Reprehensible scam stopped!
Blog by: Constance d’Angelis
Federal Court Action against company, owner/CEO and business/marketing associate for misleading vulnerable consumers by lying. Deceptive business practices – (details bulleted below)
“It is reprehensible that Top Notch and its owner sought to scam NFL concussion victims, 9/11 heroes, and others to turn a quick profit,” said CFPB Director Richard Cordray.
Culprits – Rory Donadio & John “Gene” Cavalli of Top Notch Funding deceived and lied to victims.
Proposed Order Would Shutter Post-Settlement Funding Business, End Deceptive Business Practices, and Impose Penalties.
- Victims: Consumers awaiting payment from settlements in legal cases or victim-compensation funds.
- Vulnerable consumers:
- Former NFL players suffering from neurological disorders, concussions;
- September 11, 2001 first responders injured from World Trade Center attack (Zadroga Fund established by Congress);
- Those harmed by Deepwater Horizon oil-rig incident.
- Top Notch Funding II, LLC- Verona, New Jersey
- Rory Donadio – owner and CEO
- John “Gene” Cavalli – business associate, marketing (NY/NY)
- Consumer Financial Protection Bureau
- United States District Court for the Southern District of New York
- Case 1:17-cv-07114
- Deceived consumers – Top Notch not a lender, but a broker;
- Lied about cost of loans – Brokered loans interest rate 20%. Told consumers loans at 1-2%;
- Lied about time to receive funds – Weeks to broker loans rather than hours as represented;
- Lied about company – No offices, attorneys or accountants on staff as represented to consumers.
A copy of the complaint filed in federal district court is available at: http://files.consumerfinance.
A copy of the proposed consent order filed in federal district court is available at: http://files.consumerfinance.
For more information, visit consumerfinance.gov.