The Kennedy Funding Ripoff Report highlights serious concerns and complaints about Kennedy Funding, a financial lending company. Many people have accused the company of scamming clients by taking large upfront fees without delivering on promised loans. These allegations have led to attempts at starting class action lawsuits against Kennedy Funding.
Numerous individuals have shared negative experiences, claiming that the company is not transparent and fails to close deals as expected. Kennedy Funding has also been associated with another company, Silver Arch Capital Partners, which faces similar complaints. This connection has further fueled doubts about the trustworthiness of their business practices.
Overall, the reports strongly caution potential clients to avoid Kennedy Funding, warning of the risks of financial loss and unmet agreements.
Legal Actions Taken Against Kennedy Funding Ripoff Report
Kennedy Funding is a financial lending company that has been involved in numerous legal actions due to allegations of deceptive practices and financial misconduct. These legal cases have brought attention to the company’s business methods, raising concerns about how they treat their clients. This article will explore some of the key lawsuits and claims made against Kennedy Funding.
Professional Cleaning Innovative Building Services v. Kennedy Funding
One significant case against Kennedy Funding was brought by a company called Professional Cleaning Innovative Building Services. This case involved allegations that Kennedy Funding had lured borrowers into paying fees for loans that were rarely given. The plaintiff, in this case, sought the return of the fees they had paid under a loan commitment that was never fulfilled.
Initially, the court dismissed the complaint due to a lack of jurisdiction. However, this decision was later reversed, allowing the plaintiff to amend their complaint. The amended complaint included several serious accusations, such as fraud, breach of contract, and violations of the New Jersey Consumer Fraud Act. This case highlighted concerns about Kennedy Funding’s commitment to delivering on their loan promises.
Multiple Lawsuits Against Kennedy Funding
Kennedy Funding has faced many lawsuits over the years, with various complaints pointing to a pattern of questionable behavior. Many of these lawsuits suggest that the company manipulated property valuations to reduce the amount of money they would offer in loans. This practice left borrowers feeling cheated and led to claims that Kennedy Funding was engaging in a “bait-and-switch” scheme.
From 2001 to 2006, it is reported that about 80% of loan commitments made by Kennedy Funding did not close. This means that in most cases, the promised loans were never actually provided. This high failure rate has led to significant mistrust among clients and has been a central issue in the legal actions taken against the company.
Claims of Fraud and Unconscionability
Many of the legal actions against Kennedy Funding include accusations of fraud. Plaintiffs in these cases claim that the company misrepresented the terms of the loans they offered and failed to disclose important information that would have influenced the borrowers’ decisions.
For example, some borrowers were allegedly misled about the interest rates and fees associated with their loans. Others claimed that Kennedy Funding did not clearly explain the risks involved in taking out a loan with them. These accusations of fraud and unconscionability suggest that Kennedy Funding may have been engaging in unethical businesspractices to take advantage of their clients.
RICO Allegations
In some of the complaints against Kennedy Funding, plaintiffs have included claims under the New Jersey RICO (Racketeer Influenced and Corrupt Organizations) statute. The RICO statute is typically used to address organized criminal activity, and its inclusion in these cases suggests that Kennedy Funding’s practices might be seen as a form of organized fraud.
These RICO allegations are particularly serious because they imply that Kennedy Funding’s deceptive practices were not just isolated incidents but were part of a larger, organized effort to defraud clients. This has led to calls for greater accountability and potential reforms in how the company operates.
Conclusion
The legal actions taken against Kennedy Funding reveal a troubling pattern of behavior that has left many clients feeling deceived and mistreated. From accusations of fraud to concerns about “bait-and-switch” schemes and RICO allegations, the lawsuits against Kennedy Funding highlight significant issues with the company’s business practices.
These cases serve as a warning to potential borrowers to be cautious when dealing with financial lending companies and to thoroughly research and understand the terms of any loan agreement before committing to it. The ongoing legal challenges faced by Kennedy Funding underscore the importance of transparency, honesty, and accountability in the financial industry.
Jimmy D. Carto founded of VENTS TIMES Website in 2023. For many years, he has worked as a journalist and blogger covering topics including business, fitness, health, travel, lifestyle, technology, and more.
