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.