UPDATE (2019): SHELDON PRESSLER IS DEAD!
But the fraud will continue given lack of ethics of Lawrence McDermott, Frank Petulo, Craig Stiller and others. https://tamra.nyc/pressler-pressler-ordered-to-pay-1-million-to-cfpb/#comment-292 (more info…)
NEW UPDATE (7/16/2015)
Pressler & Pressler, LLP, Richard A. Franklin, Tin-An-A. Wang, Mitchell E. Zipkin, Craig Stiller, and Pressler John/Jane Does 1-20, Defendants, 14-CV-2591 – Fraud Claims Against Debt Buyer Need Not Be Arbitrated; RICO Claims Adequately Pleaded
Charlette Mayfield, Claude Millien, and Ebony Porter, individually and on behalf of all persons similarly situated, Plaintiffs v. Asta Funding, Inc., Asta John/Jane Does 1-20, Palisades Collection, LLC, Gary Stern, Palisades Collection John/Jane Does 1-20, Pressler & Pressler, LLP, Richard A. Franklin, Tin-An-A. Wang, Mitchell E. Zipkin, Craig Stiller, and Pressler John/Jane Does 1-20, Defendants, 14-CV-2591
U.S. District Court, Southern District
District Judge Loretta Preska
Fraud Claims Against Debt Buyer Need Not Be Arbitrated; RICO Claims Adequately Pleaded
Great article below, but what’s continually NOT being addressed is the fact that Pressler & Pressler has been running a white collar fraud ring since 1996. It is unlawful for an attorney to file lawsuits on its own behalf. Sheldon Pressler incorporated New Century Financial Services in his own name for the purpose of filing lawsuits on his own behalf.
Then, just like the low-life hustler he is, Sheldon Pressler transfers ownership of New Century Financial Services into his
brother’s, correction: HIS SON’S name*, Lee Pressler. However, Lee Pressler is a medical doctor, and not at all involved in the day-to-day operations of New Century Financial Services, or so he says he isn’t, while multiple Pressler staff are employed at both New Century Financial Services and Pressler & Pressler.
*Steven Lang, the “hired hand, big muscle” for Pressler & Pressler, stated under oath, in one of his many shakedown cases, that Lee Pressler was the son of Sheldon Pressler. How ghetto is that? “put it in my baby’s name”.*
A New NJ Appellate Case vs. Pressler & Pressler
Hot off the presses, the New Jersey Appellate Division has at long last addressed the issue of what is required for a 3rd party debt buyer (commonly called an “assignee”) to prove ownership of a debt in a Motion for Summary Judgment. This case is GREAT news for defendants who are facing summary judgment motions filed by Pressler or other debt collection firms in the NJ Special Civil Part. The new case is especially good news for those sued by New Century Financial Services, Midland Funding, or other third party debt buyers.
The as-yet unpublished Appellate Division opinion, captioned “NEW CENTURY FINANCIAL SERVICES, INC. V. OUGHLA, 2014 NJ SUPER UNPUBL 448″, which was decided on March 5, 2014, goes into great detail in its analysis of the “bad-debt marketplace” and the proofs required to prove that a company such as New Century Financial Services Inc. actually owns the debt they are suing on.
The Court began its opinion with a nice informational overview of the debt buyer’s market, or “zombie debt market” as I like to call it:
“Upon purchase of a portfolio, the debt buyer receives a “data file,” typically one or more electronic spreadsheets containing information such as the name, street address, home telephone number, date of birth, and  social security number for each debtor, along with the credit card account number, the amount due at charge-off, the date the debtor opened the account, the date of last payment, and the date of charge-off.
Both plaintiffs in these cases represented that the information they acquired on defendants’ charged-off debts was through the transfer of electronic data files. In addition to the data file, buyers of charged-off accounts also sometimes acquire electronic documentation or “media,” typically account statements, at the time of sale or the right to request such from the seller for a limited period of time, and often for a fee.
The debts within these portfolios are sometimes sold multiple times pursuant to separate purchase and sale agreements in which  sellers generally disclaim all representations and warranties regarding the accuracy of the information about the individual debts.
Defendants and amicus contend that because plaintiffs are suing on purchased debt of which they have no personal knowledge, the absence of a warranty leaves plaintiffs unable to prove that they have sued the right defendant for the correct amount. The FTC acknowledges, however, that its study did not permit any conclusions as to the prevalence of errors or inaccuracies in the information about the debts transferred in these portfolios.”
I think that’s a pretty good overview of the bad-debt market as it currently exists.
The Court’s opinion goes on to find a major flaw in the “chain of assignment” of the bad debt from the original creditor (Credit One, a visa credit card) up until New Century Financial’s purchase of the debt:
“We cannot agree that because the  credit card accounts are originated by Credit One andassigned to MHC Receivables while the accounts are still active, that no proof of assignment is necessary. New Century’s assertion that Credit One did not own the account appears at direct odds with Mazzoli’s certification that MHC Receivables “purchases and holds” Visa and MasterCard accounts “originated by Credit One.”
Further, we note that Mazzoli’s affidavit discussing MHC Receivables is markedly less clear than the Galic certifications. Instead of explaining his position with MHC Receivables and describing the source of his knowledge, Mazzoli says only that as “authorized representative” for that entity, he has “personal knowledge” of how it “originates, services, owns and manages Visa and MasterCard accounts.” The affidavit neither reveals his position, if any, with MHC Receivables, nor the source ofhis knowledge of this aspect of its operations. The Mazzoli affidavit on behalf of MHC Receivables raises more questions than it answers and thus does not provide sufficient proof of Credit One’s transfer of Oughla’s account to MHC Receivables, the first link in New Century’s chain of assignments. Ibid.
Accordingly, the summary judgment against Oughla must be reversed because New Century did not establish the full chain of ownership of its claim. While Mazzoli’s affidavit is not sufficient to establish the transfer of Oughla’s charged-off Credit One account to MHC Receivables, we note that he asserts that Credit One cardholders are noticed of the transfer of their accounts, thereby suggesting that proof of MHC Receivables’ ownership of Oughla’s account may be established in ways other than production of an assignment. We express no opinion on the method by which New Century may prove MHC Receivables’ ownership of Oughla’s account on remand. It suffices to say that it must be established by admissible evidence presented by affidavit of a witness competent to testify.”
To put the above “legalese” into plain English, the Court is stating that proof of the assignment of your original debt “down the line” to subsequent purchasers of the debt (i.e, collection agents) must meet specific requirements. The Bill of Sale certifying that your account was sold must meet a certain form and be based upon personal knowledge of a record custodian or other account representative.
This stricter requirement laid down above by the Court is excellent news for anyone sued by New Century or another third-party assignee of a credit card debt. The opinion above provides a nice “road map” for a skilled debt New Jersey defense lawyer (such as myself) to “pick apart” the claims of the plaintiff and force the case to a trial or a settlement.
Understand that if you are facing a Motion for Summary Judgment in the NJ Special Civil Part, the stakes are very high. If you lose the motion, you will be liable for the amount demanded in the Complaint and there will be no trial.
DON’T TAKE THAT CHANCE- CALL ME TODAY AT 908-782-5313 FOR A FREE CONSULTATION ABOUT YOUR CASE.
NOTHING IN THIS POST CONSTITUTES LEGAL ADVICE. ALSO, BE ADVISED THAT CONTACTING OUR FIRM THROUGH THE “CONTACT US” FEATURE DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP.
Our NY Attorney General (Eric Schneiderman), as well as Manhattan DA (Cy Vance and Michael Gordon), and US Attorney – Southern District, where Michael Gordon was formerly employed, ALL support Pressler’s white collar fraud front. If a consumer “makes too much noise” a/k/a complains too much, either will find a way to protect Pressler because of the profits from this white collar fraud front. Some payoffs go to public officials, but it’s a small overhead expense for Pressler, because of their enormous profits received from stolen consumer information and filing lawsuits against consumers on Pressler’s own behalf.
Pressler even has a fake address (305 Broadway, New York NY 10007), wherein entire fake relationships and telephone conversations, at the equivalent of a P.O. Box/mail rental facility, are fabricated by Manhattan DA, with help from NY Attorney General Eric Schneiderman, and even NYPD’s 1st Precinct on behalf of literal cop shooting, drug traffickers.
Pressler sends out fake subpoenas referencing the P.O. Box address (305 Broadway), and boldly references closed or non-existent case index numbers on the fake subpoena in an attempt to frighten and scare consumers and their family, friends or co-workers who receive the fake subpoena.
If the consumer has credible information to document and counter Pressler’s fraud, Pressler staff will definitely send out fake subpoenas referencing the consumer’s name. It is Pressler’s way of obtaining any piece of information to stay two steps ahead of the consumer action, while our local, state and federal officials begin assisting Pressler with witness intimidation.
Our local, state and federal officials aiding and abetting Pressler makes this white collar fraud a taxpayer funded operation.
Good luck against Pressler, seriously. They’re highly experienced criminals, who lie for a living, especially Frank Petulo who’s proud of obstructing FTC-Consumer Fraud and Protection Bureau complaints. Without government help to end their reign of fraud, there isn’t much a consumer can do except join in with a class action lawsuit, however, given Pressler attorneys pay off and hob-knob with local, state and federal officials, good luck with that as well.
And even more disturbing, the current governor, Christie, is a former prosecutor, but here’s his connection to Pressler/Parsippany: https://tamra.nyc/bridgegate-red-herring/.
Pressler has stolen hundreds of thousands of consumers’ debts and then BOLDLY walked into New Jersey Superior Court and filed sham lawsuits against consumers, including consumers not residing in the state of New Jersey. Pressler then takes the default judgment to the state where consumer resides, and begins their bank-jacking and asset shakedown.
This makes the mafia blush!
Pressler even falsified debt in my name, including the dates of the account, the amount of the debt, etc. when I tried repeatedly to get proof of ownership regarding the debt, Pressler ducked and dodged and even obstructed all investigations. Now it’s in the hands of federal officials with Pressler certainly staying true to their white collar fraud script.
Even worse, Pressler falsified the debt in my name on behalf of another organized criminal for the purpose of tracking whereabouts. White collar frauds of a feather flock together. The THREE fake debts Pressler falsified in both the name of Palisades Collection and New Century Financial Services which are the same companies, are directly linked to a notorious NYC cop shooter and his violent, territorial drug dealing gang, part of same evidence used to disrupt the now-deceased cop shooter’s prison gang while his outside minions STILL use the information to create more red-herrings, while obstructing the law 24/7.
The fake debt accounts allow Pressler’s attorneys to keep track of location and family members, including by accessing credit reports and sending out fake subpoenas. There is no law enforcement help against this because again, Pressler pays court clerks, court officers, judges and law enforcement on local, state and federal levels.
If you’ve received an information subpoena from Pressler and Pressler that bears the name of Terrance D. Lee… https://www.lemberglaw.com/jensen-v-pressler-class-action/
Class Action Lawsuits Against Pressler:
Additional Important Info:
- Attorney General Cuomo Sues To Throw Out Over 100,000 Faulty Judgments Entered Against New York Consumers In Next Stage Of Debt Collection Investigation — https://ag.ny.gov/press-release/attorney-general-cuomo-sues-throw-out-over-100000-faulty-judgments-entered-against-new
- Pressler jacked cars, homes and more for debts never owned: https://nylag.org/news/2013/06/class-action-targets-massive-debt-collection-scheme
- Proof that Eric Sombers KNOWINGLY lies about origin of New Century Financial Services, while bragging about his COZY friendship with both New York AND New Jersey Attorney Generals: https://www.nclc.org/images/pdf/unreported/Sanchez.pdf
- Consumers Win Cert. In Pressler & Pressler Collections Suit https://www.law360.com/articles/630664/consumers-win-cert-in-pressler-pressler-collections-suit
- https://www.youtube.com/watch?v=HKHyggefEq8 – Fox 5 News-New York Brenda Flanagan’s investigative story on Pressler & Pressler a/k/a New Century Financial Services
- Blogger threatened for disclosing Lang & Pressler & Pressler’s fraudulent activities: https://www.huffingtonpost.com/chris-rodda/bloggers-first-amendment_b_166259.html
- https://presslerclub.com – a consumer who’s thoroughly documented fraudulent activities of Pressler & Pressler. I don’t support the additional gun rhetoric sublinks, but his information regarding Pressler is consistent with other consumer complaints.
- Pressler & Pressler, LLP, Richard A. Franklin, Tin-An-A. Wang, Mitchell E. Zipkin, Craig Stiller, and Pressler John/Jane Does 1-20, Defendants, 14-CV-2591 – Fraud Claims Against Debt Buyer Need Not Be Arbitrated; RICO Claims Adequately Pleaded
- Charlette Mayfield, Claude Millien, and Ebony Porter, individually and on behalf of all persons similarly situated, Plaintiffs v. Asta Funding, Inc., Asta John/Jane Does 1-20, Palisades Collection, LLC, Gary Stern, Palisades Collection John/Jane Does 1-20, Pressler & Pressler, LLP, Richard A. Franklin, Tin-An-A. Wang, Mitchell E. Zipkin, Craig Stiller, and Pressler John/Jane Does 1-20, Defendants, 14-CV-2591
U.S. District Court, Southern District
District Judge Loretta Preska
Fraud Claims Against Debt Buyer Need Not Be Arbitrated; RICO Claims Adequately Pleaded
Apparently Pressler & Pressler’s base area is corrupt:
- Parsippany Police Captain James Carifi fired for exposing corruption — www.nj.com/morris/index.ssf/2013/04/attorney_parsippany_cops_inves.html
- Retired Parsippany Capt. James Carifi tells jury he was retaliated against by a job transfer and lost overtime opportunities when he reported department wrongdoing. — https://www.dailyrecord.com/story/news/politics/2017/10/04/friendship-and-mentoring-end-i-retired-parsippany-chief-says-he-mentored-officer-suing-him-retaliati/729419001/
- Parsippany also alleges retiring Capt. James Carifi obtained confidential law enforcement information about people not suspected of criminal actity and transferred documents, including police reports —
Parsippany City Council corruption including with a friend of Chris Christie
If you have been a victim of Pressler & Pressler, please contact me at (212) 726-2472 or email: email@example.com.
I’d like you to be a witness on November 18, 2014 at 11am. I’ve spoken with many of you, and your Pressler stories have been horrific. Get your experience with Pressler on record and finally hold Pressler accountable for their horrific actions.
- Pressler & Pressler ordered to pay $2.5Million to CFPB for its fraud AND deception! https://tamra.nyc/pressler-pressler-ordered-to-pay-1-million-to-cfpb/
Pressler sues wrong person!!
Suing the Wrong Mark Hoyte Takes a Rare Turn in Collections
Hello, Collections? The Worm Has Turned