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Report: #1512441

Complaint Review: Proventure Capital LLC -

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  • Reported By: TheAbyss — United States
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  • Proventure Capital LLC United States

Proventure Capital LLC Wall Street Funding Global Merchant Cash Inc Unauthorized withdrawal from business’s bank account!!!!!

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Proventure Capital LLC ("Proventure”) is a broker for providers of merchant cash advances. Similar to the recent FTC lawsuit against Yellowstone Capital, Proventure took money from businesses’ bank accounts without permission. On or about September 10, 2021, the business Merchant signed a Contract with Wall Street Funding aka Global Merchant Cash Inc. ("Wall Street Funding”) for a merchant cash advance in the amount of $250,000.00 with a weekly payment amount of $6,927.08 and a 3% origination fee in the amount of $7,500.00.

Jay Keller is the owner of both Wall Street Funding and Global Merchant Cash Inc. This deal was brokered by an independent ISO that brought the deal to Proventure, under the mistaken belief that Proventure was a provider of merchant cash advances (i.e. a funder). However, it turned out that Proventrue was just itself a broker that was colluding with Wall Street Funding. Proventure took this deal to Wall Street Funding for funding.

On or about September 13, 2021, Wall Street Funding deposited $242,465.00 into the Merchant’s account. That figure represents the $250,000.00 amount funded less the 3% origination fee of $7,500.00 and the wire fee of $35.00. On or about September 14, 2021, Proventure inexplicably withdrew $12,500.00 from the Merchant’s account. The transaction has a description as "Funding Fee”. On or about September 17, 2021, the first weekly payment of $6,927.08 was taken from the Merchant’s account by the funder. Despite multiple and repeated requests that an explanation be provided by Proventure regarding the September 14th withdrawal, Proventure has failed to do so.

Proventure has also failed to identify any source of authority allowing it to make the September 14th withdrawal. Proventure cannot claim that the September 14th withdrawal was some form of early payment or origination fee, given that the origination fee of 3% was already deducted from the $250,000.00 prior to the advance of $242,465.00 being deposited into the Merchant’s account on September 13th, and given that the first weekly payment was taken from the Merchant’s account by the funder on September 17th.

The September 14th withdrawal was clearly an unauthorized withdrawal made by Proventure in an attempt to collect an undisclosed "funding fee”. The unauthorized withdrawal on September 14th constitutes theft and fraud and was committed by Proventure both knowingly and willfully. To date, Proventure has failed and/or refuses to return the $12,500.00 to the Merchant’s account. Jay Keller and Wall Street Funding fund approximately $10-15 million per month. Upon contacting Jay Keller, he claimed he never heard of Samuel Stern from Proventure. However, Samuel Stern was in communication with Jay Keller, so they clearly know each other and likely have a direct business relationship.

Jay Keller claimed that the deal was never submitted by Proventure but was instead submitted by Prompt Capital Group. Prompt Capital Group is a shield company that brokers, like Proventure, send deals to in order to act as a shield in the event that the ISO/broker tries to sue them directly. When the ISO that originally brought this deal to Proventure found out about what Proventure had done, the ISO proceeded to post about the scam committed by Proventure and Wall Street Funding on the biggest financial forum for MCA, called The Daily Funder. The Daily Funder took down the ISO’s post due to Samuel Stern’s threats, but the ISO quickly reposted its post to the forum.

Quickly thereafter, the Daily Funder took it down again and banned the ISO from the forums forever and stating that no reason was given for the permaban. Interestingly, the ISO that brought this deal to Proventure had found Proventure by using The Daily Funder. Jay Keller has been in the MCA space for years and has had many DBAs (including some names known in the industry for stealing deals and doing shady practices like unauthorized pulls on accounts) Jay Keller acts like his name is completely clean to the eyes of the world, but his hands are not so clean.

He has many different brokers (like Proventure) fish deals from ISOs/brokers, fund the deal and never pay the commission out to the broker. He instead tells Proventure to just pull the merchant’s account directly and that's Proventure’s commission. Jay Keller is the face of a massive fraudulent enterprise and utilizes brokers to take the fall for him so that he can enrich himself and his friends on the commission owed to the ISOs and then tells the brokers to steal from the innocent business owners and merchants.

Individuals involved to be aware of and avoid include, but are not limited to, the following person(s): Samuel Stern (Proventure), Cynthia Griffin (Proventure) and Jay Keller (Wall Street Funding).

This report was posted on Ripoff Report on 10/03/2021 01:09 AM and is a permanent record located here: The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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