Sales: Long Established West Coast Co., lessor/broker looking to expand. Top commission/salary/bonus. Organized with sales experience in small/mid size leases a necessity. Home office OK. Experienced back office support.
Contact
About the Company:
www.odysseyequipfinance.com
Headlines---
Classified Ads---Contract Administrators
Cartoon---Human Resources
RW Prof. Leasing Next Hearing June 22
Pinn Leasing Larsen Sentencing Postponed
Letters---We Get eMail
Classified Ads---Help Wanted
Warren Capital Expands to So. Cal.
Lightner Gets William H. Brown Memorial Award
News Briefs---
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"Gimme that Wine"
This Day in American History
Baseball Poem
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Classified Ads---Contract Administrators
Contract Administrator
Contract Administrator: Chicago/Naperville
18+ years experience in leasing US/Europe, as both lessee and lessor. Am versatile and adaptable to lessee, lessor, or lender career opportunity. Email:
Contract Administrator: Lewisville, TX. 2 1/
2 Years banking experience & almost 3 years Leasing experience. ( Contract Admin.) hard Worker, learns quickly & willing to relocate. Email:
Contract Administrator: Los Angeles, CA Documentation Manager; 25+ years experience; strong documentation skills; solid reputation for submitting complete funding packages consistently resulting in same day fundings; will consider reasonable commute.
Email:
Contract Administrator: New York, NY.
10+ years in equipment leasing/secured lending. Skilled in management & training, documentation, policy and procedure development & implementation, portfolio reporting. Strong work ethic.
Email:
Contract Administrator: Portland, OR.
6+ years small ticket leasing/financing. Documentation/funding
Policy development &implementation, management &training, process mapping, customer service, broker, vendor, portfolio experience.
Email:
Contract Administrator: Ridgewood, NJ.
Organized person with two years leasing experience to document and book deals. Work with customers, vendors and funding sources to process, fund and track leases.
Email:
Contract Administrator: San Diego, CA.
16 years experience with Capital Equipment and Semiconductor Manufacturing equipment leasing for Asia/Europe/US. Strong communication, documentation, management, negotiation, and training skills. Email:
Contract Administrator: Schaumburg, IL
10 yrs. small/mid-ticket leasing. Proficient in documentation, funding and legal. Worked with brokers, portfolio purchases, vendor programs, municipal transactions. Prefer to stay in Suburban Illinois. Email:
full list of all “Jobs Wanted ads” at:
http://64.125.68.90/LeasingNews/JobPostings.htm
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RW Professional Leasing Next Hearing June 22,2004
ORDER: Pursuant to the Memorandum of Decision & Order of Dist. Judge Spatt the attorney for Roger Drayer and the AUSA are directed to appear before the undersigned on 6/16/2004 at 9:30 AM for an evidentiary hearing on the motion to suppress the post-arrest statement. Said hearing will continue on 6/17/04, if necessary. The attorneys for the defts, Susan Cottrell, Adam Drayer, Roger Drayer, RW Professional Leasing Services Corp. and Rochelle Besser are directed to appear before the undersigned on 6/22/2004 at 9:30 AM for an evidentiary hearing on the motion to suppress documents obtained by "CS-1". Said hearing will continue day to day until completed. SO ORDERED (Signed by Judge Michael L. Orenstein on 5/4/04) c/m (Montero, Edher)
Leasing News has been following this story since the controversy with Sierra Cities and then American Express, a suit against us for what we printed, and then a surprise raid to their East Coast and West Coast offices with not only cases against them by American Express and others, but a $28M fraud case
Eight people, including the principals of an Island Park medical equipment leasing firm and the former manager of a bank branch in Island Park, pleaded not guilty recently to charges that they defrauded federally insured banks around the country out of $28 million.
The money, obtained by RW Professional Leasing Services, was supposed to be used to buy medical goods and supplies that were leased to medical providers.
The loans were supposedly backed by collateral, court papers said. But the money actually was used illegally to provide working capital for the offices of physicians, dentists and other medical providers, the court papers say.
The eight were charged with crimes including bank fraud, wire fraud and conspiracy. Seven of the eight were arraigned before U.S. District Judge Arthur Spatt in Central Islip, after an investigation by the FBI and the Internal Revenue Service, according to the office of U.S. Attorney Roslynn Mauskopf. The seven were released on bail after pleading not guilty. An eighth defendant, Stephen Barker, of Lake Forest, Calif., was arrested in California Friday and was to be transported to Long Island for arraignment.
One of the eight, Myrna Katz, 61, of Long Beach, was the former manager of the Island Park branch of the Bank of New York. She was accused of setting up fictitious escrow agreements in her branch, into which non-existent lease payments were ostensibly funneled.
Katz's attorney, John Wallenstein of Mineola, said "she was acting in
accordance with her duties at the bank."
Among the others who pleaded not guilty were the principals of the leasing firm, Barry Drayer, 64, of Wellesley, Mass., and Rochelle Besser, 68, of Long Beach. Their attorneys nor the US attorneys
would return telephone calls to Leasing News.
For a full background:
http://www.leasingnews.org/Conscious-Top%20Stories/RW_stories.htm
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Pinn Leasing Tommy A. Larsen Sentencing Postponed
“STIPULATION and order by Judge Marilyn L. Huff as to
defendant Tommy A Larsen, defendant Kim A Larsen
sentencing hrg cont 9:00 8/2/04 for Tommy A Larsen, for
Kim Larsen before Judge Marilyn Huff (tkl)”
PinnLease USA President Tommy Larsen Pleads Guilty
(Originally, Larsen told Leasing News he was “not guilty” and his
attorney requested retractions of our story, very similar to
what is now happening at RW Professional Leasing. We also heard
from the presidents of United Capital, Unicapital, MSM Capital, SDI
Capital, and others, for “blowing the whistle.” Leasing News provided information to Mr. Freeman, who should get an award for his journalism on both his PinnFund and PinnLeasing exposes. Editor)
By Mike Freeman
SAN DIEGO UNION-TRIBUNE STAFF WRITER
The former president of a PinnFund USA subsidiary pleaded guilty to fraud, conspiracy and tax evasion charges related to the scam that engulfed the defunct Carlsbad mortgage company.
Tommy A. Larsen, president of PinnLease, admitted to scheming to funnel money from bogus equipment leases to himself, among other charges.
He pleaded guilty to scheming to obtain funds for PinnFund U.S.A. through fraudulent equipment leases, and laundering kickbacks of those funds to the mortgage lender and himself through sham transactions and false invoices, prosecutors said.
Larsen also pleaded guilty to obstruction of justice in connection with his previous attempt to provide false testimony in federal court.
The defendant also pleaded guilty to evading taxes with respect to his 1999 and 2000 federal income taxes by charging personal expenditures to PinnFund, by structuring his compensation to avoid payroll taxes, and by hiding the proceeds of illicit activity in offshore financial institutions.
Sentencing is set for April 5 before U.S. District Judge Marilyn Huff.
(This has been postponed as evidently a plea was entered by
his wife and there was difficulty in accepting the term; however,
this appears to be resolved as the sentencing hearing is now set
for August 2,2004. editor)
"The personal greed of those responsible for the massive PinnFund fraud led to the collapse of the corporation, the loss of millions of dollars by investors and the evasion of taxes,' said Denise L. Rubin, IRS Criminal Investigation Special Agent in Charge for San Diego.
PinnLease was the office equipment leasing arm of PinnFund, which imploded in March 2001 when the U.S. Securities and Exchange Commission filed a civil lawsuit alleging massive fraud.
Criminal charges followed the SEC action against several of the ringleaders, including chief executive Michael Fanghella, who in February was sentenced to 10 years in prison.
Counting Larsen, seven people linked to PinnFund have pleaded guilty to federal fraud charges. One of the top money raisers in the scam, James Hillman, a former Oakland lawyer, is fighting the charges. No trial date is scheduled.
U.S. Attorney Carol Lam said Larsen, 54, entered his plea without reaching a deal with prosecutors. He admitted to laundering kickbacks from phony office equipment leases to PinnFund and himself, attempting to provide false testimony and evading taxes by charging personal expenses to PinnFund and structuring his salary to sidestep payroll taxes. Some of the money was hidden in offshore banks.
"Today's guilty plea demonstrates the extraordinary scope of the fraudulent conduct that occurred at PinnFund," Lam said.
About 160 investors put $330 million into PinnFund over a five-year span. They were promised 17 percent returns on their money, which they were told was being used to finance mortgage loans.
Instead, the money went to cover millions in operating losses at PinnFund, to enrich company executives and to provide investors with their monthly returns, which is the way a classic Ponzi scheme operates.
While the total loss remains unclear, prosecutors said about $106 million came back to investors in the form of monthly payments. That puts the estimated loss of investor funds at about $224 million – making the scam among the largest in San Diego County history.
In all, Larsen pleaded guilty to 18 counts of a 23-count federal indictment handed up on January. Sentencing is scheduled April 5 before U.S. District Judge Marilyn Huff. Larsen faces more than 20 years in prison.
PinnFund U.S.A. was closed by court order on March 23, 2001.
( For further information about PinnLease USA, please go here:
http://www.leasingnews.org/Conscious-Top%20Stories/Pinn_fund_lease.htm
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Letters---We Get eMail
About Our New Format
“Terrific format! Very easy to use.”
Dennis Montgomery
Commercial Equipment Lease, Inc
Seattle, WA
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“Just wanted to thank you for coming up with a creative way to produce
Leasing News in HTML format. I much prefer it.”
Regards,
Barry
Bartlett Capital
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“.... received both versions. The html format seems to work fro me. By the way I've not received an invoice for this yrs subscription. Send to R Reynolds po box 10 sonoma ca 95476.”
Thanks
R Reynolds
(New format is free. Most of the HTML subscriptions have expired and
since we only had 32 paid subscribers, went to this new format which
means we now post the web site at 2am, California time. Brian Wong
does it. editor )
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“You may discontinue sending me the Text edition - I am now receiving the HTML edition and I am able to link to the stories. Thank you very much for an excellent trade publication. Keep up your great work for many years to come in good health!”
Very truly yours,
Eli Kowalsky
KENSINGTON CAPITAL PARTNERS, LLC
62 William St., 4th Floor
New York, NY 10005-1545
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“I also print from the web numerous times each day. Your text
version printed fine, but when printing the HTML version I lose some text. I'm not converting to a Word document but simply use the browser print routine. Maybe someone can guide me on how to set margins within the Internet Explorer application. Thanks for your help.”
Mark Loosli
(Perhaps a reader knows another method, but the only
one I know is to print in "Landscape" mode. It does
not go vertical, but horizontal and you read in this
mode.
(Go to the tool bar and choose Print, then Preferences,
and then Landscape.
(Thursday's edition was 54 pages, it said. The print edition was
35 pages because it did not have the graphics that appear in the HTML
version. The NACM version had all the charts and took up a lot
of room, but illustrated the reported very well. Editor)
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“Please continue to send me the text version....
“The benefits of the text msg is that it is compatible with smaller hand
held devices. When you get into HTML.. you have to be far more smart about what devise a user is using to read the message.
” The scrolling down to the articles is easiest.”
Tim Szczygiel
--
“With the Palm Pilot I won, courtesy of NAELB, (It was the only thing I won in Vegas), I am able to download the text version of LeasingNews to my Palm and read it where ever I want. Today I read it while in the doctor's waiting room. It is a little small, I need to get my bifocals checked, and I have to delete after reading because it takes up some space. Otherwise, it is like reading one of those small books. It saves me the paper of printing it out and I can read it without having to sit at my computer. Just thought you would find this of interest.
“Maybe more will want in text if they know they can download to their handhelds. I use to print it out and read like a newspaper because sitting at my computer can be quite uncomfortable for me. The HTML version is great when I want to take a quick glance and go to the headlines which interest me.”
Regards,
Rob Yohe
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“The blackberry can't handle 40 pages. As a "board" member I have taken my responsibility to at least READ the thing seriously, but what with travel, etc I am away more than here so it's the blackberry (really handles just first 6 pages plus or minus) or a stack of old news waiting for me when I return from the hustling.
“Maybe: the text version should be greatly abbreviated, no classifieds,
history, wine, cartoons, graphics, flotsam, jetsam, trash, etc., and only
the first 25-50 words for each article... force people to go to the html
version but provide this teaser service to all comers. In this manner, one can review the headlines, confirm they haven't been targeted, confirm none of their acquaintances have been targeted, smile that a couple of losers got their comeuppance, and get on with our text only day.”
Paul Weiss
Icon Capital
New York/San Francisco
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Sunday Sermons
“Very well said, Kit. I'm glad the Sunday Sermons are back, it keeps me in check.”
Ginny Young
Brava Capital
Orange, California
http://www.leasingnews.org/Sunday_sermon/index.html
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Union Capital Bulletin Board Complaint
“Regarding the complaint against Union Capital and the comments about TA Pump. I have provided leases for this vendor over the last 15 years and every owner I have talked to about the owner and his equipment have nothing but praise.
“I currently have an active lease on this equipment and the lessee is very happy with the equipment and intends to acquire another unit in the next few months. The statement about TA going out of business doesn't make sense to me. I believe it is a lie manufactured to distract the attention from the stupid and unethical behavior of the lessor/broker.”
Mike Rogers
Address = 921 W.17th Street
City = Santa Ana
State = CA
Zipcode = 92706
Phone = 714 836-1111
Fax = 714 836-0871
Email =
--
http://www.leasingnews.org/Conscious-Top%20Stories/RW_update5.htm