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After working years for someone else I decided to buy a franchise.
Ladco was strongly recommended by my back as their partner in merchant services. The contract was written up the rep reminded me over and over that the lease amount was tax deductable as a business expense. (should have reaised a red flag but what did I know)
Well 18 months later the business failed and when I turned the franchise over to the new owner I offered to turn over the lease for the credit card machine and it's 52.00 a month payment. I was told I was crazy and she shows me her payment of the same equipment for 8.00 a month. I looked up the retail price of the equipment NEW and it comes to $600.00. Ledco ecpects me to pay 2500.00, 400% interest on the equipment and a 200.00 buy out at the end.
They over inflated the price of the equipment to start out, they push the fact that this high price is now deductable on your taxes.
I to have been scamed by Ladco Leasing, I had a business which I closed in Oct 2003, when I notified that I Closed the Business in October 2003 Then I discovered 2 months ago recieving a statement from my bank that there still taking out of my account. I sent the equipment back when we closed, and its now 2011 and there still taking money out. I contacted the company and asked them to stop taking payments out and refund the money that is overpayed. And they have refused to respond to that request. Pleas add my name to the Class Action Suit.
[protected], georgemi
It appears that Ladco has been breaking the laws and scamming hardworking business owners for a while. They will keep on unless they are met with a classaction effort that hits them were it hurts... in the pocket book! They are racking in such big profits with this racket that they are probably thinking so what if they lose a few individual lawsuits. As long as the other 90% never bother to call them on their misdeeds they will keep at this racket!
"The only thing necessary for the success of evil... is for good men to do nothing"
In our particular case we have clear evidence that they have forged and doctored up the original lease agreement. Luckily we had made a copy of the agreement prior to turning it over to the crooked sales rep. We definitely will be pursuing criminal as well as a civil claim against these predators.
Contact Jim72936@gmail.com if you have evidence of your signatures being forged or documents that have been doctored by Ladco/Azura.
Ladco is charging $69 per month for 60 months, a total of $4140 plus tax for a machine that I can buy for $319. I now have to change bank accounts. I wish I read these postings before. The bank servicer was Entrust(United Bank), not Elavon. The Costco service that I'm switching to is Elavon, and they're selling me the machine for $319. Either they saw the light or they don't lease anymore.
Lee Ladd Chairman founded LADCO Financial Group in 1979 and after ventures in mortgage
brokering and commercial equipment financing, entered the small-ticket leasing field in 1984. LADCO
specialized in financing point-of-sale equipment and grew to service over 120, 000 lease and rental
contracts. LADCO pioneered small ticket financing as one of the first to utilize ACH for billing and as
one of the first to participate in the placement of over $193MM in lease-backed securitizations with rated
bonds issued to investors.
In 1997, LADCO Financial Group was acquired by PMT Services. In 1998, PMT Services merged
with NOVA Corporation, the result was a new parent company, NOVA Information Systems. In 2001,
NOVA Information Systems, Inc. was acquired by US Bancorp. LADCO operated as a wholly owned
subsidiary of NOVA and US Bancorp. Lee Ladd departed the organization in 2006.
In 2006, LEECO Financial Services was incorporated with the securing of a $120MM credit facility.
LEECO provides a fully compliant and comprehensive servicing of portfolio. This includes all federal,
state and local tax collections, remittance and audit responsibilities; property tax reporting, allocation,
collection, remittance and audit responsibilities; and all monthly and ancillary costs associated with
monthly billing, collections and portfolio management. www.leecofinancial.com
Where is he now?
Lee Ladd
Owner, mile edge plus
Greater Los Angeles Area | Automotive
Current: Owner at mile edge plus
Past: President and CEO at LADCO Leasing, regional v.p. at Fireside Thrift
Lori, thanks for providing this wonderful info on the history of Ladco. The D.A.'s office of Ventura County, California, has been investigating the case, and the media is finally starting to pick up on it. There is more info on my blog at
http://merchant-scamology.blogspot.com/
Thanks, Deborah
FYI: Ladco Leasing's parent company is Elavon. Elavon works at maintaining a squeaky-clean image, while Ladco does all the scamming in the background.
ATTN LADCO LEASING SCAM VICTIMS: The D.A. of Ventura County, California, who has been investigating Ladco and its business practices, issued a press release on May 1, 2012, regarding the ruling handed down by the Superior Court. "...Under the Final Judgment signed by Ventura County Superior Court Judge Harry Walsh, Ladco and Elavon must pay $418, 601 in civil penalties, restitution, and cost recovery to the Ventura County District Attorney's Office, and will be bound under the terms of a permanent injunction prohibiting similar future alleged violations of law. The final judgment also requires that Ladco and Elavon cancel leases, release liens, terminate collection efforts, and provide updated status reports to credit-reporting agencies, for more than 100 impacted lessees." Here is the link to the press release in its entirety: http://da.countyofventura.org/12-030.htm
VICTIMS OF ENTRUST, You are urged to PLEASE file with the Arizona Attorney General's office Here's the link: http://www.azag.gov/consumer/complaintform.html
Both Christines (Ventura DA & NBC reporter) are standing by to assist, but they can act only in response to filings & consumer compliants. Christine Mitchell confirmed that she has spoken to the AG of AZ's office, but the folks in AZ have to run their own investigation. It appears that Arizona doesn't have a consumer complaint department at the county level (unless someone else can find it). The evil Entrust is located in Maricopa County.
I totally agree with all the frustration that every one has. I am on the same boat. I can't believe that they can still operate with such a scam. I am small business owner. I have a restaurant. In 2011 Harbor Touch sent a rep by and told us that we can get a POS system for just $120/ moth in which they will service us and the system will be ours after five years. They made me sign a contract for 5 years. Then I realised that the system is literally crap. So contacted Harbor Touch and tried to return it back to them. They said I am in a non cancellable lease. In that case they were asking me to pay $7000 for me to get out of the lease. I didn't have that money so I just kept paying them monthly. Now the contract is over but they are asking me to buy the equipment for $1000. Which probably is not even worth $2000 total. I just want let everyone know that Please be aware of these companies. Harbor Touch and Ladco Leasing.
Ladco was the worst decision I ever made in my business.
This is a nightmare the money that continues to come out of my business Account for something I’m not even using anymore when I received this machine I could not even get it to work for the first three months because the machine continued to say it needed to be updated and I had no way of getting it updated not to mention the support team that was supposed to be the most amazing support system couldn’t even help us. Finally once we were able to get the machine up and running and started using it half the time it wouldn’t turn on half the time it wouldn’t even except cards. I have lost so much time and I wished I would have investigated this company way before I ever agreed to sign this lease. The people I trusted at my bank to offer me something which has turned up to be the biggest SCAM! That I have ever gotten myself into. I have spent countless hours on the phone with this company as well as Ladco leasing. Not to mention the money that I continue to lose!
I also wasn’t aware of this 48 months lease! I was sure it was only 24 months.
BIGGEST SCAM EVER!
St Joseph, Missouri
Hallo, my company name is your halo hair extensions, I been getting charges from u guys for long time. business its shut down from march. I need u to stop charging me and credit me for april month as well. thank u