Client of Presidential Financing Corporation Charged with Fraud

Lawrence Rosenzweig of the Barridon Corporation has been charged today by a federal court of engaging in a scheme to defraud the Presidential Financing Corporation of America.

The information filed today charges that in 1999 the Barridon Corporation, based in Hartford, entered into a factoring agreement with Presidential. The agreement was negotiated by Presidential’s northeast regional office, located in Rockland, Massachussetts. Under this agreement, Barridon was allowed to borrow from Presidential funds equal to 80% of Barridon’s outstanding account receivables and Barridon was also allowed access to immediate cash (rather than waiting for payment from its customers).

All news and features older than 7 days are subscription only. This article is from the archive. Archived articles could only be accessed with the subscription. If you are a subscriber please log in, alternatively you need to purchase a subscription to view the full content for this page.