Friday, May 4, 2012
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and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer. It is considered “bias” as it is the writer’s viewpoint.
Operation Lease Fleece--Updates
November 7, 2007 the FBI investigation dubbed "Operation Lease Fleece" officially filed charges against 23 for their roles in a fraud scheme that allegedly caused more than $20 million in losses to several leasing companies and banks that believed they were financing equipment leases. The list is up to 32 named, and the Deputy US Attorney considers the case "on going." However, it looks like most of the sentencing has been completed.
Here is the latest update:
Leon J. Najera, of Mission Viejo, California worked at ECCI:
MINUTES OF SENTENCING Hearing held before Judge Cormac J. Carney as to Defendant Leo J Najera. Defendant Leo J Najera (1), Count(s) 1, Defendant is sentenced to 1 day imprisonment, which the Court determines has been served. Pay $100 special assessment. Pay total restitution of $396,251.22. The defendant shall be held jointly and severally liable with convicted co-participants Mark McQuitty (Docket No SACR 07-236-CJC) and James Raeder (Docket No SACR 07-237-CJC) for the full amount of restitution ordered in this judgment. Interest on restitution ordered waived. Placed on supervised release for 3 years under terms and conditions of US Probation Office and General Orders 318 and 01-05. Bond Exonerated. Defendant advised of right to appeal. (Probation must approve foreign travel and/or employment and other activities, including any financial investments.)
Brian Sim, of Irvine, California, worked at BrickBanc, owned by Adam Zuckerman. Sim was sentenced and was committed to the custody of the Bureau of Prisons for a term of 1 day, “which the Court finds has already been served in full. Pay $100 special assessment. All fines are waived. 3 years supervised release under terms and conditions of US Probation Office and General Order 318. Defendant advised of right to appeal. Bond Exonerated. Court ORDERS transcript sealed until further order of the Court.”
Ziya Arik, Preferred Lease, sentencing continued to 8/27/2012 10:00 AM before Judge Cormac J. Carney. Reportedly one of the toughest salesmen who was rough on customers, competing with Brian Acosta, CLP, for accounts, and may be now working for him, but not confirmed, as those indicted are to not engage in financing or the leasing industry. He appears to be the last to be sentenced, although that could be changed as happened with Adam Zuckerman.
Richard Norris, reported to be the bookkeeper of Jim Raeder and Mark McQuitty, as well as Chant Vartanian. His private information he plead guilty to will be revealed when sentenced, as it is sealed until then. “ORDER TO CONTINUE Sentencing by Judge Cormac J. Carney as to Defendant Richard Michael Norris. (NOTE: CHANGES MADE BY THE COURT) Sentencing reset 7/2/2012 10:00 AM before Judge Cormac J. Carney. (rla) (Entered: 02/15/2012)”
Vartanian Brothers trial was originally May 8 with a status conference on April 30th. MINUTES OF Status Conference held before Judge Cormac J. Carney as to Defendant Chant Vartanian. Court schedules a change of plea hearing for May 18, 2012 at 4:00 p.m. Counsel for the Government are directed to prepare and file a stipulation and proposed order to continue the pretrial conference and trial dates.
After many, many delays by the Vartanians, it looks like they are ready to make a plea arrangement, which perhaps was their original purpose in the delays.
Reportedly Randall Clarke, Preferred Capital “rep” brought Vartanian brothers Isystems to Preferred Lease. Brian Acosta, CLP, allegedly worked the account at Preferred Capital with Stephanie Devoire. Ex-employees said he was continuing to arrange leases for the Vartanian brothers, perhaps up until the time of the pending trial.
Mark McQuitty, co-founder CapitalWerks, Preferred Lease, sentencing set for 5/14/2012 09:00 AM before Judge Cormac J. Carney. The photo above is perhaps over ten years old. Public Records find he has been arrested three times for D.U.I. Reportedly, he was administrating the portfolio, although prohibited from engaging in new financing or leasing.
James Raeder, co-founder CapitalWerks, Preferred Lease, sentencing set for June 4, 2012 before Judge Cormac J. Carney. This photo may be over twenty years old. It was originally in a tuxedo and made into a portrait shot. He is living in Colorado with his family with an office in his brother's business. Reportedly he buys assets off lease and re-sells them, and in his spare time is writing an autobiography, he told Leasing News.
Both Raeder and McQuitty were once very active in leasing, well-known in the industry, and considered by many as very aggressive salesmen. Some say “bad boys.” They had very good number and the operation became part of First Sierra.
McQuitty, after being fired by Tom Depping of First Sierra, attempted to get the company going again with Jim Raeder, and along the way purchased Preferred Lease, Lake Tahoe, but seemed to run against a changing marketplace that lead to their venture into more and more disguised sale/leasebacks which finally caught the eye of the FBI, after an informant from Citibank came clean with his participation in the scheme.
At a point in time, the full list of those sentenced will be given, when the case is considered "closed."
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Bob Rodi Receives Outstanding Alumnus Award
The California University of Pennsylvania selected Robert "Bob" Rodi to receive the Eberly College of Science and Technology Outstanding Alumnus Award for 2012.
Eberly College of Science and Technology Outstanding Alumnus Award for 2012: This honor is presented to alumni from the College who have distinguished themselves and brought credit to the College through their professional and community work. He is the sixth recipient of this award from the Eberly College of Science and Technology.
"From Left to Right are my daughter Angela, Me, Sarah, Marina, and Alaina. Actually Marina is my wife but people kid me about her looking more like my daughter. Sarah is also a California University of Pennsylvania PA graduate, class of 2008, and Angela is graduating May 12th of this year, with a degree in Speech Pathology and Communication Disorders. (I always tell her that her communication disorder education will come in handy in our family)"
"The award is called the Galileo Award and it is given out by the Eberly College of Science and Technology which also houses the business dept. at California University of Pennsylvania,” Bob explains The University, which does have an odd name, was actually founded in 1856 as the California Normal School. It is located on the banks of the Monongahela River, which is one of the rivers that flows to the 'point' in Pittsburgh to form the might Ohio. We "CAL U" Alumni affectionately refer to our school as 'Harvard on the Mon'.
"The town of California, PA was founded circa 1846 by a group of settlers who left Philadelphia for the State of California. By the first winter of their journey, they had made it to the point in Southwestern, Pennsylvania, which is currently known as California, Pennsylvania. When winter was over and they saw beauty of the Laurel Highlands they decided that they didn’t really have to go any further and named the spot, where they had spent the winter, California.
"California University of Pennsylvania is one of the PA State Universities, which has other famous or semi famous schools such as Slippery Rock State, Edinboro State, and Indiana University of PA (Indiana, PA is the hometown of Jimmy Stewart), Westchester State, and Kutztown State."
Bob has been in the leasing business for 31 years, starting LeaseNOW, introduced RAPIDTrack, Franchise Finder, early developer of internet programs, founded Mount Pleasant Capital, specializing in franchise financing. He was a board member of the Faire-Issac eClient Advisory Board, a founding member of the Small Business Financial Exchange and past president of the United Association of Equipment Leasing, was a founding advisory board member of Leasing News, one of the original CLPs and a contributing author to the Leasing Professional’s Handbook and CLP study guide.
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Conflicting Consumer Confidence Reports for April
Once again the two major consumer confidence indices reported opposing views on consumers’ confidence in the economy.
SAN FRANCISCO, Calif. (April 30, 2012) – The April Thompson Reuters/University of Michigan Consumer Sentiment index reported an increase of 0.2 in consumers’ confidence in the economy; from 76.2 in March to 76.4 in April. Conversely, The Conference Board Consumer Confidence Index reported a decrease of 0.3 in consumers’ confidence in the economy; from 69.5 in March to 69.2 in April. This is the second time this year that the two major consumer confidence indices conflicted with each other.
In January of this year, the Thompson Reuters/University of Michigan Consumer Sentiment index reported an increase of 5.1 points from December, were as The Conference Board Consumer Confidence Index reported a decline of 3.7 points for the same month. Clearly, consumers’ confidence in the economy can not be increasing and decreasing at the same time, which points to a deficiency in the concept of subjective surveys. The Money Anxiety Index (moneyanxiety.com), which is based on objective economic indicators, reported an improvement of 1.3 in consumer financial confidence in April.
The repeatedly conflicting results between the Thompson Reuters/University of Michigan Consumer Sentiment index and The Conference Board Consumer Confidence Index are rooted in their reliance on what consumers say rather on what consumers do, such as spending and savings. Such discrepancy occurs because people do not always say what they do, nor do they always do what they say. Hence, consumer confidence indices relaying on consumer responses are subjective, and are not as reliable as the Money Anxiety Index, which is completely objective because it is based only on real economic indicators.
“Surprisingly, many economists and analysts use such subjective indices as predictor to economic activities,” said Dan Geller, Ph.D. Chief Research Officer at Money Anxiety Index.
“I would argue that using economic indicators to gauge consumer financial confidence is much more reliable and predictive.”
About Money Anxiety Index
The Money Anxiety Index (MAI) differs from other indices of consumer confidence mainly because its measurement is objective rather than subjective. MAI measures how economic indicators are impacting consumers’ behavior (objective) rather than how consumers say they feel about the economy (subjective), which is the methodology used by survey-based consumer confidence indices.
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(Leasing News provides this ad as a trade for investigations
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United Capital Finances Buffalo Wild Wings® Stores
HUNT VALLEY, MD - United Capital Business Lending, a national business lender specializing in franchise finance, announced today that it provided $2,600,000 in financing to Buffalo Wild Wings® owner, Southseas Wings, LLC. United Capital refinanced one location for the Texas based company and will provide funding to open additional Buffalo Wild Wings® restaurants in Hawaii. Southseas Wings, LLC together with its affiliate companies is one of the largest Buffalo Wild Wings® franchisees, currently operating 34 restaurants in various states.
“The Buffalo Wild Wings® chain has its pick of lenders,” says William Johnson, senior vice president of sales and business development for United Capital.
“So to be working with one of the biggest franchisees in the system is proof United Capital has the financing products and pricing to attract top notch operators in the strongest franchise concepts.”
United Capital Business Lending is a subsidiary of BankUnited (NYSE: BKU), the largest bank headquartered in Florida with over $12 billion in assets.
In addition to Buffalo Wild Wings®, the United Capital team has financed franchisees for Subway®, Denny’s®, Dunkin’ Donuts®, Five Guys® Burgers and Fries and Popeyes® among others.
For information about financing for franchise acquisition, new unit development, remodeling or debt refinancing, call United Capital at 866-218-4793 or visit the company’s website at www.unitedcapitalbusinesslending.com.
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Breed: Poodle (Miniature)
“I am already neutered, housetrained, purebred, up to date with shots, good with kids, good with dogs, and good with cats.
“Norman is a two-year-old pure-bred Miniature Poodle. He is a very sweet, easy going dog. He weighs 14 lbs. He is new to the rescue, but so far, from what we can see, he walks well on the leash, rides great in the car, and has the makings of being an all-around great pet. He gets a bit intimidated if a big or overly playful dog bounces right upon him, but generally speaking, does quite well with all dogs both large and small and does not seem to be bothered by cats.
“He seems to want a quieter household in lieu of a crazy one if those were his two choices. He is HYPOALLERGENIC ((good for allergy suffers). He appears to be potty-trained and is not a leg lifter (though potty reinforcement is necessary in any new home). We will know more about him as time goes on so stay tuned.”
Norman is neutered, de-wormed, vaccinated including rabies, and micro-chipped. If you are interested in Norman, please contact Janet Cook of the Angel’s Heart Dog Rescue at: email@example.com or call 626-340-9316.
Please also visit our website at: http://www.angelsheartdogrescue.com and go to the Adoption Tab to read about the adoption process.
Adopt a Pet
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