Sued or Sanctioned

321 Loans and Jeremy Marcus 4th Receiver Update

Written by Steve Rhode

The debt relief group 321 Loans that was shuttered by the court has generated a 4th interim report by the Receiver.

The update is below:

EXECUTIVE SUMMARY

1. The Court appointed Jonathan E. Perlman Temporary Receiver on May 9, 2017, and Permanent Receiver on May 17, 2017, over a nationwide enterprise that used 85 entities, 142 internet domain names, and 440 direct dial phone numbers, to extract more than $85 million from thousands of consumers by falsely promising to provide legitimate debt relief services. This Fourth Interim Report describes the Receiver’s and his team’s efforts and results, since his filing of the Third Interim Report on July 19, 2018.

2. When the Court appointed the Receiver in May 2017, the then Receivership Defendants had less than $900,000 in their bank accounts. Today, the Receiver’s account balance exceeds $13.111 million and total cash receipts from inception have increased by over $4.125 million since the last report to $18,450,085.30.1 The estimated value of all assets in the Receiver’s possession remains at $35 million.

3. Since the last report, the Receiver augmented the Receivership Estate through a broad range of forensic, investigatory, loan and property management, legal enforcement, and sale activities. For example, the Receiver and his professionals marshalled, marketed, and sold 10 parcels of property with a combined sale price of $3,156,560.00.

4. The Receiver and his professionals hope to increase cash receipts by $10 million over the next 6 months as the Receiver disposes of additional real estate and personal property.

5. The Receiver and his team continued to manage and operate Nantucket Cove, a residential real estate development in Beecher, Illinois, purchased with consumer monies that includes roads, 13 outparcel common areas, 114 vacant lots, and four partially constructed houses. The Receiver sold four of the vacant lots and retained TransWestern who is providing advisory and real estate brokerage services and has marketed and listed the development for sale. Several offers were recently received and negotiations are underway. The Receiver hopes to conclude selling this real estate development within the next 90 to 120 days.

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6. On June 3, 2019, the Receiver filed lawsuits against PNC Bank and American Express seeking to recover over $35 million of Receivership assets on claims of fraudulent transfer, and as to PNC only, for aiding and abetting breach of fiduciary duty and conversion. The Receiver continues to investigate Receivership claims and other Receivership assets, and anticipates making demands and filing additional litigation claims against third parties.

You can read the full report below.




About the author

Steve Rhode

Steve Rhode is the Agencemerlang and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

8 Comments

  • My name is Cheryl Floren. I paid $9205.56 to quote “settle my debt”. Nice to know that there are people who take advantage of others who are already in financial hardship. This bogus organization has destroyed my credibility when I tried to pay off my debtors. I just can not thank them enough for destroying my credit. I am 58 years old and really tired of being burned by scams. I would really like my money back. I don’t get it. I worked hard to earn that money and expected results. Every time I asked them where my money was going they would tell be that I needed to Experian and another report center.

  • I want my money back they took me for about 4500 and did nothing, my credit is destroyed because they were supposed to paid them off and didn’t do anything they said they would do these people need to be put in Prison

  • My name is Elisa and this company change there name many times and still my money I am very tired to wait for the court to get my money back

  • This jeremy lee marcus is a scum bag and i want all of my money back punitive damages. I hope he rots in prison.. they let him keep a 140,000 car to take his child to and from school.. i know why not give him a bus pass to take his son to and from school.. i almost lost everything because of him thank god i have a great family that helped me stay out of bankruptcy.. bottom line is I want all of my money back.. SCUM BAG .. i can say alot more nasty things about this thief . But i will let it alone.. I WANT TO BE PAID BACK EVERYTHING PLUS MORE FOR THE PROBLEMS I HAVE OCCURED FROM THIS!!!

    • I also hope all of these people get paid all of our money back before anyone else gets paid.. courts.. lawyers.. etc.. it was our money that this scum bag used to purchase all of his extravagant things with .. so we the people get paid back first!!!!!!!!!

      • If we use the results experienced in the past in similar situations, I would not hold your breath. First, the Receiver has to get paid for trying to recover the money, vendors have to be paid while winding things down, and finally, consumers will get a little of what was lost depending on how much was recovered.

  • My name is Annie Dillard and I want my money back Ian struggling and I don’t have money to give away I need my money and I’m tired of waiting on it y’all must think we are going to forget about it he’ll no and I know it ain’t taking that long to recover our money back

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