Pr0n Stars Can't Believe They're Being Denied Loans And Bank Accounts

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 5 years ago '08        #1
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thetfd 1487 heat pts1487
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Pr0n Stars Can't Believe They're Being Denied Loans And Bank Accounts
 

 
imageChanel Preston knows not everyone approves of her chosen profession.

That's one of the risks that go with being one of the biggest stars in pr0n.

But she never thought it would affect her ability to open a bank account.

Preston recently opened a business account with City National Bank in Los Angeles.

When she went to deposit checks into the account days later, however, she was told it had been shut down, due to "compliance issues."

She found the manager she had originally worked with and asked what had happened. The bank, she was told, was worried about the Webcam shows she had on her site and had revoked the account.

(City National declined to comment on Preston's accusations and on whether it had any policy regarding accounts tied to the pr0n industry.)

Preston is hardly the only pr0n star who has had trouble with the banking industry. Several performers and pr0n insiders (who were afraid to go on the record due to possible repercussions from their banks) said they have been denied accounts from a variety of financial institutions.

"The people within my [local] bank have urged me to downplay the nature of my business because corporate frowns on it," said one long-time industry veteran.

The issue seems to be reaching a boiling point, though. Earlier this week, Marc Greenberg, founder of the soft pr0n studio MRG Entertainment, filed suit against JPMorgan Chase in Los Angeles Superior Court, alleging the bank violated fair lending laws and its own policy for refusing to underwrite a loan for "moral reasons."

Greenberg says he was approached by a representative of the bank about refinancing an existing loan. But once he started the process, he says he saw repeated delays for four months. That's when he said he reached out to a JPMorgan vice president for an explanation.

The vice president "was evasive in his response to plaintiff's application status requests and finally informed plaintiff during a telephone conversation that plaintiff's loan application was refused due to 'moral reasons,' because of JPMorgan's disapproval of plaintiff's former source of income and occupation as an owner of a television production company that produced television programs that dealt with the subject of human s3xuality," the complaint reads.

Greenberg's attorneys claim they were told by the vice president that the application was denied because of the potential "reputational risk" to the firm.

The rejection, noted the suit, was confounding since Chase had long held the original deed of trust on the home, without any comment on Greenberg's career.

"JPMorgan purports to be so ashamed of nudity and human s3xuality that it cannot process a refinance of a home loan of plaintiff, secured by plaintiff's house, because plaintiff's source of income six years ago included production of television programs that contained nudity and human s3xuality," the suit reads.

JPMorgan Chase declined to comment on the accusations due to the pending litigation.

Preston noted she, too, has been denied a loan because of her profession—though at a different bank.

"[The loan officer] asked me 'are you affiliated with the adult entertainment industry?' When I said yes, she said 'We will not give you a loan.'," she said.

Whether the decision to deny Preston's business account or Greenberg's refinance application is discriminatory lending is a matter of debate—and, in Greenberg's case, something the courts will have to decide.

David Barr, a spokesperson for the FDIC, however, said institutions are permitted to make their own calls on who they work with to a certain degree.

"The decision to open or maintain an account is up to the individual institution," he said. "The rules are not prescriptive, which means that the bank must make its own a.ssessment to determine the risks a.ssociated with an account and whether that account should be terminated or not opened in the first place."

And it is not uncommon for many businesses to take a moral stand about who they do business with. Indeed, some investment firms make it a point to avoid getting involved with tobacco producers or gun manufacturers because of the social issues tied to those industries.

pr0n stars and adult entertainment industry insiders do note that the troubles they've experienced are tied to business—not personal—accounts. That may be because personal accounts are opened under their real names, which typically don't raise an eyebrow, while business is done under more well-known pseudonyms, which is when people take notice.

"It's kind of obvious about what I do when a young girl goes into a Valley bank with a different female name than the one on [their] driver's license," said Preston.

But such friction between people involved in the adult entertainment industry and banking institutions are likely to become more common. With the advent of the Internet, the $14 billion adult entertainment industry is undergoing a transformation.

Film and video distribution is giving way to Internet sites and Web cams. As a result, barriers to entry in the industry are being lowered and more of the industry is being based out of homes and being run through small business arrangements and partnerships, necessitating banking services.

visit this link pr0n and Banks: Drawing a Line on Loans

83 comments for "Pr0n Stars Can't Believe They're Being Denied Loans And Bank Accounts"

 5 years ago '12        #2
OrangeSoda 98 heat pts98
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sparknotes
 5 years ago '11        #3
BtMkRs 12 heat pts12
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adult businesses are a trap . just stay away


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 5 years ago '05        #4
dominicanlink12 29 heat pts29
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dont some of them make fairly good money? why wouldnt a bank want that? who the fu*k cares who has an account at what bank?

u know how many drug dealers, pedophiles, crazy people u probably pass in the bank when going to your atm?
 5 years ago '05        #5
freshtoodef 5 heat pts
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 dominicanlink12 said:
dont some of them make fairly good money? why wouldnt a bank want that? who the fu*k cares who has an account at what bank?

u know how many drug dealers, pedophiles, crazy people u probably pass in the bank when going to your atm?
people need to just chill the fu*k out they probably watched the pr0n the people were producing anyway
 5 years ago '05        #6
Based_One 87 heat pts87
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This one of them ole uppity banks I deal with people from that bank at my job.
 05-20-2013, 09:38 AM         #7
Killa Kwamz 
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If I owned the bank I wouldn't let wh0ores patronize either.
 5 years ago '10        #8
Livin Life 4 heat pts
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 Akira Son Bio said:
That sucks. pr0n stars always get played when it comes to trying to do normal sh*t
 5 years ago '06        #9
Yung Dilla 1498 heat pts1498
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Lol Ron Jeremy don't got that problem that n*gga still clears millions a year and he's a fat smelly n*gga from what some pr0n chicks be saying now.
 05-20-2013, 03:23 PM         #10
Leezee 
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Besides the fact that that sucks, how is it not illegal, IRS has no problem collecting thos taxes but banks wont take her. The most Unamerican thing ive heard all day... unbelievable. And to think, big banks are gonna say whats moral as they just brought the country to its knees in 2008 by leveraging all of our money and betting it would fail... im actually pissed at this... Leezee
 5 years ago '05        #11
Fresh|B 996 heat pts996
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...Oh fu*king Well. Set Up A Paypal Account & Shut The fu*k Up.
 05-20-2013, 03:33 PM         #12
Throbbin' Thicke 
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Who cares they're wh0ores?
 5 years ago '12        #13
OldBusiness 164 heat pts164
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 Fresh Whyte said:
...Oh fu*king Well. Set Up A Paypal Account & Shut The fu*k Up.
Aint nobody with real bread dealing with no paypal. I barely even deal with it when involving music anymore


n*ggas gotta make a drop off at the bank. I need all 14 of my dollars up front
 05-20-2013, 03:54 PM         #14
chitilla23 
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 avitos way said:
who cares they're wh0ores?
... Ftw
 5 years ago '12        #15
Zoo Blocc Savage 92 heat pts92
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 BtMkRs said:
adult businesses are a trap . just stay away


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Dat sh*t scared tha fu*k outta me
 5 years ago '05        #16
Fresh|B 996 heat pts996
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 ALLEEK said:
Aint nobody with real bread dealing with no paypal. I barely even deal with it when involving music anymore


n*ggas gotta make a drop off at the bank. I need all 14 of my dollars up front
....Ain't Nobody With Real Bread? SHIIIIEEEEETTTTTT....My Business Account From Sponsors & Contract ADs Say Otherwise.

Like I Say In Business Meetings. You Can Drop It Digital (Paypal), Coldhard (Cash), or Old Fashion Account Number Transfer....Ain't Got Time For Checks Clearing. Too Many n*ggas Use Checks To By Time If They Don't Have The Money At The Moment.

As For Her, She Tried To Include That Website and Banks Do Check Their Customers Out Even With Digital Material. If All She Do On The Website Is Web Cam...Just Do A Paypal Account For That Kind of Thing. I Understand She Wants All Her Money Going To One Account But Some Banks Got Some Rules.
 5 years ago '07        #17
Cartel-Clipz 29 heat pts29
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 BtMkRs said:
adult businesses are a trap . just stay away


[pic - click to view]

 5 years ago '08        #18
bigshock 4 heat pts
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Better get a










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 5 years ago '08        #19
bigshock 4 heat pts
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Better get a Rush Card.
 5 years ago '10        #20
2TopFlite 22 heat pts22
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 BtMkRs said:
adult businesses are a trap . just stay away


[pic - click to view]

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