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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.
  • Defendants:
    • Top Notch Funding II, LLC- Verona, New Jersey
    • Rory Donadio – owner and CEO
    • John “Gene” Cavalli – business associate, marketing (NY/NY)
  • Plaintiff:
    • Consumer Financial Protection Bureau
  • Court:
    • United States District Court for the Southern District of New York
    • Case 1:17-cv-07114
  • Allegations:
    • 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.gov/f/documents/201709_cfpb_top-notch_complaint.pdf

A copy of the proposed consent order filed in federal district court is available at: http://files.consumerfinance.gov/f/documents/201709_cfpb_top-notch_proposed-consent-order.pdf

For more information, visit consumerfinance.gov.

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