Wednesday, October 26, 2011
“Tank”—A dog story you won’t forget
######## surrounding the article denotes it is a “press release”
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.
Alert---Vartanian forms New Companies
Chant Vartanian, who was indicted along with his brother Sarkus, in what the FBI labeled "Operation Lease Fleece" in an alleged fraud scheme that allegedly caused more than $20 million in loses to several lending institutions that believed they were financing equipment leases, is now operating under different businesses.
It appears that the publicity surrounding his alleged participation with Jim Raeder and Mark McQuitty of CapitalWerks, who have pled guilty, is now also working under various under names besides his original ISystems Technology and Solutions. The alert is to bring this to your attention in considering any leasing or finance transactions.
According to their web site listing, a third company exits at the same address called Singularity Ventures, 1820 Industrial St # 270, Los Angeles, CA 90021-1268
Vartanian is listed as an Active Officer of Singularity. Singularity is listed at the same address as the Registrant for www. M-THEORYGRP.COM.
An employee of M-Theory Finance Group also confirmed that Chant Vartanian is the owner.
One reader recently wrote Leasing News," I have some information with regards to Chant Vartanian (Isystems) who was connected to the ‘operation lease fleece’ conducted by the FBI. Chant who was indicted back in Dec 2009 was still funding deals for a local broker who used to work for Capital Werks with Jim Raeder & Mark McQuitty.
“This broker was doing deals with Chant up until the day he was indicted for fraud. One of the transactions funded on Oct 30, 2009 and the other Dec 27, 2009....After the indictment the owner of this broker shop told his sales staff they needed to 'separate' themselves from I Systems fast. I would imagine if someone did some digging they would find ‘numerous’ transactions over the last 5 years this broker funneled through Isystems, this was 2 transactions within 60 days.
“I didn't want to get involved but this broker continues to give the industry a bad name and Ii think its time someone exposed him for the fraud he and his company really are. I have the name of the broker, the owner’s information, the name of the customer, date of application, date of funding, commissions paid and the amount of the deposit check collected... I don't know where to turn to get this information looked at so if you can direct me to the right place or know who I should contact that would be much appreciated...."
In a previous interview with Adam Zuckerman, who has pled guilty, he stated the ISystems Technology was one of the vendors proving the invoices.
Chant & Sarkus Vartanian now have a status hearing February 27, 2012 with a trial set for March 6, 2012 before Judge Cormac J. Carney.
His court hearing has been postponed many times at the request of his attorney, perhaps hoping witnesses would lose their memory or not appear, or that the FBI and US Attorney will lose their interest, as the original case filings were November 7, 2007. At this point, these charges are allegations, although he has legally been indicted.
Three More Sentenced in "Operation Lease Fleece"
As noted in the "Alert" above, this concerns "Operation Lease Fleece" where 30 were have been indicted, with many pleading guilty. The majority of those indicted are waiting sentencing, which some will go into next year, as the FBI considers the "investigation on going."
At this date, eleven have been sentenced. Here are the latest three:
"JUDGMENT AND COMMITMENT by Judge Cormac J. Carney as to Defendant Jeffrey Greenough (2), Count(s) 1, 1 day imprisonment, which the Court finds has already been served in full. Pay $100 special assessment. Pay total restitution of $400,000. Interest on restitution ordered waived. The Defendant shall be held jointly and severally liable with co-defendant Troy Worrell for $100,000 of the amount of restitution ordered in this judgment. All fines are waived. 3 years supervised release under terms and conditions of US Probation Office and General Orders 318 and 01-05. (mt) "
"160 hours of community service"
"The defendant shall not engage as whole or partial owner, employee, or otherwise, in any business involving equipment lease financing programs of any kind, loan programs, telemarketing activities, investment programs, or any other business involving the solicitation of funds or cold calls to customers without the express written approval of the Probation Officer prior to engagement in such employment or business. Further, the defendant shall provide the Probation Officer with access to any and all business records, client lists, and other records pertaining to the operation of any business owned in whole or in part by the defendant, as directed by the Probation Officer." (1)
Geoffrey Silver, 39, of Silver Industries, Calabasas, was sentenced:
"JUDGMENT AND COMMITMENT by Judge Cormac J. Carney as to Defendant Geoffrey Silver (1), Count(s) 1,
1 day imprisonment, 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
"160 hours of community service"
"The defendant shall not engage as whole or partial owner, employee, or otherwise, in any business involving equipment lease financing programs of any kind, loan programs, telemarketing activities, investment programs, or any other business involving the solicitation of funds or cold calls to customers without the express written approval of the Probation Officer prior to engagement in such employment or business. Further, the defendant shall provide the Probation Officer with access to any and all business records, client lists, and other records pertaining to the operation of any business owned in whole or in part by the defendant, as directed by the Probation Officer." (2)
Troy Worrell, 51, Peniche, Newport Beach, California, was sentenced:
JUDGMENT AND COMMITMENT by Judge Cormac J. Carney as to Defendant Troy Worrell (3), Count(s) 1, 1 day imprisonment, which the Court deems already served. Pay $100 special assessment. Pay total restitution of $100,000. The defendant shall be held jointly and severally liable with co-defendant Jeffrey Greenough for the amount of restitution ordered in this judgment. Interest on restitution ordered waived. All fines are waived. 3 years supervised release under terms and conditions of US Probation Office and General Orders 318 and 01-05. (mt) (Entered: 10/07/2011)
"160 hours of community service"
"The defendant shall not engage as whole or partial owner, employee, or otherwise, in any business involving equipment lease financing programs of any kind, loan programs, telemarketing activities, investment programs, or any other business involving the solicitation of funds or cold calls to customers without the express written approval of the Probation Officer prior to engagement in such employment or business. Further, the defendant shall provide the Probation Officer with access to any and all business records, client lists, and other records pertaining to the operation of any business owned in whole or in part by the defendant, as directed by the Probation Officer." (3)
Previous article with complete list of stories:
Classified Ads--- Sales Manager
(These ads are “free” to those seeking employment
Free Posting for those seeking employment in Leasing:
All “free” categories “job wanted” ads:
Up-Date Tiger Capital Management Alert
(Looks like this company may have hit several leasing companies, and Bernie Boettigheimer, CLP, wants to bring this to the attention of others. Editor):
"Dear Lease Police Subscriber,
"AS PART OF OUR CONTINUED EFFORT TO INFORM YOU
"We are presently investigating the following company. If you have had in the past any applications or have one currently please inform me ASAP. Thus far, I have viewed 2 lessee applications and their invoices.
"One proposed lessee had a stolen identity and the two invoices showed a complete different line of products. One invoice had computers and software while the other showed an Eltech Therapy laser. The principal of this company is Ken McGraw, the same individual who appeared in Tiger Capital Management Inc, which was mentioned in Leasing News on February 4, 2011.
Artura Business Services Inc
"By the way, this corporate shell was recently offered for sale over the internet for $920 by Delaware Business Incorporators Inc, which is located at the same address as above."
Bernie Boettigheimer CLP
First Lease Police Alert---Tiger Capital Management
(Leasing News provides this ad “gratis” as a means
Please send Leasing News and ask them to subscribe. We are Free!
ELFA Conference Ends: “Where Do We Go From Here?”
The Equipment Leasing and Finance Association 50th Anniversary Convention got off to a great start with a party on Sunday night, but all were ready for business the next morning. On Monday, a full house listened to Martin Regalia, Chief Economist at the US Chamber of Commerce, share his take on the primary concern of the attendees – the economy. He had some good news --no double dip-- and some not so good news-- the government is not yet doing the right things to solve our economic problems. Surprise-Surprise-Surprise!
As expected, lease accounting was a well-discussed topic, getting its fair share of attention, not only in two breakout sessions, but also in the hallways. The impending accounting changes could be behind the growing interest in lease management systems, although this interest also might be reflective of lessors’ increased concern over efficiency and improvement of the bottom line.
Most of the other sessions were fairly typical in content, and included increasing efficiency (business processes, business intelligence and, human capital), discussions of several hot equipment sectors (healthcare and solar energy), and foreign markets (Mexico and Europe). Of particular note was a very topical discussion on states’ quests to increase revenue through aggressive pursuit of property and other taxes.
There was, of course, plenty of attendance at the breakout sessions, which represents another change over the last 50 years. According to several grizzled Convention veterans with whom I spoke, at past conventions, the staff would have to go out and round people up to get them into the sessions. (I have to take them at their word on this, obviously being too young to have witnessed any such activities). In this respect, the Convention has become more business-focused with most attendees actively attending formal and informal meetings throughout its duration.
Business discussions, both company-specific and industry-focused, continued outside of the general meetings, with concerns being expressed over profitability, efficiency, and how to react to the changing conditions. There was solid traffic at the software providers’ exhibit booths, which is an interesting development given that lease management systems have been on the backburner for some time.
The event ended in fine fashion with the Golden Anniversary party outside on the lawn.
As we close the doors on ELFA’s 50th Annual Convention, though, one has to wonder, “Where to from here?”
Shawn Halladay, Managing Director
Smile Camera at Conference
Leasing New Business Improves says ELFA Monthly Index
Trend is Overall Up from Previous Years
The Equipment Leasing and Finance Association Monthly Leasing and Finance Index for September shows a $7.1 billion month, bringing the past two months of $5.7 billion up to an average of $6.1 billion for the third quarter, making a slight increase. There is no controversy that the last September beat the last two year Septembers. Note the upward trend over the years, also confirmed by the Equipment Leasing and Finance Foundation report, as well as Shawn Halladay’s observations at the ELFA 50th Anniversary Conference in San Antonio, Texas.
(Leasing News chart)
The Equipment Leasing & Finance Foundation's Monthly Confidence Index (MCI-EFI) for October is 50.7, up from the September index of 47.6.
When asked about the outlook for the future, survey respondent Valerie Hayes Jester, President, Brandywine Capital Associates, Inc., said, “The equipment finance industry has weathered and will continue to weather the storms of this economy and all its uncertainty.
"Access to capital is strong, but demand continues to be weak for small business customers. I do not see that dynamic changing in the coming year to 18 months.”
Anthony R. Sasso, President of TD Equipment Finance, a subsidiary of TD Bank, N.A., located in Cherry Hill, NJ, said, “Our results at TD Equipment Finance are consistent with the data in the September MLFI, particularly in the area of New Business Volume.”
“Our 2011 volumes have outpaced 2010 largely driven by growth in the Public Finance, Healthcare, Trucking and Renewable Energy sectors. Our credit quality metrics, aging of receivables and charge offs, also continue to improve from last year. Notwithstanding events in the global economy, we’re seeing slow but steady growth in our pipelines of opportunities.”Total Number of Employees
(Year Over Year Comparison)
click image to make larger
ELFA MLFI-25 Participants
Previous MLFI-25 Monthly Reports:
ELFA Names New Chairman/Board of Directors
Elected at the Equipment Leasing and Finance Association 50th Annual Conference in San Antonio, Texas was Crit DeMent, Chairman and CEO of LEAF Commercial Capital and LEAF Financial, who was named the Chairman of the Board.
---and Rick Remiker, President of Huntington Equipment Finance, who is now Chairman-elect. He formerly was chief administrative office for RBS Asset Finance, Managing Director, Merrill Lynch Capital, and President and COO, Key Equipment Finance; prior regional manager, US Leasing and district sales manager, CIT.
DeMent has been Chairman of the Board of Directors and Chief Executive Officer since he joined LEAF Financial, part of Resource America, Inc. in November 2001. Before that, he was President of Fidelity Leasing, Inc. 2001, sold to Resource America, Inc. He served as Vice President of Marketing for Tokai Financial Services from 1987 through 1996.
The new members of the ELFA Board of Directors include:
Part of the Executive Committee:
In addition to Boyer, Carol and McCabe, the following are also members of the ELFA Board of Directors:
(This ad is a “trade” for the writing of this column. Opinions
Leasing Association 2011 Conferences
November 2--November 4, 2011
Business executives, attorneys, bankers, brokers, CPA’s, financial advisors,
November 6-7, Sunday, Monday
Exhibitors To Date:
Allegiant Partners, Chris Enbom, CLP
More Information about Exhibitors
NAELB Western Regional Exhibitors
360 Equipment Finance
(Reportedly there are two more
National Equipment Finance Summit
April 26-28, 2012
To view Leasing Association Events-Meetings Open to All, please click here.
Leasing Industry Help Wanted
For information on placing a help wanted ad, please click here:
Please see our Job Wanted section for possible new employees.
Story Credit Lessors---Up-Date
These companies specialize in "C" and "D" credits, often new businesses, or businesses where the principal(s) have Beacon score around 600 or previous difficulties; meaning to become comfortable with the credit and financial situation you need to learn the "story" to make a positive decision, often requiring further security, shorter term, or additional guarantors. Many of these companies may also have programs for “A” and “B” rated companies, but their specialty is not being a “cookie cutter” and often require full financial statements and tax returns as well as a “story about the company, its history, goals, circumstances” to fully understand the full financial picture.
To qualify for this list, the company must be a funder (as qualified by Leasing News and on the “Funder List” and not a "Broker/Lessor" or "Super Broker/Lessor", along with an acceptable Better Business Bureau Rating and no history of complaints at Leasing News, as well as notifying lessees in advance when the lease will end and what the residual will be, specifically not automating extra lease payments. We reserve the right to not list a company who does not meet these qualifications.
Full Story Credit List:
New iPhone 4S (for seniors)
Zagat's 2012 Top Restaurants plus trends
"Zagat released the results of its 2012 America’s Top Restaurants survey today, which incorporates the votes of more than 156,000 consumers who dine out an average of 3.1 times a week. Top restaurant picks include O Ya in Boston, Le Bernadin in New York City, Gary Danko in San Francisco and Matsuhisa in Los Angeles, among others.
“The survey also covered current trends among diners, including spending habits and opinions about restaurant standards and behavior. Some 27% of surveyors reported spending more per meal this year over last year, while 14% spent less. American diners on average spend $35.65 per meal, a modest increase from last year’s $35.37. The average tip left by American diners is 19.2%, a figure that has grown steadily over the past 10 years.
“Some 81% of those surveyed support the requirement that restaurants post their health department letter grades, adding that those grades influence their restaurant choice. The survey also found that 66% of diners cite poor service as their top complaint when dining out, though this figure has been as high as 72% in past years.
"Despite the growth of deal websites like Groupon and Living Social, 56% of American diners report that they rarely or never make use of these programs."
Shanken News Daily
Full Press Release from Zagat’s with details:
Small Banks Lag in Deposit Growth, But Deal-Makers Surge
So-Called “Smaller” Bank President Make Comments
While a recent article noted the highest deposit growth of banks with over $50 billion in assets, SNL reports that banks with $1 billion or fewer assets showed a negative growth of 0.57%, primarily due to the "recession-induced crush of small-bank failures during the period and a related 'flight to quality,' “ as U.S. Bancorp Chairman and CEO Richard Davis routinely puts it.
"In essence, customers in markets where a community bank has faltered have often taken their money to a larger bank, viewing it a safer bet than a neighboring small-town bank, making notable growth difficult for the remaining community banks even as customers put more of their money into savings accounts."
Here is an SNL article with comments from bank presidents showing the deposit growth between $1 billion and $10 billion in assets, as well as $10 billion and $50 billion in assets.
(Leasing News provides this ad as a trade for investigations
Financial Transactions in Malaysia: Valid under Islamic law?
The purchasing and payment for houses under construction, as well as it may affect all financial transactions, including leasing, question Islamic banks and financial institutions in Malaysia. An article by Nuarrual Hilal Md. Dahlan, Universiti Utara Malaysia, and Sharifah Zubaidah Syed Abdul Kader Aljunid, International Islamic University Malaysia, investigates transactions on purchasing houses specifically on transactions involving houses pending completion using the current practice of ‘sale by deferred payment’ also known as Bay’ Bithaman al-Ajil (BBA).
Companies considering expansion into doing business in such countries should take notice of this article.
According to Dr. Djuke Veldhuis, www.researchsea.com, "Islamic banking gained foothold in Malaysia, with the establishment of Bank Islam Malaysia Berhad in 1983 and facilities have since expanded. Products include Wadiah - where the bank acts as the safe-keeper of deposits but may provide returns to the depositors as a gift; Murabahah, or partnership and equity financing; Ijarah – leasing; Musharakah – partnership and Bay’ Bithaman al-Ajil – sale by deferred payment. Nuarrual Hilal Md. Dahlan and Sharifah Zubaidah Syed Abdul Kader Aljunid looked at sale and purchase and loan agreement to see if they comply with the requirements of the Islamic Law in protecting stakeholders and to provide practical suggestions to improve the existing practice.
"Though in a landmark decision by the court of appeal in Malaysia in 2009 to legalize this arrangement as compliant with the shariah requirement, the authors of this paper are of the opinion that the transaction involves elements of gharar al-fahish or ‘excessive profit with deception’ and asks the question: “how could the bank as the ‘owner’ of the house, become a ‘chargee’ to their own asset?”. Thus, the positions and status of the house, the charge, the ownership, the purchaser, the bank and the developer in BBA transaction are ambiguous and not certain.
"The authors conclude that the current practice of Bay’ Bithaman al-Ajil – whereby the good is sold immediately and the payment deferred to a later date – contradicts with the teachings of Islam and should be revamped until it is fully able to protect the interests of the purchasers/borrowers."
Research Paper from Journal of Social Sciences & Humanities (JSSH:)
NetSol--- First U.S.-Based Company to Offer Cloud-Delivered
CALABASAS, Calif., -- NetSol Technologies Inc. (Nasdaq:NTWK), a worldwide provider of global IT and enterprise application solutions, said it is joining a select group of technology companies to exhibit today at the 50th annual convention of the Equipment Leasing & Finance Association (ELFA), taking place in San Antonio, Texas. Drawing more than 900 industry senior managers, entrepreneurs, and industry experts from 500-plus organizations in the United States, the meeting is the premier showcase for the industry's software and service providers.
NetSol's key objective at the event is to continue to build industry awareness of its recently-announced cloud computing entry, LeasePak Software-as-a-Service. The first cloud-delivered leasing and finance accounting and portfolio management solution to be offered by a U.S.-based software provider, LeasePak SaaS provides new options for companies looking for a robust, fully scalable solution for a cost-effective monthly subscription fee.
"LeasePak SaaS represents an exciting new direction for NetSol's North American team and we are very gratified by the enthusiastic reception it has already received," said Najeeb Ghauri, chairman and CEO of NetSol Technologies.
"The industry has been looking for innovative ways to cope with the challenges of the current business environment; LeasePak SaaS provides an affordable alternative to traditional, licensed-based systems. Our cloud-based portfolio management solution delivers affordable enterprise-level accounting and portfolio management functionality with no limits to future growth in business volumes or operational team size."
Information about LeasePak SaaS is available online at www.netsolcloud.com.
About NetSol Technologies
#### Press Release #############################
Columbus, Ohio -- Adopt-a-Dog
* Breed: Great Pyrenees/Chocolate Lab mix
"Hi my name is Lacey. I am a 2.5 year old female and a Great Pyrenees/Chocolate Lab mix. My foster mom says I present a bit more of the lab in my personality. I love to be pet and will let you know if you aren’t paying enough attention to me. I also love to play outside and go for walks. Sometimes when I don’t walk well on my leash it’s because I would prefer to trot. I know some basic commands and am a real snuggler. I can be shy around new people and men but give me some time and I will warm up, especially if you shower me with pets."
A.D.O.P.T. Pet Rescue, Inc.
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
Client Looking For A Leasing Attorney
Free for Attorneys to post their legal services, who specialize in equipment leasing (here are requirements:)
CIT Reports In Red
Atlanta Bread Company franchisees among worst-performing SBA borrowers
Gold jumps above $1,700
U.S. Is Set to Charge Major Executive In Trading Case
Chaz Bono and Partner eliminated from "Dancing with the Stars"
“Tank”—A dog story you won’t forget
Don Rickles is a hotter ticket than the Dodgers
La Russa calls bullpen blunder 'embarrassing'
Former Raiders QB JaMarcus Russell's tale still sad, mystifying
NFL Teams Yawn at Terrell Owens Comeback
Dillon Baxter is dropped from USC football program
Police use tear gas on Oakland protesters for third time (8:30pm, Calif. time)
Alameda animal shelter to be run by volunteers
Michelin Winners in the San Francisco Bay Area:
Cost of college leaps higher, led by increase in California
The New York Wine Experience kicks off with the Grand Tastings
Shelf crash destroys 6,810 wine bottles
Pure Montalcino, Minus the Wait
Free Mobile Wine Program
US/International Wine Events
Leasing News Wine & Spirits Page
This Day in History
1682 - William Penn accepted the area around Delaware River from Duke of York.
World Series Champions This Date
1996 New York Yankees
1997 Florida Marlins
2000 New York Yankees
The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?
How to play:
Refresh for current date:
See USA map, click to specific area, no commercials
Real Time Traffic Information
You can save up to 20 different routes and check them out with one click,
Independent, unbiased and fair news about the Leasing Industry.