2005 December
Certified Leasing Foundation (12/05) the total count on line is 173, according to Cynthia W. Spurdle, Executive Director of the foundation. http://leasingnews.org/PDF/CLP_List.pdf At the beginning of the year, there were 223, with 221 active in the equipment leasing industry; a loss of 50, over 22%, despite the fact in 2005 that “15 leasing professionals that successfully passed the CLP Exam and received their CLP designations.” The actual loss, before new CLP's, would then be 65. (in the Alphabet section, find LeaseNow and add this to it: (11/05) Changes its name and corporation to Mount Pleasant Capital Corp. to serve as an umbrella organization for four separate d/b/a names. Those will be LeaseNOW, Franchise Business Capital, Motor Coach Financial Service, and RAPIDTrack. Mount Pleasant Capital Corp is an independent finance company that offers franchise systems and alternative strategy to SBA Loans. Its loans are fixed rate, 84 month loans and do not require additional collateral, such as real estate. Please see new heading as Mount Pleasant Capital Corp.) Econocom USA, Inc., Memphis, Tennessee (12/05) provider of solutions for the finance and management of technology assets, announced that it has agreed to sell its lease portfolio to Meridian Leasing Corporation, a Chicago-based provider of IT asset and financial management solutions. Founded in 1979, Meridian Leasing, part of the Meridian Group, is a comprehensive single source for lease financing and used equipment solutions for IT equipment of all sizes, as well as a wide variety of other products. November Tech Com (Universal Equipment), Southern California (11/05)United States Attorney for the District of Maryland Rod J. Rosenstein announced that today United States District Chief Judge Benson E. Legg sentenced Ernest Robert Reinhardt, age 35, to 70 months in prison followed by 3 years of supervised release and Byron Allen, age 35, both of Orange County, California, to 37 months in prison followed by 3 years of supervised release in connection with their conviction. Chief Judge Legg also ordered that Reinhardt pay restitution in the amount of $862,044 and that defendant Allen pay restitution in the amount of $712,865. http://www.leasingnews.org/archives/December%202005/12-09-05.htm#ernie (02/05) Ernie Reinhardt Guilty 13 Counts involving lease advance rentals and deposits. TCF Financial Corporation (11/05) to apply for bank in Arizona. TCF is a Wayzata, Minnesota-based national financial holding company with $12.7 billion in assets. TCF has 442 banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana. Other TCF affiliates provide leasing and equipment finance, securities brokerage, and investments and insurance sales.
Lease Corporation of American, Troy, Michigan (11/05) Receives approval from the State of Utah for an industrial bank.Lease Corporation of America, founded in 1988, is a private multi-million dollar full service commercial leasing company providing financial solutions for distributors and manufacturers of equipment, funding for a select group of equipment lease brokers and delivering quality assets to financial institutions and other investors throughout the United States. Since its inception, Lease Corporation of America has funded in excess of $405 million of equipment leases involving more than 45,000 transactions. Independence Community Bank Corp (11/05)signs agreement for Sovereign Bancorp signs agreement to acquire 100% of the Brooklyn, New York, for $42 per share in cash, representing an aggregate transaction value of $3.6 billion.Ira Romoff head of leasing company, says he is excited about the merger. September LeaseForum, Inc. (09/05)-- In 2003 moved offices and changed phone numbers. Susan F. Franklin, CEO, Founder, Managing Partner, said " We recently decided to rebrand the company and launched our new website: http://www.americanriverpartners.com/ (6/05) An on-line leasing company since 1998 with Susan Franklin as CEO. Web site down, inquiries to readers gets no response. Manifest Group (USBancorp) (9/05) President and Chief Executive Officer of U.S. Bancorp Equipment Finance William Purcell leaves to become Chief Operating Officer at Aequitas Capital Management (8/05)U.S. Bancorp Equipment Finance, Inc. has named R. Blair McBeth, Jr. executive vice president and general manager of its Capital Equipment Group. McBeth replaces Greg Mamula, who will be retiring after 14 years with U.S. Bancorp. (8/05) Curt P. Kovash, named new Senior Vice President and General Manager (8/05) Brad Peterson Joins Pentech Financial Services, Inc. Vice President – Navigator Business Programs. The former General Manager - USbancorp Manifest Funding Services, Peterson brings over 15 years of experience in lease sales and management to this strategic position. (3/2004) Brad Peterson New US Bancorp Manifest Sr. V-P & Gen. Mgr. (3/04) Brian Bjella as Senior Vice President and General Manager, resigns to form a Company with Ken Noyes: Grandview Financial, which consists of Quest Resources, headquartered in New Jersey. Bjella will remain in Marshall, Minnesota, where the company will grow, keeping the current staff and operations in New Jersey. This is a 50-50 partnership, according to Brian Bjella, who said, " It has always been a dream of mine, but I never actively pursued anything because I love working for Manifest. The right opportunity never came around until now, and it is one that I need to follow. “I am excited to have the opportunity to grow my own company, “he added, “ but it is very difficult for me to leave Manifest - it is a great organization with great people.” (4/2002)Troy Molitor resigns as General Manager. He follows Don Polfiet...Chris Canavati. Good men, that Manifest does miss. (3/2001) changes name to U.S. Bancorp - Manifest Funding Services. Manifest Group- (9/1/2000) purchased by US Bancorp Leasing and Financial, "...a win for all the parties involved," Brian Bjella. (11/2000) Donald Polfiet leaves and no one knows where he went. If you know, please tell us. National Penn Bancshares, Inc. (Nasdaq: NPBC), the parent company of National Penn Bank, and Nittany Financial Corporation, BOYERTOWN, Pa. and STATE COLLEGE, Pa., (09/05) merge. Nittany to be a separate division; assets in excess of $5 billion and to remain the seventh largest bank holding company headquartered in Pennsylvania (equipment leasing services through National Penn Leasing Company.) Enterprise Funding Group, LLC, Grand Rapids, Michigan (09/05) acquired by James Investments, LLC. Enterprise Funding Group, founded in 1996, is an equipment finance company that provides lending and leasing services to small and medium sized businesses across the country. Its primary focus is on income-producing capital equipment in the construction, manufacturing, healthcare and selected service industries. James Investments, based in Grand Haven, Michigan, is a privately held venture capital firm. Brookfield leasing (09/05) John Engelbrecht, chairman/CEO sells 80% of company to a bank holding company in Illinois for $5 million. QCR Holdings (NASDAQ: QCRH - News) is a multi-bank holding company that serves the Quad City; Cedar Rapids, Iowa; and Rockford, Ill., areas. Engelbrecht, who founded the company more than 30 years ago, holds the remaining 20 percent membership interest. August Affiliated Corporate Services, Lewisville, Texas (8/05) -Rick Gatelli joins Heritage Leasing of Fresno, California (7/05)-Jim Lahti starts Affiliated Investment Group, Lewisville, Texas (1/2001) Merges with First Commerce Leasing. Pinnfund/PinnLeasing (08/05) James Hillman, 65, a lawyer now living in Nevada, was the chief money raiser for Carlsbad-based PinnFund, a defunct sub-prime mortgage lender that bilked investors out of millions of dollars. He entered the guilty plea Monday on one count of the 29-count indictment handed up two years ago. (5/05) Tommy A. Larsen, the feisty president of PinnLease, San Diego, who was recently convicted and sent to jail, died suddenly in prison of liver cancer. (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. Centerpoint Financial, Denver, Colorado (08/05) Gordon R. Roberts, the 1993 president of the United Association of Equipment Leasing, was convicted of theft for basically stealing money while he was president of Centerpoint Financial. (6/2002) faxes sent, can't fund deals (6/2002) Reports Centerpoint not funding deals (3/2002)" Not true" says John Otto, chairman of Heritage Leasing, major stockholder of Centerpoint Financial, LLC, and Pentech Financial, Campbell, California. " I am not pulling the plug on Centerpoint. It is true we hit a small bump in the road, but that is taken care of. "The thirty year plus lease veteran with deep pockets confirmed the resignation of Randy Schiel, now former Chief Financial Officer. July Healthcare Business Credit Corporation ("HBCC") (7/05) -- a full service healthcare financing company, purchased by CIT. 64 employees and four business development offices located in Atlanta, Dallas, Chicago and Los Angeles; approximately $500 million in assets and $1 billion in loan commitments, HBCC has over 120 customers operating in 40 states HPSC (GE), Boston Mass (7/05)---Five top salesman leave to help launch major move into medical market by Unicyn Financial of New Jersey (1/04) GE Healthcare Financial Services HPSC Conversion takes place.HPSC, Inc., with headquarters in Boston, MA, is a leading non-bank financial services company engaged primarily in financing licensed healthcare providers throughout the United States. HPSC provides financing, in the form of leases and notes due in installments, to the dental, ophthalmic, chiropractic, optometry, veterinary, podiatry and other medical and healthcare professions. HPSC markets its financing services to healthcare providers in a number of ways, including direct marketing through trade shows, conventions, advertising, cooperative arrangements with equipment vendors, and through its sales staff located in 22 offices throughout the United States. GE Healthcare Financial Services, a unit of GE Commercial Finance, is a premier provider of capital, financial solutions and related services for the global healthcare industry. With $12 billion in assets and nearly 700 employees, GE Healthcare Financial Services offers a full range of financing capabilities from equipment leasing and real estate financing to working capital lending and vendor finance programs.(11/03) reports a 14% decrease in net income for the third quarter ended September 30, 2003 of $1.5 million compared to $1.8 million in restated net income in the same quarter last year (11/03)GE Healthcare Financial Services to Acquire HPSC, Inc.; Transaction Strengthens Medical and Dental Practice Offerings. GE will acquire all of the issued and outstanding common stock of HPSC for $14.50 per share or a total consideration of approximately $72.4 million. June Tyco (6/05) Dennis Kozlowski Guilty at Tyco Trial No. 2 (10/03) Trial starts, video's, excess spending, poor taste, many supermarket magazine headlines including affair with party organizer while married. http://www.usatoday.com/money/industries/manufacturing/ 2003-10-28-tyco-party-video_x.htm (7/2002) The 200 Million share offering, led by Goldman Sachs and Lehman Brothers went out at $23 each. Tyco Intl in a bid to ease its heavy debt load, raised $4.6 billion from the sale of its CIT Group, accepting half of what it paid for the finance Company a year ago. (For more information see CIT Group - Alphabetical list) Boullioun Aviation Services, Seattle, Wash.(6/05)the Seattle-based aircraft leasing company, which provides commercial airliners on operating leases to a variety of carriers worldwide, since 2001, sold to Aviation Capital Group for U.S. $2.65 billion. Blue Dot Funding, Irvine, Ca. (6/05) the fourth company acquired by IFC Credit Corporation in as many years. Earlier, the company acquired Pioneer Capital Corporation, Addison, Texas, First Portland Corporation dba FirstCorp, Portland, Oregon and Spectrum Medical Leasing, Inc., Downers Grove, Illinois. Blue Dot Funding LLC was formed in 1999, and provides equipment leasing services to small and mid-size businesses referred to the company by equipment suppliers through formal vendor financing programs. Leaseloan.com (6/05) an on-line leasing company since 1999 with Nick Pullen as CEO. Web site down, inquiries to readers gets no response. Leaseusa.com (6/05) an on-line leasing company, and their web site says the name is up for sale. May Macrolease International Corporation, Plainview, New Jersey (5/05)Bancorp Rhode Island, Inc. (NASDAQ: BARI), subsidiary, Bank Rhode Island, acquires physical fitness leasing company founded in 1969 by CEO Daniel W. West. Bank to continue niche operation plus "..expand its reach through cross-selling to Bank Rhode Island's customers." April Preferred Capital, Brecksville, Ohio (4/05) Files bankruptcy, receiver appointed, some leases assigned back to Huntington Bank, and others. Reports of “double-dipping” of leases to community banks. http://leasingnews.org/PDF/PC-Receiver_appointed.pdf (03/05) Leasing News has received several “insider” reports that the company may be closing its doors, primarily due to the debt with NorVergence and many lawsuits involved. Creditors to make decision whether bank goes into receivership. Several reports from community banks that Preferred Capital sold the same deal to each of them, called “double dipping.”
March Allco Leasing and Financial Services of Lake Oswego, OR (03/05) old timer Jim Harris's leasing company sells company to LEAF Financial Corporation, a subsidiary of Resource America. Jim was one of the 80 brokers in an association in the 1970's who decided he wanted to be a lessor. His firm specialized in collateral deals over $100,000 in the Northwest, limiting brokers to 5%, often structuring transactions 1 st and 5%. Silvermark Capital (03/05) a division of Sterling Bank in Houston, Texas, is reported to be making the move to get out of equipment leasing, as bank spokesman confirms Fred Van Etten and Daniel Fritz no longer with the bank. Whereabouts unknown. If you see either one, let them know we are seeking an interview. Other speculation is the bank is getting ready to take advantage of the “bank grab” going on in Texas, putting itself up for sale. February Commercial Financial Group, Westlake, Ohio (02/05) John Spano, who spent five years in jail, was arrested again, for doing the same thing, keeping deposits and advance rentals. January Celtic Capital Corp, Santa Monica, Ca. (1/05) Discovery Bank of San Marco, CA, to purchase certain assets, including its $23 million loan portfolio, and assume certain liabilities/ Celtic to become subsidiary and continue operating the commercial finance business under the Celtic name. Penske Truck Leasing, Fl (1/05) Sues Bank of America for $1.6MM Nigerian type scam, prof. believes Nigerian company sent him check to cash for Penske refund, where he received a percentage for “processing” it. Dolsen Leasing Company, Yakama, WA (1/05) Bob Dolsen passes away, the founder of the oldest independent leasing company in Washington State. |