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Robert Farrell et al v. Princeton Alternative Funding, LLC et al: First Amended Complaint

First Amended Complaint in Robert Farrell and Robert Szostak, individually and derivatively on behalf of Princeton Alternative Funding, LLC v. Microbilt Financial Services Corp., Microbilt Corporation, Philip N. Burgess, Jr., Walter Wojciechowski, Alonzo J. Primus, and Princeton Alternative Funding, LLC, formerly known as Microbilt Capital Funding, LLC at the Superior Court of New Jersey, Chancery Division.
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5 COMMENTS

  • Kyle
    By Kyleon Saturday, May 7, 2016 2:05:24 PM

    The complaint states - Burgess was sentenced to eight (8) months in prison and two (2) months of home confinement for income tax evasion and failing to pay taxes he withheld from the salaries of employees, Seriously?

    • RadioOut1000
      By RadioOut1000on Thursday, May 12, 2016 1:24:54 PM

      It also states that Alonzo Primus, the Chief Credit Officer who's also now the president of this company was the ceo of First Bank of Delaware from 2009 to 2011..This bank violated the Financial Institutions Reform, Recovery and Enforcement Act by originating withdrawals on behalf of fraudulent merchants. causing money to be taken from the bank accounts of consumers. First Bank of Delaware knew or turned a blind eye to the fact consumer authorizations for the withdrawals had been obtained by Fraud and, as a result,. its charter was revoked.

      • Luke D.
        By Luke D.on Wednesday, May 18, 2016 8:20:56 PM

        Ranger Direct Lending Fund PLC (LON: RDL) has Princeton Alternative listed in their prospectus as one of the platforms they were considering investing in. . Does anyone know if they put money into Princeton Alternative and what the size of their position might be? Thanks Paul C.

        • RadioOut1000
          By RadioOut1000on Monday, May 23, 2016 1:07:33 PM

          I found this article that stated that Ranger Direct Lending Fund was supplying them with $5 to $7 million a month from July 2015,.. so since then could be in excess of $50 million ...http://www.altfi.com/article/1165_cracking_the_non_prime_nut_a_closer_look_at_paif

          • Pat M
            By Pat Mon Tuesday, May 24, 2016 9:53:23 AM

            Ranger Direct Lending Fund only raised $200 million back in May of 2015, so it seems very unlikely they would have $50 million or 25% of the fund allocated to just Princeton Alternative. It would bey appreciated if anyone could confirm Ranger Direct Lending's investment amount. Also, of interest the complaint mentions one of Princeton Alternative's credit lines is with SunUp Financial (Balanced Credit). According to SunUp's website, they charge APRs of 525% on their consumer loans in Texas. Any information on who else they might have extended lines to would be appreciated.

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