RSS
Some NorVergence Victims Get Out Of Scam Leases
from the big-time-scams dept
Back in September we wrote about the NorVergence scam. Basically, the company was selling some telco equipment that was available on eBay for about $300, renaming it "the Matrix," sending fast talking sales people in to small, non-tech savvy businesses, and promising that the box could provide "unlimited broadband, landline and cell phone service with no per-minute charges." The details, of course, proved this wasn't quite true. Also, instead of just selling the boxes, they would lease them for upwards of $300/month for five year leases. Then, to make the scam even better, they sold off those leases to a variety of financial institutions, cashing out right away. The company then proceeded to shut down, making the boxes completely useless -- but the banks who had bought the leases didn't care at all and still expected their money. Thus, they started sending threatening legal letters to those people who weren't paying -- even though none of the "buyers" were actually receiving service. NY Attorney General Eliot Spitzer has now convinced the banks to forgive the leases for NY companies that had been scammed, though there are still plenty of others. Of course, the real issue is that both the financial institutions and the end-customers were scammed -- and the NorVergence executives went off to start another company accused of bilking investors out of millions before shutting down.
Reader Comments
Subscribe: RSS
View by: Time | Thread
More Dirtbags
[ reply to this | link to this | view in chronology ]
HA HA
To the people in the article, I have a nose cleaning "system" you may be interested in. It provides a safe, clean, and anti-germ solution to all your nose problems. Best of all, you lease it so you have low monthly payments and always the latest up-to-date system technology. Please contact me..... (note to self, stock up on boxes of Kleenex, open up new blind checking account, ...).
[ reply to this | link to this | view in chronology ]
IFC Tries to Enforce Norvergence Leases
Illinois Us District Court
August 4, 2006
In a 2 hour and 15 minute deliberation an Illinois jury found for the defendant UBI.
After a week long trial attorney Gregory Adamski of Adamski & Conti sufficiently convinced a 12 person jury that IFC was not the holder in due course and therefore could not assert any rights to collect on the leases acquired from Norvergence.
[ reply to this | link to this | view in chronology ]
Anybody have any updates on this
[ reply to this | link to this | view in chronology ]
Add Your Comment