These toxic lenders are similar to the payday lenders who charge absurdly high interest rates to desperate working class folks. I don't know whether all the states allow these kinds of companies to operate. Those that do, I think, place some kind of cap on how much interest they can charge. Still, they're sky high. Anyone who borrows on his or her paycheck from them on a continual basis eventually owes them all their paycheck.
I guess Congress isn't particularly concerned about toxic lenders so the SEC is stuck with going through the courts for the purpose of thwarting them or at least making it more difficult for them to operate as they currently do.
DPLS recently came alive with a lot of volume and one would expect quite a bit of dilution in the process. O’Leary has been sitting on a million in convertible debt (most from the same financiers as BVTK since Cellucci must have introduced O’Leary to them).
I was wondering “why now”? Curious if others are seeing similar things happening before the door closes on these guys?
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