Friday, July 16, 2010
ELFA President on Financial Regulation Reform
(This ad is a “trade” for the writing of this column. Opinions
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ELFA President on Financial Regulation Reform
Washington, D.C., – William G. Sutton, CAE, President of the Equipment Leasing and Finance Association (ELFA), late yesterday released the following statement on the passage of financial regulatory reform legislation:
“The Senate’s passage earlier today of the conference report (H.R. 4173) on financial regulatory reform represents a significant change in the regulatory landscape for the commercial finance sector and will have important implications for ELFA member companies.
“The ELFA’s key objective throughout the legislative process was to have policymakers recognize the importance of the equipment finance sector to the capital markets and draw appropriate distinctions between the commercial leasing and finance sector and other financial institutions and products.
“During the critical upcoming regulatory process, the ELFA will work closely with appropriate federal agencies to establish sound rules that will continue to allow this industry to provide capital to businesses, governments and the non-profit sector for investment in capital plant and equipment.”
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Maricle Arrested in Florida Advance Rental Scam
It is not uncommon in the leasing business to close a business, or even bankrupt it, and then open again under another name. This appears to happen often in the leasing business, and the person involved goes back to doing the same thing that got him in trouble before, accepted by his colleagues on LinkedIn, and also by funding sources. (many who continue to do business with those on the Leasing News Complaint Bulletin Board)
Among those reported active are Mike Cingari, Colonial Pacific-MSM Capital fame, Stan & Scott Daniels of SDI Capital, Mark McQuitty of Capital Werks, as well as Rudy Trebels of IFC Credit.
The list is longer and includes Jeff Maricle who went back in business right away after closing Global Funding LLC, Clearwater, Florida, in November, 2008, owing advance rentals, commissions, and employees, too. At Global, he grew to 18 employees, collecting 83 applications a week, he told Leasing News at the time. In October 2008, a civil jury in Pinellas County found Global Funding had committed fraud in one case and ordered Maricle to repay more than $18,000 to a customer from Indiana. His main source at the time was SunBridge Capital.
Maricle told Leasing News he went to work at Global 2003; he purchased it in 2005, primarily with some vendors and forms, and went through the Wildwood Financial School to learn more about leasing and build his business. He said he followed what he learned at Wildwood, and spoke highly of the program and the current information and services provided by the National Association of Equipment Leasing Brokers (NAELB) for people new in business.
His greatest success came from an interview form that he developed to ask questions of applicants to find out what tier they belonged in, he told Leasing News at the time. He said as long as the answers were honest, his company knew where to place the trucking finance applications. He originally said the questions were geared to learn if they were wasting their time or could possibly place the applicant. The form grew almost into a pre-approval, he stated, knowing which Tier to send the application to.
He was arrested July 13, 2010 on two charges, "Unlawful Collection of Advance Fees" and "Grand Theft" (1- Sheriff Arrest Report.) The Florida Attorney's General Office reported they had over 50 complaints from California to New York and Canada, too about his new company Landmark Leasing LLC.
Equipment leases are largely unregulated in Florida, and there is no prohibition on collecting advance lease payments. GCR Equipment, Safety Harbor, Florida, who at one time had 35 employees, recently closed after several charges by the Florida Attorney General, many of them resolved, but not at the end when the doors closed, including a Leasing News complaint about not paying a leasing broker their commission.
Advance Rental regulations were proposed in Florida, but the Equipment Leasing and Finance Association was instrumental here as they have been in not requiring verification in advance by the lessor regarding end of lease residuals in Evergreen and Winter Green leases. In the Florida case, the National Association of Equipment Leasing Brokers also contributed that the law was not necessary regarding advance rentals.
Maricle Arrest Record:
"Complaints" Bulletin Board
Customer Complaints ( These are postings for informational purposes. Any response, correction, addition, will be posted. We reserve the right to edit or delete any opinion that is not in good taste)
Cartoon---RT Running his leasing company from Stateville in Joilet
2009 Unprecedented Net Income Decline 55%
Washington, DC,— The Equipment Leasing and Finance Association (ELFA)released its 2010 Survey of Equipment Finance Activity (SEFA), which shows pre-tax income and net income, in dollar terms, declined by 55.7 percent and 54.4 percent, respectively.
Independent equipment finance organizations had the largest decline in new business volume with a rate of 46.3 percent, while new business volume for Banks and Captives declined by 26.1 percent and 20.9 percent, respectively.
From an asset perspective, new business volume by equipment type declined for all categories with transportation and construction equipment hardest hit and computer equipment investment close behind. Similar trends were seen in equipment investment by end-user industry with construction, utilities and services showing the sharpest declines.
Other key findings:
Portfolio Performance. Equipment finance organizations report average charge-offs of 1.6 percent of the average net lease receivables balance, up from 0.7 percent in 2008. Receivables over 90 days rose to 1.4 percent from 1.0 percent the prior year.
Margins. Average pre-tax yield decreased to 7.15 percent from 7.29 percent in 2008. Average cost of funds were lower at 3.30 percent, down from 4.21 percent in 2008. Pre-tax spreads increased to an average of 3.85 percent from 3.08 percent in 2008.
Lease Applications Processed. Total number of applications submitted (1.87 million) is down from 2008 (1.96 million), with the number of applications approved (66.9 percent) also declining when compared to the previous year (72.5 percent).
Workforce. Total number of full-time equivalent (FTE) employees declined in all types of equipment finance organizations. Headcount of Independents fell 9.7 percent, while Bank and Captive FTEs declined 5.3 percent and 3.8 percent respectively.
Once again, PricewaterhouseCoopers LLP managed the survey for the ELFA, ensuring confidentiality, integrity and quality of the submitted data and results.
The 2010 SEFA is available for purchase at
About the 2010 Survey of Equipment Finance Activity
For more information about this survey or ELFA Industry Research, please call Bill Choi at 202-238-3413 or please go to http://www.elfaonline.org/ind/Research/
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Industry awaits the issuance of a proposed lease-accounting revision
A recently delayed exposure draft containing the latest thinking by the Financial Accounting Standards Board and the International Accounting Standards Board on an outline of a lease-accounting standard to replace SFAS 13 is expected to be published next month. The exposure draft, originally scheduled for release in the second quarter, was pushed back to August to give the boards more time to deliberate on proposed guidance for lessor accounting. Broad concepts dealing with lessee-accounting rules received early and more rigorous consideration by the boards and have been relatively settled, at least at this point in the process. Once issued, the exposure draft will have a 120-day comment period.
On July 7, ELFA met with IASB member Patrick Finnegan at the association's Washington, D.C., office to exchange information on the proposed rules. The association is exploring subsequent opportunities to engage other members of the FASB and the IASB on this matter during the next several months. The association is planning activities, including Web seminars and conferences, that are designed to educate ELFA members on the possible implication of the proposed rules on their businesses. In addition, a round-table briefing in Washington is being planned to provide customer groups and lessees an analysis of the exposure draft and assistance in drafting comment letters to the boards in response to the exposure draft.
This topic will receive much attention at ELFA's annual Lease and Finance Accountants Conference, scheduled Sept. 13 to 15 in Nashville, Tenn. More information about this event can be found at ELFA's website.
Collection of ELFA Documents on FASB and other accounting issues:
2010 Lease and Finance Accountants Conference
Brochure with registration:
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NetSol North America Sales Rebound After Stream of New Orders From Existing Clients
Sales Gain New Momentum as Clients Pay Additional License Fees to Add More Seats and Features to LeasePak
CALABASAS, Calif., (GlobeNewswire via COMTEX) -- NetSol Technologies, Inc. ("NetSol" or "Company") /quotes/comstock/15*!ntwk/quotes/nls/ntwk (NTWK 0.84, +0.01, +1.21%) (Nasdaq Dubai:NTWK), a U.S. corporation providing global business services and enterprise application solutions to private and public sector organizations worldwide, today announced that North American sales of enhancements to its LeasePak lease management solution have significantly increased from the quarter ended in June 2010 into the current quarter.
Enhancements include the purchase of additional licenses and software upgrades. NetSol Technologies North America has sold additional LeasePak licenses to a number of existing customers, including the finance arm of a large automotive manufacturing company. In addition, the Company has experienced a considerable increase in software upgrade revenue, attributed to new functionality required by North American customers using the LeasePak and Wholesale Finance System.
Najeeb Ghauri, Chairman and CEO of NetSol, commented: "The increase in enhancement-related revenue suggests growing North American demand for our LeasePak product. As our major U.S.-based clients seek to upgrade their existing systems, we look forward to providing them with flexible, modular software solutions to meet their changing needs. We are very upbeat about the long-term outlook for NetSol's products and services in the U.S. market."
For over 30 years, LeasePak has been the lease, loan, and asset solution for leading banks, equipment lessors, commercial loan companies, and vehicle lessors throughout North America. LeasePak is a key component of NetSol Financial Suite's end-to-end lifecycle solution.
About NetSol Technologies, Inc.
To learn more about NetSol, visit http://www.netsoltech.com.
The NetSol Technologies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7396
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Two Southern California Tax Preparers Get Jail Time
Income tax returns and extensions for tax year 2009 were due April 15, 2010. If you filed an extension, you generally have up to six months to file your 2009 individual income tax return (October 15, 2010, for most calendar year taxpayers).
While most tax return preparers provide excellent service to their clients, the Internal Revenue Service urges people to be very careful when choosing a return preparer.
About the IRS’ Return Preparer Program
"In the months following the 2009 tax filing season, legal actions have been taken against several dishonest tax preparers in our communities," said Leslie P. DeMarco, Special Agent in Charge for IRS-Criminal Investigation in Los Angeles. "IRS-Criminal Investigation is committed to investigating those individuals who choose to undermine the honesty of our tax system for their personal financial gain, and ensure public confidence in tax professionals.”
Operator of Payless Tax Service in Inglewood Sentenced to Prison in Scheme to File False Tax Returns
A former IRS Revenue Officer was sentenced to spend 41 months in federal prison after being convicted at trial of conspiracy to defraud the United States by filing tax returns that fraudulently sought tax refunds.
Anthony Pendleton, 59, was also ordered by United States District Judge Otis D. Wright II to spend 3 years on supervised release after serving his prison sentence. Additionally, Pendleton was ordered by Judge Wright to pay restitution totaling $179,037 to the Internal Revenue Service.
According to court papers, Pendleton, along with co-conspirators Christopher Edwards and Asha Lenard, conspired to file false claims for tax refunds with the IRS. The three, while working at Pendleton’s tax preparation business, Payless Tax Services in Inglewood, California, submitted tax returns for individuals claiming refunds for which they were not entitled to receive. The claims for refunds included, among other things, falsified employment income and dependents.
In addition to Pendleton, co-conspirators Lenard and Edwards earlier pleaded guilty to the same charge. Both face a statutory maximum penalty of 10 years in federal prison and a potential fine of $250,000 or twice the gross gain or loss, whichever is greater, when they are sentenced later this year.
In sentencing Pendleton, Judge Wright specified that Pendleton was jointly and severally liable with Lenard and Edwards for the amount of restitution payable to the IRS. Lenard and Edwards are scheduled to be sentenced on September 10, 2010.
Moreno Valley Tax Preparer Convicted of Filing False Tax Returns, Wire Fraud, and Identity Theft
Stole identities to file tax returns and kept refund money
A Moreno Valley woman who was in the business of preparing income tax returns was found guilty of twelve charges relating to tax and financial fraud, and identity theft.
Willena Stargell, 39, of Moreno Valley was convicted by a federal jury following a 5-day trial before the Honorable Terry J. Hatter, Jr., United States District Judge. The jury found Stargell guilty of four counts of preparing false income tax returns, six counts of wire fraud, including wire fraud affecting a financial institution, and two counts of aggravated identity theft.
According to court documents, from 2003 through mid-2005, Stargell was a state certified tax preparer operating in Moreno Valley, Riverside County. Stargell had worked at Liberty Tax Service and later opened her own tax preparation business called Liberty Bell Tax Service that she operated out of her home.
According to court documents, the tax returns Stargell prepared contained false information, including false wages, withholding amounts, education expenses, child credits, and dependents. The most common falsehoods contained in returns that Stargell prepared were wages, withholding, and dependents, which together establish eligibility for the Earned Income Tax Credit. The tax refunds generated by Stargell’s returns came in the form of Refund Anticipation Loans, which are short-term loans issued by a Sponsoring Bank secured by the taxpayer’s expected tax refund.
The evidence at trial revealed that the fraudulent tax returns filed by Stargell sought nearly $600,000 in illegitimate tax refunds.
As a result of the conviction, Stargell faces a statutory maximum sentence of 176 years in prison and a mandatory minimum sentence of two years in prison when she is sentenced on September 13, 2010.
Beverly Hills, California--Adopt-a-Dog
“Star is the sweetest little girl you will ever meet. At only 9 months of age, she was stuck living in a small cage on the porch of a house on a busy street in South Central LA. Now that she is with us, she has been spayed, vaccinated, microchipped, and groomed (new pictures coming soon of her new hairdo!) She is so sweet and so well-behaved for a young pup of her age. Star would love to have a loving home and a soft bed to call her own. Please email us today if you are ready to add STAR to your family!!”
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
“Toy Story 3” and “Wild Grass” are top-notch choices for the box-office and the art-house, while DVD watchers can pick from a trio of critically-acclaimed releases.
Toy Story 3 (Disney-Pixar): Fifteen years after they debuted in Pixar Studio’s first feature film, the “Toy Story” characters remain more beguiling than ever. In this third installment, Woody (voiced again by Tom Hanks), Buzz Lightyear (Tim Allen), and the other toys face their toughest challenge yet: The waning interest of their beloved owner Andy, who’s now a teenager with little time for playing. Mistakenly taken out of the house, the gang finds themselves in a daycare center, where a plush bear named Lotso (delightfully voiced by Ned Beatty) welcomes them. However, what looks like paradise soon shows its true colors, and Woody and the others have to find their way back. Filled with the kind of heart, laughs, and state-of-the-art animation that’s become Pixar’s specialty, this is the summer’s sure-to-please hit.
Wild Grass (Magnolia): Undermining the unofficial rule about cinema being a young man’s art, 88-year-old film legend Alain Resnais takes the audience’s breath away with this unpredictable, profoundly comic and moving tragicomedy. The story kicks off when George (Andre Dussolier) retrieves the stolen wallet of Marguerite (Sabine Azema), a random incident that brings together two people. Though he’s already married, George finds himself infatuated with Marguerite, an eccentric dentist who also fancies herself an aviatrix. But will his insistence connect with her emotions, or will their would-be romance lead only to restraining orders? A modern screwball farce that’s surreal and poignant at the same time, this is a cinematically inventive treat not to be missed by serious movie lovers. With subtitles.
Netflix tip: Despite five decades of innovative work, Alain Resnais remains not as well-known to American movie buffs as his younger fellow directors. Use Netflix to remedy that with a private festival of the French master’s greatest hits, including the grave and moving postwar romance “Hiroshima Mon Amour” (1959), the legendary brain-tickling jigsaw “Last Year at Marienbad” (1961), and such lighthearted recent comedies as “Not On the Lips” and “Private Fears in Public Places.”
New on DVD:
Greenberg (Universal): Writer-director Noah Baumbach (“The Squid and the Whale”) continues his string of bittersweet comedy-dramas with this caustic story of struggling romance between Southern California neurotics. Roger Greenberg (Ben Stiller) is a fortysomething bachelor who, trying to rebuild his life after a nervous breakdown, gets a job as a housesitter and encounters old friends. Things start looking up when he meets Florence (Greta Gerwig), an aspiring singer who works as his brother’s assistant and feels attuned to Greenberg’s feelings of confusion. But can the two stick together, or will their hang-ups and emotional quirks push them further apart? Humor and heartbreak are mixed in Baumbach’s customary mordant way in this droll and humane look at lost souls looking for happiness in an uncaring world.
Mother (Universal): Even though they’re less brutal than those of fellow South Korean filmmaker Chan-wook Park, the movies of Joon-ho Bong can be just as complex and intense. After memorably wrecking havoc with his own version of Godzilla a couple of years back in science-fiction hit “The Host,” he returns to smaller-scale studies of human nature’s less wholesome sides with this terrific mystery-thriller. Set in a small Korean town, it follows a middle-aged woman (Hye-ja Kim in an acclaimed performance) whose son (Bin Won) is arrested after a high-school girl turns up dead. Denied help by the authorities, she starts her own investigation to free her son, but the truth turns out to be less comforting than she expected. Combining suspense with unexpected humor, this is one of the year’s best movies. With subtitles.
The White Ribbon (Sony Pictures Classics): Critically acclaimed Austrian filmmaker Michael Haneke (“Funny Games,” “The Piano Teacher”) may finally have his breakout mainstream hit with this meticulously crafted period piece, which seems poised to take home the Best Foreign Picture statuette comes Oscar night. Set in a small German town right before the beginning of World War One, the film unfolds as a tapestry of subtle tales after an accident involving the town doctor kicks off a wave of suspicion and anxiety. The landowning baron, a strict priest and a kind schoolteacher are just a few of the characters in this beautifully shot, intellectually intriguing drama, which remains involving despite its long length. With subtitles.
Oil Spill Capped for a Second Day, Offering Some Hope
Consumers gain from financial reform
TCF Financial 2Q net income soars
Lakeland Bancorp Reports Strong Second Quarter Results
Udvar-Hazy Unveils New Air-Lease Firm; Has $3.3B in Financing
Mortgage rates remain at lowest level in decades
Show Me the Money--Cash Advance working
Record number of U.S. homes repossessed
Foreclosure crisis: 1 million in U.S. expected to lose homes this year
Time to Get Off Your Cash?
India's rupee joins dollar: Can now be designated by symbol
Officer Sues Over Arizona Immigrant Law
Field Report: A Michigan Teen Farms Her Backyard
Joseph Lacob beats Larry Ellison to become new owner of Golden State Warriors
Five ways Larry Ellison might exact his Warriors revenge ...
Silicon Valley high-end houses hit in foreclosure crisis
HP to close Cupertino campus
Arnold Schwarzenegger approval drops to record low -- tied with Gray Davis
Chart: Schwarzenegger's approval rating over the years
Nurses invade Whitman's hometown of Atherton (VIDEO)
Senior Editor James Suckling Retires from Wine Spectator
U.S. pockets $20.6 bln in sin taxes in FY'09
Sonoma-Cutrer Winery Opens its Doors to the Public
Napa, Sonoma Wineries Still Selling
US/International Wine Events
Leasing News Wine & Spirits Page
This Day in American History
1769-Mission San Diego de Alcala was dedicated and blessed by Father Junipero Serra. After high mass, the royal standard of Spain was unfurled over the mission, which was named in honor of San Diego de Alcala. The mission, located in what is now San Diego, California, was the first of 21 California missions to the Indians
"Voices of the Game"
So many, many voices of baseball present and past,
Some of these voices have now faded away,
Harry was the greatest Cub there ever could be,
Nuxhall and Brennaman are my favorite radio men,
So the next time you search for the game on TV,
(also recommended for Football games, too.)
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?
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