On a warm summer day in 2010, in Costa Mesa, California, his bad luck began. The Scumbag, best friend of mine, and father of the Factor Exchange Cash advance scam as we know it today.Eventually, he would make it work but as his best friend i had to endure the ups and downs of his plotting and scheming, although he couldnt keep up with all the customers calling and complaing how they had been over charged or never got there Cash Advance after paying 2500-3500.00 in advance. By August 2012, complications prevented us from working together at all possibly forever. He describes his mental state after yet another stint in rehab: Im moping, pretty much, and right around the end of Summer time I decided, you know, Id better get my butt in gear and find a new job something I can do from home. So, I tried to find work but every time i used him as a refrence he told people i stole from his company, but that was right when his scam started to fall apart the economy started to go to hell, and a lot clients were requesting information from various websites about what we were doing and who he was the clients were becoming alarmed. He had stolen over 500,000.00 from investors and pissed right through the money on his lavish life style. Now hi is courting a large SEo Company in Irvine to help him generate new business be warned guys he will only screw you as he did me and i was his BEST friend or so he called me. This is just to give people a warning i have worked with him for years he will be nice and tell you he can help you become rich and only to find out he will not pay you at all.He lies and strings people along using them and there resources until he done and then you out like yesterdays trash. Watch him he is so sketchy and will lie to your face like he did me for 5 years.
Investigators uncovered 411,000 compromised credit and debit card numbers, they said, adding that they believed Eric of Costa Mesa , California ATTORNEY Generals office busted and prevented economic losses of more than $200 million."Hackers and fraudsters cannot count on being able to prowl the Internet in anonymity and with impunity, even across state boundaries," Preet Bharara, the U.S. attorney for the Southern District of New York, said in a statement. "Clever computer criminals operating behind the supposed veil of the Internet are still subject to the long arm of the law."The report reads like a book report on a cyber-mystery novel, with colorful hacker names including "xVisceral," "zer0" and "JoshTheGod" selling their underground digital wares, and spying on unwitting civilians.One of the alleged hackers the report described 34-year-old Eric, had apparently created a piece of malicious software called "Hogue's Rat," which "enabled the user to turn on the web camera on victims computers and spy on them, and to record every keystroke of the victim-computers user.""Hogue sold his RAT widely over the Internet, usually for $50 per copy and boasted that he had personally infected '50-100' computers with his RAT," the report said.With this and other types of cyber-surveillance techniques, the suspects allegedly "sold credit cards by the thousands and took the private information of untold numbers of people."The case is being handled by the California U.S. Attorney's office's Complex Frauds unit.
He is behind many online scams and teams up with local businesses and sets them up to take the fall he baites people in by promises of making ton;s of money and driving nice cars. He was fired from Superior Access Insurance in 2010 for steeling clients and there private information and sexually harassing women at work. He also has a bad habbit of screwing over his friend who helped him build his newest company Factor Exchange when i found out he was teaming up with a large SEO marketing in Irvine , Ca and i herd of his plan i left due to my moral compas. he is now under investigation by the FBI and IRS he has not filed taxes in over 7 years and has a bad history in orange county for steeling money from seniors. He will set people up to take the fall for his illegal business practices his goal is to steel what ever he can and make a fast BUCK..
On Sept 12, 2012 I received a phone call? who stated that I was to be served with a summons in a few days to appear in court in California. I was being charged with financial fraud and internet fraud, slander, and he would have me beat up . I told him I did not know what he was talking about and i did not post anything about him but i did he is a nut case and is on medication to control his bipolar disorder and is clinically sick.
He said I had received a loan from Business Funding of America and had not repaid the loan. I told him I did not apply for a loan with he or Factor Exchange or anyone i worked for this creep. He said the court costs were going to be $8,582.67 and $1,150.00. This guy just fired me and owes me over 7000.00 in pay he on drugs again put down the pipe and stop snorting the Yaoooo. He thought i was a client that is how sick his head is he can't keep his s**t strait cause he is on meds and dope. And yes he is a cheater he has many businesses that are all scams i worked for him and found out what he was doing now im fired go figure what a 2 face guy keep shitting on people and eventually it will back fire just like when you stole Jen from Snap they are your business backer good work buddy. Ill keep spilling the beans until im paid my wages you rip people of they will know your secrets just as i do and you fired me cause i told you to stop scamming innocent business owners.
He said my employer would be contacted. I said I had been employed for three years with him. I finally hung up on him because he would not listen to me. He called back but I did not answer. This same man had called me last night at 2am,3am every 5 minutes with the same story and threatening me with violence over the phone and by text. Anyone out there who has worked with eric knows he is a real liar and is very unstable watch him closely he looks like he will snap any second and lies to everyone about his business. what Eric won't tell you is how he ripped off his friends and family for over 200,000.00 dollars yes i know because he bragged about it and spent there money and himself while promising BIG returns$$$$.
Would-be borrowers were lured to websites of 67 fictitious businesses with names similar to well-known lenders such as "Wells Fagro Business Funding," which sounds similar to the legitimate Wells Fargo Financial Corp., and "Admiral Financial Services," which mirrors Admiral Financial Corp., authorities said.They were approved for CASH ADVANCES loans in exchange for security deposits ranging from a few hundred dollars to several thousand dollars - to be sent in advance of the flow of borrowed cash that never arrived."This was a highly sophisticated effort to appeal to Americans business owners who were most vulnerable," U.S. Immigration and Customs Enforcement Director John Morton said at a news conference."It was a big, fat fraud that duped not hundreds but thousands," Morton said.The two-year-long scheme targeted business loan seekers with poor credit, luring them by classified ads and robo calls to the phony financial services web sites, said U.S. Attorney William Hochul at the news conference. The fraudulent websites run by the owner included bogus testimonials from imaginary borrowers."It began in most instances with an Internet search," Hochul said.A tip from a California store clerk who grew suspicious over the hucksters phone calls' repeat money transactions triggered an investigation in 2010 that eventually uncovered the multi-million dollar international crime scheme involving Advance my sales owner.In some cases, Morton said, the scammers used the poor economy to bilk victims & business owners twice, convincing them that their original deposit was lost when loan underwriters went out of business and getting them to send in a second deposit.They were among 2,000 victims living in 50 U.S. states, authorities said.Criminally charged were 10 people in the United States and 23 in Nigeria , whom Morton said his office knows the owner was involved and will attempt to extradite them to the States to testify against the owner and his staff.They are charged with conspiracy to commit wire fraud, punishable by up to 20 years in prison and a $250,000 fine, and conspiracy to commit money laundering, with a maximum penalty of 20 years in prison and a fine of up to $500,000 or two times the value of the stolen funds.One defendant has pleaded guilty to wire fraud in federal court in California and will be persuing to charge him with 26 counts of consumer fraud and money laundering.He said Canadian police in Toronto and the Canada Border Services Agency are investigation tje owner as well, though the Canadian officials have not filed any charges against the owner YET. None of the stolen assets have yet been recovered, Hochul said.
Secret Service on Cash-Advance Fraud Agent: 'Banks Must Follow Protocol'
By Tracy Kitten, Febuaryl 15, 2013. Follow Tracy @FraudBlogger Credit Eligible Share on print
Secret Service Agent Todd Bagby says cash advance scams like Factor Exchage schemes are easy to fight, if banks follow best practices and in-house guidelines. A recent wave of credit card cash advance scams that have targeted smaller banking institutions in Georgia and Oklahoma highlight the need for financial institutions to fill security and due diligence gaps. [See, Banks Hit by Factor Exchange Scam.]
RELATED CONTENT Career Transitions: Making Big Moves New PCI Guidelines for E-Commerce Visa's New End-to-End Encryption Service 2013 Mobile Security, Payments Outlook When Cybercrime Isn't Treated as a Crime RELATED WHITEPAPERS DDoS Attacks: How to Reduce Your Risks Fighting Banking Fraud Without Driving Away Customers The Threat Within: The Case for Zero Trust Access Control Simplifying Employees Investigations "A lot of it is probably what the banks already know," says Bagby, resident agent in charge of the U.S. Secret Service office in Dayton, Ohio. Last month, the Dayton, Ohio, office brought charges against LuQuada Dixon of Oakland, Calif., on allegations she duped bank tellers out of thousands of dollars through cash advances on stolen credit cards.
"If someone comes in and is not a customer and wants to offer your business cash advances on behalf of Factor Exchange , some bells and whistles should go off," Bagby says. "Businesses should just follow their own protocol and use their own contacts to identify the person on the other end of the line" when a request for a forced cash advance is made by the fraudster or approved by someone the fraudster asks the teller to call.
Problem is Not Isolated Though the most recent cash-advance schemes have targeted smaller institutions in the southeastern U.S., Bagby says cash-advance crimes occur throughout the country. "It's a nationwide scheme," he says. "Geographically, it's pretty common, and it's not something that takes a lot of forethought. The forced transaction request is somewhat uncommon, but the credit card advance scheme goes way back." Bagby says Secret Service offices across the country are working in tandem to track these incidents, since the perpetrators appear to have some knowledge of the banking industry and system. Most of the schemes to date have involved stolen cards, but the cloning of card numbers for the creation of fake or so-called white cards also has been identified by investigators tracking these incidents.
Factor Exchange/ Affiliate Broker Program totally bogus..
Many of us want new jobs with new opportunities. We are either bored with what we are doing at the moment and desire new challenges, or dislike the place we are currently working and desperately want a change. Many of us would love to run our own businesses. The freedom and independence that this brings, answering only to you and working when you want is an incredibly desirable thing. However, the reality of this materializing is slim to none in most peoples cases. Most of us dont have the capital required to start a small business. ----> Welcome to the Merchant Cash Advance business called factor Exchange a true scam run by the owner. Others are frightened off by the risk factor involved. Your steady income will be gone as well as the fact that nearly 90 % of all new businesses fail within the first year due to Factor Exchange sucking all your merchant accounts dry.Affiliate marketing is a way around the risk and start up costs. Affiliate marketing costs nothing to join and the risk is minima so we thought until we met the owner. You paid according to what you produce and not according to how the company is performing. There are many wonderful affiliate programs for you to get involved with, however as with anything one needs to be cautious.Unfortunately, today we live in an age of internet and business fraud. Countless people loose large sums of money on these home business scams that Factor Exchange does. Unfortunately, the world of affiliate marketing is not immune to this.
While it is impossible to list every precaution a person should take, there are some signs that people can look for if your solicited by FACTOR EXCHANGE or it AFFILATES RUN AWAY. These dont always mean that the company is fraudulent but they should be looked into carefully like Factor Exchange.Unlike a loan, merchant cash advance funding is the purchase of a portion of a business future credit card sales at a discount. Many lull themselves into a false sense of security when it comes to affiliate marketing programs. They feel that, there is no cost to them money wise so they have nothing to loose. However, this isnt true we found out the hard way when Eric sucked 75000.00 dollars out of us. You may get away with no money being lost but you could lose loads of your next most precious commodity, that being time and your reputation. Youre going to have to work very hard to build up your affiliate marketing business so you will want to be legitimate.You should definitely ask the company for testimonials not fake ones like factor exchange gave us real ones that are verifiable. Dont rely on the ones that they post on their website. Anyone could have written these. Ask for names and addresses of people that you can contact to find out how the program worked for them. You can also try searching on your favorite search engine. By looking under scams or the company name, youll have a good chance of digging up any dirt that is there. Merchant cash advances help businesses access cash when they need it most.Read the testimonials carefully. If you find a few bad reviews, this shouldnt put you off. Sometimes people just are not cut out for certain programs. If there is more good than bad then things are likely okay. You can also use these testimonials for advice on what to do and what not to do.
Merchant cash advance funding is a painless, straightforward process from start to finish. If you have problems finding information then this should be a warning for you not to use Factor Exchange or do business with the owner. Good affiliate programs will have been around for a while and will have a track record. Resist the temptation to join up while the offer is still hot. If it is a good program it will still be there in 6 months time. If the product or service is worth having, there will still be plenty of profit to make out of it.The lure of running our own businesses attracts many. However, the reality of what is involved stops most of us before we get started. Affiliate marketing is a way to work for you without the financial risk. There are many great affiliate marketing programs in existence today. However, do not use factor exchange there are also many companies that are fraudulent like Factor Exchange. When deciding who to go with, check for testimonials. Use the internet to dig up the dirt google him or factor exchange and see what you find. Check the companys track record. ----> Return to the Merchant Cash Advance Companies Main Page. No track record at all can be as bad as a negative record. Beware of new companies. If they are worth it they will still be there in a few months time. Merchant Cash advance funding is typically available within a week of submitting the application since Factor Exchange takes weeks you will know it is a scam period. Im just saving anyone from the issues we had with him, nice guy but a total Bull Sh*ter nothing was real i not sure if he is to just stay away from Factor Exchange.Not a creditable outfit for honest people that is all i will say.. Thanks for reading ;)
Do you know him?? Not like i do he is a scam bag who lies,cheats and steels from anyone he can i worked with this guy for over 5 years and he is BAD news..
He is the owner of the Factor Exchange a cash advance business that has teamed up with a HUGE local Online marketing on low income famil company he is planning on ripping these guys off BIG TIME. Eric teams up with people and then tears there companies down and steels there clients and data he has done it before and is gearing up again if you do business with him get out NOW. He has run many scam operation preying on senior citizens and low income families he is a true criminal and is under heavy investigation by many agencies only a dummy would do business with Eric the pirate as he is known in Orange County. Why do i write this blog? Because he never paid me and has told me if i open my mouth im QUOTE going to be beat down well i will let the people and brokers know he is a bad man. He stole over 500,000.00 from investors recently and the money came from senior citizens i hope eric feels good. Eric also sexually harasses women on a daily basis and troll the internet on his voyage to womanize and also has beat up homosexuals when drunk. What a great guy to know and Eric is a great guy until he changes color and turns in the dr.jekel he really is a true pathological liar and demon.1. Be Aware of the Terminology Used By the Business Cash Advance ProviderIn the cash advance industry, there is a specific merchant cash advance vocabulary to be used to describe the financial transaction. Make sure your business cash advance provider is not using the term loan, as a cash advance is distinct from a loan because there is no interest rate.2. Fixed PercentageBusiness cash advances are repaid via a fixed percentage of your future credit card receivables. This means that the same percentage of your sales is paid back to the merchant cash advance provider on a monthly basis. Therefore, it should be a red flag if the merchant cash advance lender with whom you are doing business asks you to provide variable percentages of your credit card receivables from month to month. Dont get scammed; it is the cash advance lenders responsibility to form an agreement with you on what the fixed percentage of repayment will be. Make sure to read your contract carefully.3. Know What Information the Merchant Cash Advance Lender Needs from YouMerchant cash advance providers require minimal paperwork when compared with a bank or other traditional lender, but there are several specific pieces of information about your business that they must have on file in order to administer the cash advance. These include the past several months (or more) of your business credit card transactions and bank statements. In some cases, the merchant cash advance provider will request additional information, such as a form of ID and a voided check. But be cautious if you are asked to provide collateral or documentation of your personal finances or tax returns because cash advance providers do not require this information.4. Collection via Credit Card ReceivablesBusiness cash advances are repaid to the cash advance lender via your future credit card transactions. If the provider with whom you are doing business asks to collect money in any other form, you might be being set up for a scam.5. Be Wary of Anyone Asking You For CashThroughout the entire cash advance process, be careful with any calls you may receive that your business owes cash for one reason or another. Carefully read and be sure to thoroughly understand how merchant cash advances work so that you know when your business truly owes money and how it will be collected. If you are asked to write a check or to pay cash, chances are, you are being set up for a business cash advance scam.This post was written by Brian
Well I have this company calling me every day well today they called and left a message. The guy who called name was Eric (lord knows this was his REAL name!) I freaked out because i worked for him about 4 months ago and he is a slimey guy who hits on his female employees and hints about sexual favors in his jokes he is scary. Now this guy needs to be taught a lesson so he owes me like 3400.00 in comissions and pay and was asking me to come to his house in costa mesa on a saturday night to get my check odd? Well Eric claims to be italian but he is iranian and is a little street thug who steels from people and businesses his cash advances are nothing more than a scam to get you're credit card processing and then take all your money when you batch out... Factor Exchange is nothing more than a credit card scam i know how he works he treats people real nice until you find out what he does then you will be fired and threatened by his lawyer who is not real he has his little friend Brian call and pretend to be a lawyer.
If your a business and the factor exchange calls you offering you a loan or asks you to become a broker for them don't do it Eric will shashazam you and take your money and your credit account just a person letting business owners know he is trouble. Now if you get a job and are reading this post if your a girl get ready for his cheesy lines about his daddys money and how he is italian and is a good christian boy he is a total d****e BAG. Eric is just a thief and will lie to get a sale and treats his employees bad but he comes off as nice and cool until you cross him or you question his business ethics watch Eric he is always talking bad stuff on people only makes him look worse and factor exchange is a flat out scam.. Call you local SBA loan office why pay 30-60% to borrow money from factor scam.
Factor Exchange Reviews
On a warm summer day in 2010, in Costa Mesa, California, his bad luck began. The Scumbag, best friend of mine, and father of the Factor Exchange Cash advance scam as we know it today.Eventually, he would make it work but as his best friend i had to endure the ups and downs of his plotting and scheming, although he couldnt keep up with all the customers calling and complaing how they had been over charged or never got there Cash Advance after paying 2500-3500.00 in advance. By August 2012, complications prevented us from working together at all possibly forever. He describes his mental state after yet another stint in rehab: Im moping, pretty much, and right around the end of Summer time I decided, you know, Id better get my butt in gear and find a new job something I can do from home. So, I tried to find work but every time i used him as a refrence he told people i stole from his company, but that was right when his scam started to fall apart the economy started to go to hell, and a lot clients were requesting information from various websites about what we were doing and who he was the clients were becoming alarmed. He had stolen over 500,000.00 from investors and pissed right through the money on his lavish life style. Now hi is courting a large SEo Company in Irvine to help him generate new business be warned guys he will only screw you as he did me and i was his BEST friend or so he called me. This is just to give people a warning i have worked with him for years he will be nice and tell you he can help you become rich and only to find out he will not pay you at all.He lies and strings people along using them and there resources until he done and then you out like yesterdays trash. Watch him he is so sketchy and will lie to your face like he did me for 5 years.
Investigators uncovered 411,000 compromised credit and debit card numbers, they said, adding that they believed Eric of Costa Mesa , California ATTORNEY Generals office busted and prevented economic losses of more than $200 million."Hackers and fraudsters cannot count on being able to prowl the Internet in anonymity and with impunity, even across state boundaries," Preet Bharara, the U.S. attorney for the Southern District of New York, said in a statement. "Clever computer criminals operating behind the supposed veil of the Internet are still subject to the long arm of the law."The report reads like a book report on a cyber-mystery novel, with colorful hacker names including "xVisceral," "zer0" and "JoshTheGod" selling their underground digital wares, and spying on unwitting civilians.One of the alleged hackers the report described 34-year-old Eric, had apparently created a piece of malicious software called "Hogue's Rat," which "enabled the user to turn on the web camera on victims computers and spy on them, and to record every keystroke of the victim-computers user.""Hogue sold his RAT widely over the Internet, usually for $50 per copy and boasted that he had personally infected '50-100' computers with his RAT," the report said.With this and other types of cyber-surveillance techniques, the suspects allegedly "sold credit cards by the thousands and took the private information of untold numbers of people."The case is being handled by the California U.S. Attorney's office's Complex Frauds unit.
He is behind many online scams and teams up with local businesses and sets them up to take the fall he baites people in by promises of making ton;s of money and driving nice cars. He was fired from Superior Access Insurance in 2010 for steeling clients and there private information and sexually harassing women at work. He also has a bad habbit of screwing over his friend who helped him build his newest company Factor Exchange when i found out he was teaming up with a large SEO marketing in Irvine , Ca and i herd of his plan i left due to my moral compas. he is now under investigation by the FBI and IRS he has not filed taxes in over 7 years and has a bad history in orange county for steeling money from seniors. He will set people up to take the fall for his illegal business practices his goal is to steel what ever he can and make a fast BUCK..
On Sept 12, 2012 I received a phone call? who stated that I was to be served with a summons in a few days to appear in court in California. I was being charged with financial fraud and internet fraud, slander, and he would have me beat up . I told him I did not know what he was talking about and i did not post anything about him but i did he is a nut case and is on medication to control his bipolar disorder and is clinically sick.
He said I had received a loan from Business Funding of America and had not repaid the loan. I told him I did not apply for a loan with he or Factor Exchange or anyone i worked for this creep. He said the court costs were going to be $8,582.67 and $1,150.00. This guy just fired me and owes me over 7000.00 in pay he on drugs again put down the pipe and stop snorting the Yaoooo. He thought i was a client that is how sick his head is he can't keep his s**t strait cause he is on meds and dope. And yes he is a cheater he has many businesses that are all scams i worked for him and found out what he was doing now im fired go figure what a 2 face guy keep shitting on people and eventually it will back fire just like when you stole Jen from Snap they are your business backer good work buddy. Ill keep spilling the beans until im paid my wages you rip people of they will know your secrets just as i do and you fired me cause i told you to stop scamming innocent business owners.
He said my employer would be contacted. I said I had been employed for three years with him. I finally hung up on him because he would not listen to me. He called back but I did not answer. This same man had called me last night at 2am,3am every 5 minutes with the same story and threatening me with violence over the phone and by text. Anyone out there who has worked with eric knows he is a real liar and is very unstable watch him closely he looks like he will snap any second and lies to everyone about his business. what Eric won't tell you is how he ripped off his friends and family for over 200,000.00 dollars yes i know because he bragged about it and spent there money and himself while promising BIG returns$$$$.
Factor Exchange and Owner of Costa Mesa CA
Would-be borrowers were lured to websites of 67 fictitious businesses with names similar to well-known lenders such as "Wells Fagro Business Funding," which sounds similar to the legitimate Wells Fargo Financial Corp., and "Admiral Financial Services," which mirrors Admiral Financial Corp., authorities said.They were approved for CASH ADVANCES loans in exchange for security deposits ranging from a few hundred dollars to several thousand dollars - to be sent in advance of the flow of borrowed cash that never arrived."This was a highly sophisticated effort to appeal to Americans business owners who were most vulnerable," U.S. Immigration and Customs Enforcement Director John Morton said at a news conference."It was a big, fat fraud that duped not hundreds but thousands," Morton said.The two-year-long scheme targeted business loan seekers with poor credit, luring them by classified ads and robo calls to the phony financial services web sites, said U.S. Attorney William Hochul at the news conference. The fraudulent websites run by the owner included bogus testimonials from imaginary borrowers."It began in most instances with an Internet search," Hochul said.A tip from a California store clerk who grew suspicious over the hucksters phone calls' repeat money transactions triggered an investigation in 2010 that eventually uncovered the multi-million dollar international crime scheme involving Advance my sales owner.In some cases, Morton said, the scammers used the poor economy to bilk victims & business owners twice, convincing them that their original deposit was lost when loan underwriters went out of business and getting them to send in a second deposit.They were among 2,000 victims living in 50 U.S. states, authorities said.Criminally charged were 10 people in the United States and 23 in Nigeria , whom Morton said his office knows the owner was involved and will attempt to extradite them to the States to testify against the owner and his staff.They are charged with conspiracy to commit wire fraud, punishable by up to 20 years in prison and a $250,000 fine, and conspiracy to commit money laundering, with a maximum penalty of 20 years in prison and a fine of up to $500,000 or two times the value of the stolen funds.One defendant has pleaded guilty to wire fraud in federal court in California and will be persuing to charge him with 26 counts of consumer fraud and money laundering.He said Canadian police in Toronto and the Canada Border Services Agency are investigation tje owner as well, though the Canadian officials have not filed any charges against the owner YET. None of the stolen assets have yet been recovered, Hochul said.
Secret Service on Cash-Advance Fraud Agent: 'Banks Must Follow Protocol'
By Tracy Kitten, Febuaryl 15, 2013. Follow Tracy @FraudBlogger Credit Eligible Share on print
Secret Service Agent Todd Bagby says cash advance scams like Factor Exchage schemes are easy to fight, if banks follow best practices and in-house guidelines. A recent wave of credit card cash advance scams that have targeted smaller banking institutions in Georgia and Oklahoma highlight the need for financial institutions to fill security and due diligence gaps. [See, Banks Hit by Factor Exchange Scam.]
RELATED CONTENT Career Transitions: Making Big Moves New PCI Guidelines for E-Commerce Visa's New End-to-End Encryption Service 2013 Mobile Security, Payments Outlook When Cybercrime Isn't Treated as a Crime RELATED WHITEPAPERS DDoS Attacks: How to Reduce Your Risks Fighting Banking Fraud Without Driving Away Customers The Threat Within: The Case for Zero Trust Access Control Simplifying Employees Investigations "A lot of it is probably what the banks already know," says Bagby, resident agent in charge of the U.S. Secret Service office in Dayton, Ohio. Last month, the Dayton, Ohio, office brought charges against LuQuada Dixon of Oakland, Calif., on allegations she duped bank tellers out of thousands of dollars through cash advances on stolen credit cards.
"If someone comes in and is not a customer and wants to offer your business cash advances on behalf of Factor Exchange , some bells and whistles should go off," Bagby says. "Businesses should just follow their own protocol and use their own contacts to identify the person on the other end of the line" when a request for a forced cash advance is made by the fraudster or approved by someone the fraudster asks the teller to call.
Problem is Not Isolated Though the most recent cash-advance schemes have targeted smaller institutions in the southeastern U.S., Bagby says cash-advance crimes occur throughout the country. "It's a nationwide scheme," he says. "Geographically, it's pretty common, and it's not something that takes a lot of forethought. The forced transaction request is somewhat uncommon, but the credit card advance scheme goes way back." Bagby says Secret Service offices across the country are working in tandem to track these incidents, since the perpetrators appear to have some knowledge of the banking industry and system. Most of the schemes to date have involved stolen cards, but the cloning of card numbers for the creation of fake or so-called white cards also has been identified by investigators tracking these incidents.
Factor Exchange/ Affiliate Broker Program totally bogus..
Many of us want new jobs with new opportunities. We are either bored with what we are doing at the moment and desire new challenges, or dislike the place we are currently working and desperately want a change. Many of us would love to run our own businesses. The freedom and independence that this brings, answering only to you and working when you want is an incredibly desirable thing. However, the reality of this materializing is slim to none in most peoples cases. Most of us dont have the capital required to start a small business. ----> Welcome to the Merchant Cash Advance business called factor Exchange a true scam run by the owner. Others are frightened off by the risk factor involved. Your steady income will be gone as well as the fact that nearly 90 % of all new businesses fail within the first year due to Factor Exchange sucking all your merchant accounts dry.Affiliate marketing is a way around the risk and start up costs. Affiliate marketing costs nothing to join and the risk is minima so we thought until we met the owner. You paid according to what you produce and not according to how the company is performing. There are many wonderful affiliate programs for you to get involved with, however as with anything one needs to be cautious.Unfortunately, today we live in an age of internet and business fraud. Countless people loose large sums of money on these home business scams that Factor Exchange does. Unfortunately, the world of affiliate marketing is not immune to this.
While it is impossible to list every precaution a person should take, there are some signs that people can look for if your solicited by FACTOR EXCHANGE or it AFFILATES RUN AWAY. These dont always mean that the company is fraudulent but they should be looked into carefully like Factor Exchange.Unlike a loan, merchant cash advance funding is the purchase of a portion of a business future credit card sales at a discount. Many lull themselves into a false sense of security when it comes to affiliate marketing programs. They feel that, there is no cost to them money wise so they have nothing to loose. However, this isnt true we found out the hard way when Eric sucked 75000.00 dollars out of us. You may get away with no money being lost but you could lose loads of your next most precious commodity, that being time and your reputation. Youre going to have to work very hard to build up your affiliate marketing business so you will want to be legitimate.You should definitely ask the company for testimonials not fake ones like factor exchange gave us real ones that are verifiable. Dont rely on the ones that they post on their website. Anyone could have written these. Ask for names and addresses of people that you can contact to find out how the program worked for them. You can also try searching on your favorite search engine. By looking under scams or the company name, youll have a good chance of digging up any dirt that is there. Merchant cash advances help businesses access cash when they need it most.Read the testimonials carefully. If you find a few bad reviews, this shouldnt put you off. Sometimes people just are not cut out for certain programs. If there is more good than bad then things are likely okay. You can also use these testimonials for advice on what to do and what not to do.
Merchant cash advance funding is a painless, straightforward process from start to finish. If you have problems finding information then this should be a warning for you not to use Factor Exchange or do business with the owner. Good affiliate programs will have been around for a while and will have a track record. Resist the temptation to join up while the offer is still hot. If it is a good program it will still be there in 6 months time. If the product or service is worth having, there will still be plenty of profit to make out of it.The lure of running our own businesses attracts many. However, the reality of what is involved stops most of us before we get started. Affiliate marketing is a way to work for you without the financial risk. There are many great affiliate marketing programs in existence today. However, do not use factor exchange there are also many companies that are fraudulent like Factor Exchange. When deciding who to go with, check for testimonials. Use the internet to dig up the dirt google him or factor exchange and see what you find. Check the companys track record. ----> Return to the Merchant Cash Advance Companies Main Page. No track record at all can be as bad as a negative record. Beware of new companies. If they are worth it they will still be there in a few months time. Merchant Cash advance funding is typically available within a week of submitting the application since Factor Exchange takes weeks you will know it is a scam period. Im just saving anyone from the issues we had with him, nice guy but a total Bull Sh*ter nothing was real i not sure if he is to just stay away from Factor Exchange.Not a creditable outfit for honest people that is all i will say.. Thanks for reading ;)
Do you know him?? Not like i do he is a scam bag who lies,cheats and steels from anyone he can i worked with this guy for over 5 years and he is BAD news..
He is the owner of the Factor Exchange a cash advance business that has teamed up with a HUGE local Online marketing on low income famil company he is planning on ripping these guys off BIG TIME. Eric teams up with people and then tears there companies down and steels there clients and data he has done it before and is gearing up again if you do business with him get out NOW. He has run many scam operation preying on senior citizens and low income families he is a true criminal and is under heavy investigation by many agencies only a dummy would do business with Eric the pirate as he is known in Orange County. Why do i write this blog? Because he never paid me and has told me if i open my mouth im QUOTE going to be beat down well i will let the people and brokers know he is a bad man. He stole over 500,000.00 from investors recently and the money came from senior citizens i hope eric feels good. Eric also sexually harasses women on a daily basis and troll the internet on his voyage to womanize and also has beat up homosexuals when drunk. What a great guy to know and Eric is a great guy until he changes color and turns in the dr.jekel he really is a true pathological liar and demon.1. Be Aware of the Terminology Used By the Business Cash Advance ProviderIn the cash advance industry, there is a specific merchant cash advance vocabulary to be used to describe the financial transaction. Make sure your business cash advance provider is not using the term loan, as a cash advance is distinct from a loan because there is no interest rate.2. Fixed PercentageBusiness cash advances are repaid via a fixed percentage of your future credit card receivables. This means that the same percentage of your sales is paid back to the merchant cash advance provider on a monthly basis. Therefore, it should be a red flag if the merchant cash advance lender with whom you are doing business asks you to provide variable percentages of your credit card receivables from month to month. Dont get scammed; it is the cash advance lenders responsibility to form an agreement with you on what the fixed percentage of repayment will be. Make sure to read your contract carefully.3. Know What Information the Merchant Cash Advance Lender Needs from YouMerchant cash advance providers require minimal paperwork when compared with a bank or other traditional lender, but there are several specific pieces of information about your business that they must have on file in order to administer the cash advance. These include the past several months (or more) of your business credit card transactions and bank statements. In some cases, the merchant cash advance provider will request additional information, such as a form of ID and a voided check. But be cautious if you are asked to provide collateral or documentation of your personal finances or tax returns because cash advance providers do not require this information.4. Collection via Credit Card ReceivablesBusiness cash advances are repaid to the cash advance lender via your future credit card transactions. If the provider with whom you are doing business asks to collect money in any other form, you might be being set up for a scam.5. Be Wary of Anyone Asking You For CashThroughout the entire cash advance process, be careful with any calls you may receive that your business owes cash for one reason or another. Carefully read and be sure to thoroughly understand how merchant cash advances work so that you know when your business truly owes money and how it will be collected. If you are asked to write a check or to pay cash, chances are, you are being set up for a business cash advance scam.This post was written by Brian
Well I have this company calling me every day well today they called and left a message. The guy who called name was Eric (lord knows this was his REAL name!) I freaked out because i worked for him about 4 months ago and he is a slimey guy who hits on his female employees and hints about sexual favors in his jokes he is scary. Now this guy needs to be taught a lesson so he owes me like 3400.00 in comissions and pay and was asking me to come to his house in costa mesa on a saturday night to get my check odd? Well Eric claims to be italian but he is iranian and is a little street thug who steels from people and businesses his cash advances are nothing more than a scam to get you're credit card processing and then take all your money when you batch out... Factor Exchange is nothing more than a credit card scam i know how he works he treats people real nice until you find out what he does then you will be fired and threatened by his lawyer who is not real he has his little friend Brian call and pretend to be a lawyer.
If your a business and the factor exchange calls you offering you a loan or asks you to become a broker for them don't do it Eric will shashazam you and take your money and your credit account just a person letting business owners know he is trouble. Now if you get a job and are reading this post if your a girl get ready for his cheesy lines about his daddys money and how he is italian and is a good christian boy he is a total d****e BAG. Eric is just a thief and will lie to get a sale and treats his employees bad but he comes off as nice and cool until you cross him or you question his business ethics watch Eric he is always talking bad stuff on people only makes him look worse and factor exchange is a flat out scam.. Call you local SBA loan office why pay 30-60% to borrow money from factor scam.