$230,000 Judgment Obtained Against Loan Company Owner

Allison Tussey —  March 19, 2010 — 2 Comments

Michael Petriccione, Hartford, Connecticut, loan company owner, is subject to a judgment compelling him to pay 230,150 in restitution and penalties for allegedly taking money and failing to provide promised loans and services.

The settlement bans Petriccione from the commercial loan business in Connecticut and obligates him to pay $165,150 in restitution to 13 consumers and $65,000 in penalties to the state.

Petriccione used phony endorsements from prominent individuals – including the Connecticut Attorney General — to entice consumers into doing business with his companies. Neither the Attorney General nor others ever endorsed Petriccione‘s businesses.

Suit was filed against Petriccione and his two companies, Mediations, Inc. and Innovations NE, LLC, in April 2008 for allegedly collecting more than $165,000 in deposits and upfront fees, but never delivering promised loans or services.

The judgment empowers the Connecticut Attorney General’s office to seek seizure of property and other assets that Petriccione has or may acquire in the future.

Attorney General Richard Blumenthal won the judgment against Petriccione.

“This settlement compels Mr. Petriccione to pay restitution — money back — to consumers he so cruelly and callously defrauded,” Blumenthal said. “He lured customers with bogus endorsements from prominent people, deceiving them into paying more than $165,000 for services never rendered. This scam badly battered budding entrepreneurs, delaying and destroying dreams of economic success and independence. Our judgment enables my office to seek his assets — wages, real estate, investments — to repay victims, returning cash he cruelly stole.”

“My office will fight for restitution to consumers whether it takes months or years.”

Petriccione is currently in jail awaiting trial on separate larceny charges stemming from the case.

Through his companies, Petriccione claimed to provide investment loans of $100,000 to $700 million and “mediation services.” His companies also claimed to have legal and “placement” skills, and Petriccione represented that he was a Connecticut attorney. He is not licensed to practice law in Connecticut.

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Allison Tussey

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2 responses to $230,000 Judgment Obtained Against Loan Company Owner

  1. ankara dekorasyon March 21, 2010 at 10:09 pm

    Thank you very much for sharing. To help me..

  2. WARNING WARNING WARNING: Barry Silber and Jim Marks from Linear Capital and America’s Mortgage Broker aka AMB LLC out of Tampa Florida. Read about these guys and their buddies on Ripoff Report. Ripping off the elderly is a very big problem in Florida. How many others are there that have lost everything to these guys. These men and women are very sophisticated highly educated hard money lenders, attorneys, mortgage and real estate brokers. They worked out of the same office building and many of them are related. I consider these people to be the worst of the Predatory Lenders in Florida because of how they took control of our lives and property. I also believe that Jim Marks was the front man for Barry Silber and his group, who’s main objective was to find unsophisticated families that had financial problem or facing foreclosure. I believe that they first calculated how much equity we had and we became prime targets because we had old waterfront properties. They used every means possible to con and trick us including food, money and promises. But they also created after hours, back door very complex and some times even forced contracts and agreement that eventually gives them total control of everything you have. They will as a team beat you down in every way possible as Jim Marks says don’t worry I got your families back. Barry Silber creates the agreements as Jim Marks shuffles you from room to room. Silber continues to do what I believe was nothing more than setting us up for a bait and switch signing and more. To date they have sold and or taken control of over 1 million dollars in equity and our families properties.
    Should these people in jail??? Now they are after our waterfront home. We have contacted multiple law enforcement agencies and our state and federal representatives and we are gathering a great deal of information for a TV documentary to expose exactly what they have done to us. Others have called in and we thank you for your contributions. We have also hired Mike Wasylic out of Dade City Fl. as our attorney to go after these guys and I recommend that any victim do the same. I also recommend filing your complaint with all government agency’s. My question is How can this happen to any one and why is it taking the Attorney-general and the FBI so long to investigate what has happened to our family. They say its a very slow process. I am told that many federal and state laws have been broken.
    Our Current lawsuit is in Hillsborough County. We are seeking multiple damages Re: Criminal Usury and Civil Conspiracy etc. If your feel that you were victimized by anyone from Linear Capital, America’s Mortgage Broker aka Amb llc, Barry Silber, Jim Marks etc. Call ASAP 352 274 8467 or Mike Wasylic

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