Element Financial (Toronto, Canada) (12/11) Steve Hudson takes the company public.

Commercial Money Center (CMC), Southern CA. (12/11) Fallout from CMC Continues in Nevada Federal Court http://leasingnews.org/archives/Dec2011/12_28.htm#fallout

Puget Sound Leasing (12/11) First Sound Bank Investor Pleads to Keep Bank Open as negotiations continue regarding settlement with Secords.

LEAF Financial
, Philadelphia, PA (12/11) Resource America "deconsolidates" LEAF Financial

Radiance-Capital, Tacoma,WA (12/11) Bulletin Board Complaint as Mike Price claims there is a 10% residual on an Equipment Finance Agreement, calling it an "FAA."



Navitas Lease Corp. dba Navitas Leasing, Ponte Verde Beach, FL. (RLC Leasing Division, Columbia, South Carolina (11/11) Obtains California Finance Lender license. (11/11) Blue Mountain invests $22 million. Also reports $50 million expansion of its credit facility with Wells Fargo Capital Finance.

Puget Leasing, Bellevue, WA (11/11) May close and bank with it. Also appeals decision to pay prevailing attorney fees. http://leasingnews.org/archives/Nov2011/11_14.htm#puget

Pawnee Leasing, Fort Collins, Colorado (11/11) “...posted another successive quarter of growth in its portfolio, which now exceeds US $125 million for the first time. Net charge-offs during the quarter were also modest at US $1.1 million, contributing to the strong results."

Element Financial, Toronto, Canada (11/11) Steve Hudson says "Now's the Time!" Plans major expansion, including more business in USA.

First American Equipment Finance, Fairport, NY (11/11) William “Bill” Verhelle, CEO, First American Equipment Finance, past president of the Equipment Leasing and Finance Association, goes against the trend to build his company's business. He has been consolidating his offices to his Fairport, New York office, and in addition, a plan to add more employees with his company’s approach that has been bringing them success using Cisco's Show and Share and other internet/software programs.

LEAF Financial, Philadelphia, PA (11/11) LEAF Commercial takes over LEAF Financial.



Puget Leasing, Bellevue , WA (10/11) An insider told Leasing News "First Sound Bank has effectively closed the Puget Sound Leasing operation and has dispensed with brokers. They are only booking direct deals generated by bank sales people." Website down, people let go. ( (10/11) Puget Sound Leasing/First Sound Bank gets delay on $2.3M verdict, as they can't pay it, as well as attorney fees. (10/11) Jury ruled in favor of First Sound Bank once "on its breach of contract claims against Larasco, Inc., Louis Secord, and Richard Secord based on the Asset Purchase Agreement" rewarding damages of $1,244,751. However, they also ruled against the "breach of fiduciary duty" and "breach of contract claims" in favor of Larasco and the Secords, but they did rule in favor of Louis Secord breach of contract against First Sound Bank based on "employment agreement," awarding $2,077,767, and the same with Richard Secord, awarding $1,484,767.

Triple Point Capital, Menlo Park, CA (10/11) "...provider of customized debt financing, leasing and direct equity investments to high growth venture capital-backed companies, announced today that it has closed on $1 billion of private capital funds."

Ascentium Capital, Kingwood, Texas (10/11) Len Baccaro company merges with Ascentium (hew was Exec. VP sales with First Sierra prior to acquistion by American Express.

Marlin Leasing, Mount Laurel, NJ (10/11) Officers Exercise a lot of Stock Options http://leasingnews.org/archives/Oct2011/10_19.htm#stock

Mesa Leasing, San Diego, CA (10/11) suspends general lease funding "...because its principle investor has suspended funding because of concerns about the economy."


Chase Industries, Grand Rapids, Michigan (09/11) The story regarding Chase Industries, Grand Rapids, Michigan, closing its doors due to embezzlement may not be true. There is no police report filed, nor does the owner of the company intend to file such a report, he told Leasing News. Today he, and his sales crew, are now working for Ascentium Capital, Tom Depping’s new company, who evidently is gearing up to go after the healthcare industry, among others.

ABCO Leasing, Bothell, Washington (09/11) Calls it quits; "Unfortunately, the U.S. economy remains weak and has yet to meaningfully and substantially improve. Due to the perceived instability in the U.S. economy, we don't expect to provide leasing or lending services in the foreseeable future."

Barklay Capital, Costa Mesa, CA (09/11) Costa Mesa Police Department arrested Ashwani “Matt” Hingorani, age 32, Barklay Capital, after they received over 40 complaints of his keeping advance rentals. It started with three local business complaints, but grew as they began to look more into the leasing brokerage company. The dollar amounts were between $400 to one at $15,000, but in all, added up to over $200,000.



Jules and Associates, Los Angeles, California (08/11) Uses Evergreen clause for extra payments on 1% purchase option.

American Bank, Atlanta, Georgia (08/11) No longer funding leases. Jeff Schubert purchases interest from founder Jim Doster and is now president/CEO." I am currently only using the ABL name as a dba for my new company. I am not booking or funding any new business at ABL."

iFinancial Group, San Clemente, CA (08/11) Bulletin Board Complaint,

Chase Industries, Grand Rapids, Michigan (08/11) Owner declares company closed due to embezzlement of $900,000.

LEAF Financial, Philadelphia, PA (08/11) June 30, 2011 financial statement "On Page 12, the “CASH FLOWS FROM FINANCING ACTIVITIES” shows a large drop in principal payments, but as important, Resource America used $15.2 million proceeds from issuance of LEAF preferred stock that enabled them to pick up from the cash of $11.2 million at the beginning of the year.

Ascentium Capital, Kingswood, Texas (08/11) Tom Depping announces Ascentium Capital with loan/lease portfolio from Main Street Bank, which is being sold. He brings key management from bank as well as from former First Sierra. https://ascentiumcapital.com/news.aspx

Heritage Pacific Leasing , Fresno , CA (08/11)A class action case against the officers and others thought liable in the HL Leasing the president, Dan Ramirez, and Andy Fernandez, chief financial officer, liable and ordered to pay $46.5 million to more than 1,200 who claim to be victims. Kathleen Otto, the late John Otto's wife, even though accounting was done at their home, was not found guilty by the jury, as reportedly they did not find evidence that her actions caused any financial harm to the victims. Case still being investigated by the FBI.

Financial Pacific, Federal Way, WA (08/11) Financial Pacific, licensed in California, doing business with unlicensed companies in California, including Benchmark Financial Group, in top list of funders for last two years in Southern California, despite many Bulletin Board Complaints, loses in small claims court, many complaints on the web, including web sites outlining their complaints against Benchmark. Similar companies supported by Financial Pacific fundings.



Radiance Capital, Tacoma, Washington (07/11) Tom Price who purchased Radiance Capital was charged with $400 million scam. He and his partner have filed bankruptcy, but there are several lawsuits and other claims. The announcement in January, 2009 was “The company will continue to manage and service the existing portfolio. For the foreseeable future, there are no plans to fund or originate new finance transactions.”

CHG-Meridian, Woodland Hills, CA. (07/11) Wants to be off "Looking for Broker list."
"As we work in a very special customer environment, CHG Sales Management focuses very selectively on certain brokers.”We think your services are valuable, however not the right fit for now.

Five Point Capital, San Diego, CA. (07/11) joins the Evergreen Notification List.http://leasingnews.org/archives/Jul2011/7_25.htm#five

AMC Funding, Charlotte, North Carolina (07/11) Found guilty of check fraud, ordered to pay $21,425.76, dissolve AMC Funding Group, take his website down and not own or operate a "similarly situated business."

NorVergence, New Jersey (07/11) NorVergence’s Tom Salzano on Trial in Louisiana, as bankruptcy is winding down to the last two claims and then whatever assets remain will be divided among creditors.

Benchmark Financial Group, Aliso Viejo, CA (07/11) pressure from victims and their web sites forces company to create Cobalt Funding Group and Partners Capital, whose website pictures funding its 10,000 customer. http://leasingnews.org/archives/Jul2011/7_20.htm#name_filing

Heritage Pacific Leasing/HL Leasing, Fresno, Ca (07/11) HL leasing Class Action Case in Fresno, Ca. begins in Fresno. One in New York against funders of Heritage Leasing is finding most leasing companies named being dismissed from the case.

Financial Pacific, Federal Way, CA. (07/11) Does not control funders and Evergreen clause. http://leasingnews.org/archives/Jul2011/7_13.htm#menzel

Kingsbridge Holdings, LLC, Lake Forest, Illinois (07/11) Acquires Trilogy Leasing, Cranbury, NJ, increasing Kingsbridge’s Total Assets in excess of $420 MM; bringing the total original equipment cost financed in their portfolio to approximately $600 MM.

Trilogy Leasing, Cranbury, NJ (07/11) acquired by Kingsbridge Holding.

ACC Capital/Amembal Capital (07/11) Banks collecting receivables, Lowder now employee of Stalwart Contract Services as manager. http://leasingnews.org/archives/Jul2011/7_08.htm#update_lowder

Central Leasing, Birmingham, Alabama (07/11) Barry A. Thomas, Chief Credit and Financial Officer plead guilty to $1.2 million embezzlement. http://leasingnews.org/archives/Jul2011/7_06.htm#cfo

Odyssey Equipment Financing, Scottsdale, Arizona (07/11) John Torbenson Celebrates 43rd Year in the leasing business. http://leasingnews.org/archives/Jul2011/7_06.htm#torbenson

GreatAmerica Leasing, Cedar Rapids, Iowa (07/11) purchases the “One GreatAmerica Plaza” building in downtown Cedar Rapids, a major building that also houses their operation. http://leasingnews.org/archives/Jul2011/7_06.htm#greatamerica



C and J Leasing Corp, Des Moines, Iowa (06/11) Rice convicted of $8 million lease discount scheme.

QuickTrak, Beaverton, Oregon (06/11) Sued with others by Farmers Exchange Bank over inspection of equipment for Allied Health Care Services scandal (equipment never existed).

ACC Capital/Amembal Capital, Midvale, Utah (06/11) Loni Lowder, 100% owner says company in “pay down” to creditor. He is now manager of Stalwart Contract Finance doing $1+ million service contract loans.

Navitas Lease Corp.,Ponte Verde, Florida (06/11) Gary Shivers announces his company has new division for "brokers only" to be headed by Dwight Galloway, CLP, ex-LEAF Speciality President, called RLC Funding.


ACC Capital, Midvale, Utah (05/11) No longer a member of NAELB

Equipment Acquisition Resources, Palatine, IL. (05/11) No evidence that Player filed personal bankruptcy.

Newcourt (05/11) Newcourt’s Hudson Controversial Move Back into Leasing

SunBridge Capital, Mission, Kansas (05/11) Adrian Weber back as ClearWest Capital, Overland Park, Kansas (http://leasingnews.org/archives/May2011/5_11.htm#weber_back)

LEAF Financial, Philadelphia, PA (05/11) Trend continues down

Marlin Leasing, Mount Laurel, NJ (05/11) Evergreen still makes profit, but hiring more sale personnel brings profit down.

Five Point Capital, San Diego, CA (05/11) Bulletin Board Complaint (Evergreen Clause)


CIT Group, New York (03/11) announces it has renewed its $1 billion committed U.S. Vendor Finance conduit facility.

AdvanceMe, Inc., (03/11) Settles California suit for $23.4MM; doesn't hold California Finance Lender's License. http://leasingnews.org/archives/Mar2011/3_30.htm#update_settlement

Business Leasing Northwest, Seattle, Washington (03/11) Promises broken, many made repeatedly since November 15, 2010. New complaints received from original. BBB is "F". Michael Palmer, former Colonial Pacific officer questions about if he resigned or was let go.

International Lease Finance Corp. (part of AIG) (03/11) Forbes labels Steven Udvar-Hazay 132 richest in United States (also the the richest man in leasing.) http://leasingnews.org/archives/Mar2011/3_14.htm#richest

Sunrise International Leasing (SILC), Golden Valley, Minnesota (03/11) Sunrise International/King Capital Founder Peter John King passed away: http://leasingnews.org/archives/Mar2011/3_21.htm#king

One World Leasing (03/11) Announces they have been approved as a "Preferred Service Provider for community bank equipment leasing and financing for members of Independent Community Bankers of America (ICBA).

Marlin Leasing, Mount Laurel, NJ (03/11) Evergreen Leasing Continue Marlin's Sole Net Profit http://leasingnews.org/archives/Mar2011/3_21.htm#marlin (03/09) Marlin Officers Acquire Stock Before 4th Q Announcement http://leasingnews.org/archives/Mar2011/3_07.htm#marlin_stock

Main Street Bank, Kingwood, Texas (03/11) Depping no longer CEO, remains as chairman, no CEO or new president appointed, it appears, but from loss of $1.85 million the year before, Main Street had a profit of $4.8 million and improved its Tier 1 risk-based capital to a very strong 16.15% and Total risk-based capital to 17.43%

Sun National Bank, Vineyard, New Jersey (03/11) Lent Allied Health Care Services and Charles K. Schwartz over $15 million, allegedly didn't tell creditors who called asked him to move his account as was in work out, also allegedly had officers working on getting moved to other banks, reports lost $182.8 million December 31, 2010 after $79.7 charge off (Allied Charged off previous year, it appears).

Reliant National Finance, Jacksonville, Florida (03/11) Founder announces "no longer doing business in the United States," also no longer in leasing but "investments" business.

Snowflake Financial, Orange County, CA (03/11) New angle "professional engagement pricing," Bulletin Board Complaint about experience

Panthera, San Francisco, Ca (03/11) Enters $2MM to $50MM fray, includes former ICON president Paul Weiss.

GreatAmerica, Cedar Rapid, IA (03/11) Completes 10th securization for $362.4 million, total securitization in 18 years $2.5 billion.

Capital Source, Chevy Chase, Md. (03/11) New unit led by leasing veteran Laird Boulden finds after his 11 month hire. approvals for over $450 million in loans/ leases and funded $260 million (with another $110 million on backlog for 2011). Its largest loan was $35 million, and the top sectors for their equipment finance/leasing deals were:
• Transportation (air, marine, rail, truck) – $90 million
• Energy – $51 million
• Retail – $27 million

Balboa Capital, Irvine, Ca. (03/11) Calif. A.G. files regarding Church Kiosks


Business Leasing Northwest, Seattle, Washington (02/11) Bulletin Board Complaint, not paying brokers, returning advance rentals, since November 15, 2010

AMC Funding Group, Charlotte, North Carolina (02/11) Brendan Job Messenheimer arrested for felony worthless check.

CHG-Meridian Group, Woodland Hills, CA (02/11) Expands in US, continues leasing in US, Europe, South America: http://leasingnews.org/archives/Feb2011/2_24.htm#chg_joins
(08/09) Purchases El Camino Leasing; http://leasingnews.org/archives/August%202009/08-28-09.htm#CHG_MERIDIAN

iFinancial Group, San Clemente, CA (02/11) Bulletin Board Complaint

Marquette Equipment Finance, Midvale, Utah (02/11) Continues aggressive growth in middle market with hiring of Kirstin Patterson of ACC Capital as Vice-President of Syndication. Dorran Sampson had moved up to vice-president of broker relations.

Bank of the West, San Francisco/Dublin, Ca. (02/11) Bank posts a fourth-quarter profit that reversed the bank's losses of a year ago. All leasing divisions continue to grow and aggressively seek business.

Latitude Equipment Leasing LLC, Wayne, New Jersey (02/11) Appears out of business, no web site, telephone: http://leasingnews.org/archives/Feb2011/2_04.htm#latitude


ACC Capital Corp., Midvale, Utah (01/11) Complaint from GeNESISCommercial Capital non-payment of $48,000, their share of $120,000 residual collected by ACC Capital. Loni Lowder, President-CEO says "One time situation, no comment."

Benchmark Financial Group, Aliso Viejo, CA (01/11) Eight Bulletin Board Complaints plus law suits: http://leasingnews.org/archives/Jan2011/1_06.htm#bench_complaint

LEAF Financial, Philadelphia, Pa. (01/11) LEAF Commercial Credit under way, looks like LEAF Financial in limbo.

Key Equipment Finance/American Express/Sierra Cities/Rockford (01/11) Year-end 2010 lease charge offs $88.1 million; 2009: $106.5 million, 2008: $62.4 million, according to FDIC filings.

Back to list index