 1:30 p.m. before USDJ Spatt. Conference held. Speedy Trial Information on Dfts: Code Type: XT, Start Date: 9/5/03, Stop Date: 4/12/04. Excludable Delay entered on the record. Next Status Conference: 1) Conclude discovery 2) Set motion schedule. Questionnaires two weeks before jury selection on 3/30/04. 3/31/04 counsel to pick up questionnaires. 4/6/04 all counsel to agree on jurors who will return for Jury Selection. Jury Selection 4/12/04 @ 9:00 a.m. Consent to Magistrate Judge selecting jury by dfts and govt. No adjournments of Jury Selection date will be granted. Re: Bradley Simon's Letter dated 9/2/03. Govt to move documents to another location and keep boxes (2nd set) for the Courthouse. Notice of Appearance filed by Jerald Rosenthal for dft #4. (Coleman, Laurie)" (6/2002) 40 FBI agents raided the offices and arrested Barry and Rochelle, Roger and Jennifer Drayer. The investigation found $6.5 Million of fraud.  Prosecutors said that the company, the RW Professional Leasing Corporation, concocted  elaborate schemes using up to 100 rented mailboxes as far away as California to send  phony checks, sham invoices, bogus leases and other false documents to banks in various states. Based on those documents, the banks lent RW millions of dollars to buy equipment and lease it out, prosecutors said. The schemes included multiple loans from different banks for the same medical equipment and loans for equipment that was never bought or leased,  prosecutors said. Take the Money and Run:

Part I,
http://www.leasingnews.org/Conscious-Top%20Stories/moneyandrun1.htm

Part II,
http://www.leasingnews.org/Conscious-Top%20Stories/moneyandrun2.htm

Part III
http://www.leasingnews.org/Conscious-Top%20Stories/moneyandrun3.htm

 

    Adirondack Leasing Associates, Rensselaer NY. (9/04) Gerry Oestreich sells his company to First Niagara Bank, Lockport, NY.” I'm here for at least 4 more years and could be more. They say it's not work if you're having fun!” he declares.

 

 

 

 

August

 

    Funding Tree (8/04) Kendra Bernal sentencing moved to October 13,2004 (7/2004) Funding Tree Kendra Bernal in Utah, out on $184,000 bail, due to report in California on August 25, 2004 for sentencing. (3/2003) wrap-up by the late award winning journalist Rene Tankersley, Landline Magazine: http://www.leasingnews.org/archives/March%202003/03-12-03.htm Nevada Attorney General Closes Legacy/Funding Tree Down http://www.leasingnews.org/archives/February%202003/ 02-27-03.htm#fdic the Year-end wrap-up by Rene Tankersley, Landline Magazine http://www.leasingnews.org/archives/February%202003/02-12-03.htm#easy (2/2003)---"I Really Didn't Know." Telemarketer confesses for her action, tells all: (2/2003)Rene Tankersley Landline Magazine up-dated 12/2002---Complaints continue about Funding Tree operation in Nevada keeping advance rentals. (10/2002) In the last episode, Kendra Bernal had resigned (went back to jail), a new president was named, and according to the attorney of record, the hearing before the California Department of Corporations was cancelled. The corporation did not have a Finance Lender's License to conduct business, and further was ordered to desist. The Funding Tree was appealing, until Kendra Bernal was arrested for violating parole. It appears The Funding Tree has moved to the State of Nevada, where a license is not required. Leasing News has two complaints, one in Maryland, the other in Kentucky, where advance rentals have been paid, one where the vendor has not been paid for the limousine, but leasing payments were taken out of the lessee bank by ACH. Riverside, CA ( 6/2002) New president says there is hope past vendors and brokers will be paid. Dept. of Corp. "cease and desist order" still in place. Riverside DA Jerry Fox warns, "Don't take advance rentals if there is no lease approval. "(6/2002) Kendra Bernal arrested for allegedly violating parole (5/2002) More complaints, although e-mails say some deals have funded and vendors have been paid---hope--- (5/2002) Many more complaints (4/2002) Many complaints. Vendors/brokers not paid.

 

    Leasing Institute of America (8/04) New Institute to train lease brokers, place deals http://www.leasingnews.org/archives/August_2004/

8-18-2004.htm#lease

 

    PDS Gaming Corporation dba PDS Leasing, Nevada (8/04) PDS Gaming 2nd Q Up $10 Million (4/2004) PDS Gaming $1.6M Net Loss for 4th But YE 2003 $659,000 Profit

 

    One World Leasing (8/04) Co-op adds six new members, new exec. dir. gets company going. http://www.leasingnews.org/archives/August_2004/

8-06-2004.htm#one (11/03) Down to five members, but seeks new president (2/2003) Loses three members, obtains new CEO.

http://www.leasingnews.org/#world

 

    Thalman Financial, Apple Valley, CA. (8/04) also known as NowLease, Andrew Thorn leaves leasing industry for www.telioscorp.com.

http://www.leasingnews.org/archives/August_2004/

8-03-2004.htm#andrew

 

    Pinnfund/PinnLeasing (8/04) Larsen gets prison term, told to repay investors http://www.leasingnews.org/archives/August_2004/8-03-2004.htm#larsen (12/03) Tommy A. Larsen, president of PinnLease, admitted to scheming to funnel money from bogus equipment leases to himself, among other charges. He pleaded guilty to scheming to obtain funds for PinnFund U.S.A. through fraudulent equipment leases, and laundering kickbacks of those funds to the mortgage lender and himself through sham transactions and false invoices, prosecutors said. Larsen also pleaded guilty to obstruction of justice in connection with his previous attempt to provide false testimony in federal court. The defendant also pleaded guilty to evading taxes with respect to his 1999 and 2000 federal income taxes by charging personal expenditures to PinnFund, by structuring his compensation to avoid payroll taxes, and by hiding the proceeds of illicit activity in offshore financial institutions. Sentencing is set for April 5 before U.S. District Judge Marilyn Huff. (11/03) Jury trial set for 9:00 3/16/04 for Tommy A Larsen, for Kim A. Larsen before Judge Marilyn Huff (2/2003) PinnLeasing President denied bail (2/2003) Four indicted on charges of fraud in the PinnFund case ) (2/2003)Former Pinnfund CEO plea bargain- 10 years in prison  12/2002--A former employee of defunct PinnFund USA, a Carlsbad mortgage lender that imploded in March 2001 when regulators uncovered a $300-million pyramid scheme, pleaded guilty to lying to a federal grand jury. U.S. Attorney Carol Lam said Kimberly Hulihee admitted that she provided false testimony on Nov. 14 to a federal grand jury investigating the removal of files and other materials from a PinnFund subsidiary - PinnLease USA Inc. Hulihee, 38, was the former office manager of PinnLease, and later a company linked to former PinnLease President Tommy Larsen called Aloha Pacific Leasing. Hulihee is the second person to plead guilty to criminal charges in the PinnFund fraud. Former PinnFund chief executive Michael Fanghella also has admitted to myriad federal charges. He is cooperating with authorities and remains behind bars in the Metropolitan Correctional Center in San Diego awaiting sentencing. Larsen faces a pending civil suit related to the PinnFund fraud but no criminal charges, according to court documents. (8/2002) Federal authorities plan to auction expensive wine, jewelry and coins seized from the Ramona house of John D. Garitta, the former PinnFund USA chief financial officer who pleaded guilty last week to securities fraud charges.  Merchandise to be sold at the auction includes more than 400 bottles of wine worth an estimated $163,000,  $480,000 in jewelry and gems and $19,000 in collectible coins.  The auction will be held in Rancho Dominguez in the Los Angeles area.  (7/2002) investors in Carlsbad's defunct PinnFund USA sue the PricewaterhouseCoopers Accounting Firm for failing to detect fraud at the Company.  (4/2002) the Receiver in the case filed a lawsuit against Tommy Larsen,  related companies and a law firm, in bankruptcy court. It's a preference that may climb to $6.7 million. Larsen denies it all, and says, "prove it!"  (12/2001 ) a top Executive Officer  to turn over $47 deal/judge makes okay as it favors return of investor money. http://www.leasingnews.org/archives/December%202001/12-07-01.htm.  (11/2001) Girlfriend to return millions. http://www.leasingnews.org/archives/November%202001/11-01-01.htm.  (8/2001) Fanghella pleads not guilty to all charges, remains in jail. (8/2001)  A federal grand jury indicted PinnFund USA founder Michael J.Fanghella 20-count indictment; 19 counts in the indictment carry a maximum penalty of 10 years in prison and a $250,000 fine. One count -- filing false financial information with the U.S. Dept of housing and Urban Development -- carries a maximum penalty of 30 years in prison and a $1 million fine. (8/2001) In San Diego Feds file charges for filing false financial statements plus criminal charges for bilking at least 166 investors out of $330 million after Fanghella turns self in.  (7/2001 )  Barbados Court Freezes PinnFund Exec's Assets (6/2001) Leasing News considers it a “not guilty” judgment against Tommy Larsen, but Larsen's lawyer basically agreed to comply with the temporary restraining order of March 23 and agreed that Mr. Larsen would give an accounting of any possible gains he received that rightfully belong to PinnFund.  Since he gave in to everything the receiver wanted, he was not held in contempt. The records shows that being acquitted or not guilty was not what happened.  The judge found he wasn't in contempt because, going forward, he agreed to cooperate fully. (6/2001) Judge Hands Down $109 M Default Judgment in PinnFund Scandal.  Bounty Hunters Get the Nod to Go Get 'Em  (4/2001) Judge continues freeze of assets.  Founder of PinnFund skips bail, judge issues arrest warrant ( 3/2001)  PinnFund out of money, closes all offices, including leasing.  Newspaper stories say “Millions of  dollars are gone.” (3/2001) PinnLease USA to Fold 47 Nationwide Offices-- $100 Million Fraud, reads like a tabloid story, perhaps largest  fraud in West Coast history. 

 

    Corporate Capital Leasing Group (8/04) grows to 24 offices by advertising on eBay. http://www.leasingnews.org/archives/August_2004/

8-02-2004.htm#corporate

 

 

July

 

    LPI Financial Services, Inc.,GA. (7/04) Charlie Lester sells his company, new name is LPI Healthcare Financial Services, Inc. owned by Kurt Hess and Kay Smith. “ I love it--I do credit, sales and consulting for them on an as needed basis. Goof off the rest of the time,” he says.

 

Visit our website by clickng on the logo below 122-A Foothill Blvd., Arcadia, CA. 91006 Voice 626-305-1053 . Fax 626-305-0019 . ted@cclease.com

 [headlines]

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CIT Small Business Outlook Reflects Continued Confidence

in the Future of the U.S. Economy

 

     Survey Cites A Need To Focus On Business Basics In Order to Achieve

                              Sustainable Growth

 

    NEW YORK, Oct. 14 /PRNewswire-FirstCall/ -- Small business owners and executives maintain their positive outlook for business growth despite an uneven economic recovery, heightened government regulation, slower-than-expected business spending and higher oil prices, according to CIT's 2004 Small Business Outlook, a nationwide survey conducted jointly by CIT Group Inc. (NYSE: CIT) and Business Week Research Services.

 

    "The continued enthusiasm expressed by small businesses across the country is an encouraging indicator of the strength of the U.S. economic recovery, which is positive news for both entrepreneurs and corporate America," said Tom Hallman, Vice Chairman of CIT's Specialty Finance group.  "Interestingly, our survey shows that small business owners are confident about meeting their growth targets, while also focused on closely managing expansion to maintain a consistently strong position going forward."

 

    Acutely aware of the dangers that come with rapid expansion, survey responses showed that most business owners were taking a more measured approach to growing their business.   Small companies are more focused on business basics, such as hiring, managing healthcare, investing in new technologies and financing their growth.  "The results show that while most companies are optimistic about the future, they want to be prepared for all economic cycles," Hallman added.

 

    Continued Confidence

 

    The semi-annual survey, which focuses on how small companies view the process of growing their businesses, identified three main areas of confidence in the small business marketplace: near future revenues; the return on investment (ROI); and steady increases in technology spending.

 

     -- 28% of respondents expect sales to increase between 10-20% in 2004,  compared to 25% in the April survey

     -- 79% of respondents consider the current climate a good time to invest  in their businesses, slightly lower than the 85% level in the April  survey

     -- 60% of respondents expect to increase technology spending and

        investment, compared to 47% in April

 

    While investment in technology may be down in certain sectors of the U.S.economy, small business owners continue to cite technology spending as a number one priority.

 

    "Companies that reduced their spending last year are ready to invest in growth this year," said John Canning, President of CIT Small Business Lending Corporation, a subsidiary of CIT.   "These numbers illustrate a tremendous confidence among small business owners that the investments they make today will result in strong future growth."

 

    Rising Cost Of Doing Business

    Growth does have a cost, according to the survey, and in some areas these costs are fast becoming a disproportionate burden.  Many small business owners felt that the costs associated with The Sarbanes-Oxley Act and related government regulations are currently impacting small businesses.  Sarbanes- Oxley, enacted in 2002 and administered by the Securities and Exchange Commission (SEC), specifies a set of guidelines for how companies report and

control their financial records.

 

    Twenty-six percent of respondents, versus 16% in April, cite the need to invest in additional resources for financial controls.  Thirty-nine percent of respondents feel that corporate governance regulations have affected how their companies conduct business, and 30% cite government regulations as barriers to growth.  Additional inhibitors to growth include:

 

     -- Heath care costs (37% of respondents)

     -- Competition (42% of respondents)

 

    In light of the upcoming Presidential Election, participants were asked which political party's policies would have a more positive impact on the U.S. economy:

     -- 47% prefer Republican policies

     -- 35% prefer Democrat's policies

     -- 18% are undecided

 

    About the Survey

    The first phase of the CIT Small Business Survey, conducted in April 2004, focused on companies and their need for capital.  This second phase of the survey was again conducted jointly with CIT and BusinessWeek Research Services, and explored specifically on how companies view the process of growing their businesses.  The survey collected responses from a sample of 448 companies nationwide with approximately 5 to 100 employees and revenues between $500,000 and $15 million.

 

    About CIT and Small Businesses

    CIT Small Business Lending Corporation offers Small Business

Administration (SBA) loans to finance business acquisitions, owner-occupied real estate purchases and franchise start-ups through a network of field representatives. The nation's No. 1 SBA lender, CIT Small Business Lending has been designated a "Preferred Lender" by the SBA and can provide quick credit decisions and loan closings. The company's website and online SBA loan application are located at

http://www.smallbizlending.com.

    CIT also helps small businesses finance and lease office products, office technology and telecommunications equipment.  In addition, CIT provides business credit services, including secured loans, leasing, receivables financing, real estate financing and factoring to companies and medical professionals.

 

    About CIT

    CIT Group Inc. (NYSE: CIT), a leading commercial finance company, provides clients with financing and leasing products and advisory services.  Founded in 1908, CIT has nearly $50 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries.  CIT, a Fortune 500 company, holds leading positions in vendor financing, factoring, Small

Business Administration loans, equipment and transportation financing, and asset-based lending.  CIT has approximately 5,800 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim.  For more information, visit http://www.cit.com

 

    About BusinessWeek Research Services

    BusinessWeek Research Services (BWRS) is the custom marketing research division of BusinessWeek with more than 50 years of combined experience.  This group of research experts regularly conducts primary research studies for established companies including technology and financial clients as well as leading agencies.

 

SOURCE  CIT Group Inc.

 

[headlines]

### Press Release ########################

 

IFC Credit VP Named to ELA Small Ticket Committee

 

MORTON GROVE, Illinois,  John Estok, Chief Operations Officer of IFC Credit Corporation has been named to the Equipment Leasing Association's Small Ticket Business Council Steering Committee.

 

The ELA Small-Ticket Business Council Committee's mission is to facilitate interaction between member companies and the ELA, and to represent the concerns of ELA member companies primarily involved in the small ticket business, determine program priorities and develop needs-based initiatives.

 

Mr. Estok has been involved in the equipment leasing industry since 1972. He joined IFC Credit Corporation in 2003 with IFC's acquisition of  First Portland Corporation (dba FirstCorp) where he served as President.  Previously, Mr. Estok was Executive Vice President and COO of Hitachi Credit Canada Inc., in Mississauga, Canada; President and CEO of Industrial Leasing Corporation of Portland, Oregon; and Executive Vice President of Norex Leasing, Burlington, Canada. He is also past President of the Equipment Lessors Association

of Canada.

 

For additional information contact:

 

Brian Cascarano

Vice President of Marketing

IFC Credit Corporation

847.663.6700

bcascarano@ifccredit.com

 

[headlines]

### Press Release ########################

 

DocuSign Announces First Complete Online Signing Service

 

 

- Enables Any Windows Application to Send Documents for Signature Instantly -

 

SEATTLE, DocuSign, Inc., the leading online signing service, announced the first-ever complete web service for signing documents online.  A revolutionary new way to