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Prime Commercial CEO Kris Roglieri Responds
To Personal Chapter 11 Case

Kris Roglieri

The newest development in the myriad legal problems involving Kris Roglieri and his enterprises is the personal Chapter 11 he filed on February 15 in the bankruptcy court for the Northern District of New York (Case No 24-10157-1-rel). It is listed as an “asset case,” meaning there might be distributions to creditors. The plan filing deadline has been set for May 15, 2024.

In Friday's article, Leasing News said it would note in the Wednesday edition regarding the NACLB conference, scheduled at the Red Rock Resort & Casino in Las Vegas on November 3, 2024. Leasing News did confirm from the catering department that the event is still on the books.

In an email from Kris, he confirmed this, and told us "all companies are running with no interruption again. The receiver is only in place of prime Capital Ventures. All other companies are running and the conferences is still on.

Kris Roglieri responded to a telephone call, then sent an email:

“This is precisely what nobody is talking about, our public case, but will be the center of this case soon enough.

“Please keep in mind the facts leading up to this are in this document with evidence but I do want to clarify some things that everybody seems to ignore or don’t understand. The plaintiff in our case tried to throw us into involuntary bankruptcy in December, and we successfully defended that to the point where the plaintiff dismissed their own case against us, which you can see is public. Then, two weeks after they commenced civil action with exaggerated and made up claims with regards to us to convince judge put in a receiver in that civil case.

“Please note a receiver gets compensated based on how much assets they collect, and since there are both company and personal assets in the receivers backyard, he chooses to ignore what is put in the attachment, and the money that went missing with our hedge fund who we just recently learned, conspired with Reign financial, who we commenced the lawsuit with early last year, which is also public. We didn’t realize the hedge fund (Berrone Capital) defrauded us until about four weeks ago when we got subpoenas back from the plaintiff‘s efforts of their bank accounts, and then realized we were given fake statements, and what we were told by the hedge fund was completely false in order for them to avoid us putting them in litigation and 2023. So they continued to mislead lie and advise us all throughout 2023 with regards to Capital they had for us.

“I do want to say to give Leasing News thanks for giving us a chance to showcase evidence in our side of the story, unlike some others that just run with flashy headlines. FYI if you wanna see the attachments we made to this lender it is public in the civil case.”

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Publication Request by American Association
of Commercial Finance Brokers
Clarifying: NACLB and NAELB Are Not Related

It has come to my attention that the National Alliance of Commercial Loan Brokers (NACLB) has recently come into the news in relation its founder being investigated on fraud charges. As many people in the industry know, the American Association of Commercial Finance Brokers (AACFB) was formerly the National Association of Equipment Leasing Brokers (NAELB).

NAELB changed its name to the AACFB in 2018 but some confusion remains. Despite the apparent similarity in the names, it is crucial to emphasize that NAELB/AACFB and the NACLB are two distinct entities. While both organizations host conferences, the NAELB/AACFB was established over 30 years ago and is the premier trade association supporting commercial finance brokers and their funding partners year-round. The NAELB/AACFB is dedicated to providing education, networking opportunities, and a culture of ethics.

Anyone needing further clarification or information can contact the AACFB at info@aacfb.org.

Monica Harper
AACFB Executive Director

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Leasing News Has Written Over 20 Years about Many
Leasing/Finance Ponzi Schemes

Remember the NorVergence Scandal and Tom Salzano?
Now Charged with $650 Million Ponzi Scheme, 2,000 investors

Pinn Fund - Michael Fanghella

Warren Capital - Clay Stephens

Excel Lessing - Bennie Lee Judah

Allied Health Care - Fraud: Vendor Bruce Donner and President/Owner Charles Schwartz
(released from jail 2023 after severing 23 years)

There are many more, most brought to the attention by the late Bernie Boettigheimer, CLFP. He wrote for Leasing News the following, which is still accurate:

Types of Fraud
By Bernie Boettigheimer, CLFP

Methods of lease fraud are constantly evolving. Individuals perpetrating these frauds have studied our industry's practices and methods. Many of these frauds involve Vendors and Lessees who meet most of the screening criteria utilized by leasing companies - directory assistance listing, time in business, and physical storefronts. Lease Police, Inc. has identified the following general types of lease fraud:

Disguised Working Capital Fraud - In this scenario, a vendor presents himself as a legitimate seller of equipment; however, he is nothing other than someone soliciting for working capital loans. He will take a customer's current equipment, disguise it as his equipment and lease it back to the customer (the lessee). The vendor will keep 30% to 50% of the lease proceeds and will give the remainder to the lessee. This type of fraud can be very damaging and hard to detect as many of the re-liquefied lessees will make payments for a while after funding. Most funders will experience a default rate between 10% to 40% with these transactions. Many of these vendors will "spread their paper" among several sources to further conceal their detection. Using LeasePolice.com, detecting these vendors is easy - just take note of excessive early termination activity.

Overpriced Equipment Working Capital Fraud - A vendor will overprice a piece of equipment and offer the debtor or lessee money back. For example, a vendor will lease a $5,000 computer for $30,000 and give the debtor or lessee $15,000 as an inducement to enter into the lease. This type of fraud will have higher loss rates over the portfolio life but, because the debtor/lessee has just received a "lump sum" from the vendor, they will make payments for a while. Using LeasePolice.com, detecting these vendors is easy - just take note of excessive early termination activity.

Product Representation Fraud - In this scenario, the vendor may offer a deal that is "too good to be true." It may involve a 100% money back guarantee, inflated promises on the equipment, or a "promise and disappear" scheme. These vendors appear to be tremendous engines of new leases. They can produce hundreds of new leases per month from the beginning of their existence. In most of these cases, the vendor is gone after one to two years, leaving funders an endless stream of litigation. Using LeasePolice.com, detecting these vendors is easy - just take note of a high number of recent inquiries for a newer vendor.

"Broken Up" Transaction Fraud - This type of fraud includes activity by Vendors and Debtors/Lessees who break up a larger deal into smaller pieces to avoid financial disclosure (without disclosing their other requests to the lenders). In most cases, those involved are aware of the application-only limits and apply for a large number of smaller transactions due to poor financial information. Imagine a $350,000 deal that is achieved by "splitting the transaction into five $70,000 transactions with five different funders. Some of these deals are further disguised by applying for corporation-only signatures - with no credit bureaus reports reviewed. In many cases, the debtor/lessee is already in distress and they fold under the higher debt levels. Using LeasePolice.com, detecting these lessees is easy - just take note of a high number of recent inquiries. Even corporation only transactions are shown in LeasePolice.com.

Past Due Account "Layoff" Fraud - This is one of the oldest and least reported types of fraud in the industry. A Vendor has an internal delinquent open account with a customer. They usually threaten the customer to either pay the past due balance or they will pick up the equipment. As an option, they offer the past due customer the option to convert their account into a lease. By converting the delinquent customer into a lease, they get paid by the equipment leasing company and the leasing company gets an almost instantaneous delinquency. Many of these deals show up as first payment defaults. All participants are legitimate companies and fraud is almost never suspected! Using LeasePolice.com, detecting these Vendors is easy - just take note of a high number of early terminations/defaults using the LeasePolice.com system.

General Misrepresentations By Vendors and Lessees - This general category includes activities such as submitting altered financial statements, hiding prior bankruptcies, hiding ownership, false references, misrepresenting used equipment as new, falsifying actual date of sale or delivery, equipment being sent to other locations without disclosure, concealing large judgments or liens, and leasing the same collateral twice. Using LeasePolice.com, detecting these transactions is easy. LeasePolice.com subscribers can report any suspicious activities and they will be posted in our data files for future review.

(Note: Lease Police is no longer active, although it remains division of Receivables Management LLC & LeasePolice.com)

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Leasing and Finance Industry Help Wanted

Mindeset
By Ken Lubin, ZRG Partners, Managing Director

Changing the mindset to a successful/positive mindset, for me is the single most important thing that you can do. My default is always to go to the negative, the dark side and believing that things are going to blow up rather than work out and by doing that, you create the law of attraction on the worst case scenario.

Having a winning, positive and focused mindset sets you in the right direction. The forward thinking, positive mindset lets you see things you normally wouldn’t. It allows your brain to expand to let in the good and possible , it forces the brain down a different path rather than the default that I/you have trained it. It allows the brain to get to the next step. It is where true vision comes from.

Mindset and forward vision are almost synonymous and when the mindset that is full of positivity , focus and possibility, the results are much better than the depressive and anxiety- driven mindset that I/we and many of us struggle with most of the time.

Realizing the power of your mind (both positive and negative)and what it can give or take from you are the key to changing any situation you are in. Changing your mindset may sound simple and it is, but it is but it is definitely not easy.

Having awareness of the power of your mind is an amazing first step. Be aware and the future is full of possibility.

Ken Lubin, Managing Director
ZRG Partners, LLC
Americas I EMEA I Asia Pacific
C: 508-733-4789
https://www.linkedin.com/in/klubin

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What Our Clients Tell Us
By Long-time Finance Professional

Summary: What some employees at our client organizations are telling us should sound alarm bells for employers who are concerned about hitting the ground running with great employees when the economy picks up steam.

We have recently been told by some of our clients’ employees that the biggest frustration they face in this economic downturn is the almost unbearable increase in their workloads. Not only did they express frustration at the inability to complete all their work but they admitted that the quality of their work output was not up to their usual standards.

Almost all companies are striving to do more with less, and most employees are working harder and longer than ever before. It's no surprise that Robert Half International tell us that workers everywhere are reporting higher stress levels and lower morale. If it is logical to assume that we've kept our best employees through these tough times, we must be aware that all this extra work and stress is taking a toll on their physical and mental well-being. We all should be hyper-concerned about losing some of these valued workers when economic conditions improve.

This feedback provides a wonderful opportunity to explore in next month's Sales Journal the one question executives might want to avoid in their effort to assist stressed-out employees.

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Financial and Sales Training

These individuals act as a consultant in 75% or more of their main business, actually training staff or individuals of a leasing company. These are not schools or franchisors, which can be viewed by clicking here.

Adrian Miller

Open Advance

Wheeler Business Consulting, LLC

Several hold classes, and most will travel to their client's premise.

Many of the associations also have financial and sales training classes for their members and non-members with a higher fee: http://leasingnews.org/associations.htm

Second Column: YCS - Year Company Started | YELB - Years in equipment Leasing Business

Name City, State Contact Website Leasing Association	YCS YELB (see above for meaning)	Geographic Area	Specialty
Adrian Miller Port Washington, NY Adrian Miller amiller@adrianmiller.com 516-767-9288 www.adrianmiller.com www.adrianmiller.com/blog/	1989 31	International	Highly results-driven, informative and enjoyable sales skills training programs that will leave participants empowered for bottom-line success. AMST guarantees a positive return on training time and investment.
Open Advance San Ramon, California Steve Chriest www.openadvance.com/contact/ 925-263-2702 www.openadvance.com/	2000 38	International	Consultant. Training. Production. Your training can be branded, delivered in workshops, accessed via our OA Cloud app. or housed in your LMS. Our objective is to help people learn faster, retain knowledge longer and promote critical thinking skills.
Wheeler Business Consulting, LLC Fallstow, Maryland Scott Wheeler, CLP Scott@wheelerbusinessconsulting.com 410-877-0428 www.wheelerbusinessconsulting.com	2008 37	USA	Provide multiple educational products to individuals and companies engaged in the leasing/financing industry. Encourage & facilitate personal and corporate strategy building to promote efficiencies, increase productivity & future success.

Advisory Board Emeritus
Robert “Bob” Teichman, CLFP

Bob was appointed by Kit Menkin as chairman May 8, 2005, primarily to recognize him as our number one good will ambassador. He retired as chairman and was appointed Emeritus Board Member on December 31, 2020.

Robert Teichman, CLFP
Teichman Financial Training

"After all these years, after having been in the leasing business for over 50 years, I really appreciate all the wonderful people I have met, and the lasting friendships I have formed. I still enjoy the business immensely. There is always something new around the corner."

Bob started in automotive leasing in 1963 in sales, then moved into equipment leasing in the late 1960's. For over 20 years he provided funding for leasing companies as an officer of both bank and non-bank lenders.

Along the way, he started several successful leasing companies. His company, Teichman Financial Training was founded in 1998 and provides lease education and consulting services to lessors, funders, brokers, government and international agencies, and other members of the financial community.

He was active in leasing associations, having served on the Board of Directors of the United Association of Equipment Leasing (UAEL) for four years. For three years he was the Chairman of their Education Committee with responsibility for the Certification Program and Educational Programs. He was also a member of other committees including the Standards Committee.

Bob was a frequent speaker at leasing industry events and has written articles for UAEL's Newsline and other industry publications. He is a co-author of the Certified Lease Professional's Handbook and a co-author of the World Bank’s Global Leasing Toolkit.

He served seven years on the Board of the Certified Lease and Finance Professional Foundation including two years as President and one year as Chairman.

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Super Saver Rates for
2024 AACFB Annual conference
April 16 - 18 Glendale, Arizona

Seize the opportunity to ignite your professional journey at the AACFB 2024 Annual Conference, the must-attend event of the year!

Elevate your skills, expand your network, and stay ahead in the commercial finance industry.

Thanks to our incredible sponsors we are able to offer extremely affordable registration rates for this exceptional event, but the clock is ticking, and our Super Saver Rates will only be available until February 29!

$295 Super SaverRate

The 2024 AACFB Annual Conference will be held April 16-18 at the Renaissance Phoenix/Glendale Hotel & Spa located in Glendale, AZ. AACFB has been bringing commercial finance brokers together with the leading funding sources and service providers in the industry for over 30 years! See you there!

Register
https://annualconference.aacfb.org/registration

Hotel Reservation
https://www.marriott.com/event-reservations/reservation-link.mi?id=1692909815951&key=GRP&app=resvlink

Vicki Shimus, CLFP, Balboa Capital, will be covering this event for Leasing News

News Briefs

Tesla Cybertruck owners claim $80K, stainless steel
vehicles developed ‘corrosion,’ ‘rust’: reports
https://nypost.com/2024/02/18/business/tesla-cybertruck-owners-claim-80k-vehicles-rust-corrode/

Walmart, Coming Off a Strong Year,
Invests to Avoid Retail Letdown
https://www.wsj.com/business/retail/walmarts-sales-rise-as-prices-cool-4be79780?mod=business_lead_pos1

Inside the Funding Frenzy at Anthropic,
One of A.I.’s Hottest Start-Ups
https://www.nytimes.com/2024/02/20/technology/anthropic-funding-ai.html

Culinary Hubs Put a Twist on Home Cooking
clusters of old homes into micro restaurants
https://www.nytimes.com/2024/02/20/business/home-restaurant-conversions-real-estate.html

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Capital One to Acquire Discover, Creating
a Consumer Lending Colossus
https://www.nytimes.com/2024/02/19/business/capital-one-discover-merger.html

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Sports Briefs---

San Francisco Bay Area Sports Hall of Fame
unveils star-studded class of 2024
https://www.pressdemocrat.com/article/sports/bay-area-sports-hall-of-fame-unveils-star-studded-class-of-2024/

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California News Briefs---

California lawmakers propose creating a new crime to battle retail theft
https://www.sfgate.com/politics/article/calif-lawmakers-unveil-plan-to-curb-retail-theft-18678710.php

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Gimme that Wine

http://www.youtube.com/watch?v=EJnQoi8DSE8

Wine of the week: Chelsea, 2021 Guidestone Rise,
Alexander Valley Merlot
https://www.pressdemocrat.com/article/lifestyle/wine-of-the-week-chelsea-2021-guidestone-rise-alexander-valley-merlot/

Oregon Wineries Lean into Business Challenges
facing many of the same challenges as California
https://www.winebusiness.com/news/article/283426

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