Posted by: Willie D
More Porn Check Kiting? - 09/20/07 06:19 PM
Mean Gene writes...
Who wants to bet that the company in question is Anarchy Films, already circling the drain, just waiting for the coup de grace?
And BTW Gene, there are more than a few anti-porn banks in L.A. I know two of the largest banks in the country, both with huge presences in L.A., have specific policies that prohibit their relationship managers from making deals with porn producers. They also adopt a zero-overdraft, no float, no credit for reclamation items policy on any deposit accounts.
I worked at one of these banks, and inherited a deal for a 1-900# service company. We required them to list each phone number they serviced...when they refused, we declared their loans in default and froze their bank accounts. Magically, they paid their loans off in cash later in the week. Only time I ever had to file a SAR with the OCC.
Quote:
I talked to The Grand Vizier this morning. Apparently the story on the street is that a very well known porn company's video editor is in a panic looking for a job. According to TGV, it all adds up to one big mess.
"The employees were told that the company couldn't make payroll because the bank seized their accounts," says TGV.
"But they're not being told the whole story. They're being told that Washington Mutual doesn't want to deal with porn any more. Which is not the case. There's much, much more to this. Because I'm not saying who the company is, I can tell you that check kiting's involved."
Who wants to bet that the company in question is Anarchy Films, already circling the drain, just waiting for the coup de grace?
And BTW Gene, there are more than a few anti-porn banks in L.A. I know two of the largest banks in the country, both with huge presences in L.A., have specific policies that prohibit their relationship managers from making deals with porn producers. They also adopt a zero-overdraft, no float, no credit for reclamation items policy on any deposit accounts.
I worked at one of these banks, and inherited a deal for a 1-900# service company. We required them to list each phone number they serviced...when they refused, we declared their loans in default and froze their bank accounts. Magically, they paid their loans off in cash later in the week. Only time I ever had to file a SAR with the OCC.