United States District Court
For the Northern District of California
Defendants assert that this was a business credit card and not a business loan, pointing toPlaintiff’s assertion in the First Amended Complaint: “Plaintiff received a CitiBusiness Credit Card”with a spending limit of $4,000. See Reply at 5 (citing dckt. no. 1-1 ¶ 310). This correction is accuratebut not very significant.3
Plaintiff provided the Opportunity Fund with 13 pages of financial information,including:(1) the previous year’s personal income tax return,(2) the last six months of bank statements,(3) the current year’s bank income statements, and(4) his 2005 business tax return. Id. ¶ 50.He does not assert that he ever provided a second year’s business tax return.On January 4, 2007 Plaintiff claims that he “completed the final loan applicationrequirement” by meeting with Opportunity Fund’s business advisor, Defendant DevinMcAlpine. Id. ¶ 51. McAlpine began the meeting by stating, “Don’t just think you’re gonnaget this loan!” Id. ¶ 52. Plaintiff “explained that the loan was guaranteed by NORCALFDC, and went on to describe the merits of his self-employment.” Id. McAlpine toldPlaintiff that he had “no marketing accumen,” and declined to review Plaintiff’s“comprehensive business plan,” requesting a “shorter ‘marketing plan’ instead.” Id. ¶¶ 52-54. The meeting lasted approximately ten minutes. Id. ¶ 55.Following his meeting with McAlpine, Plaintiff hired a consultant to put together amarketing plan (even “suspend[ing] his income generating activities, rel[ying] on his creditcards during this time to survive, and focus[ing] all of his attention full time to this task of completing a marketing plan”), and unsuccessfully sought McAlpine’s feedback andcoaching on that marketing plan. Id. ¶¶ 57-59. In January 2007, Plaintiff received a $4,000business credit loan from Citibank based on the same information he provided to theOpportunity Fund. Id. ¶ 61.
Plaintiff mailed the marketing plan to McAlpine and Cardenason January 16, 2007. Id. ¶ 65.On January 15, 2007, Cardenas requested that Plaintiff re-send the 2005 financialinformation, including a year 2005 profit and loss statement; Plaintiff “mailed and emailed
Case3:10-cv-00619-CRB Document58 Filed11/29/10 Page3 of 11