Southern Brooklyn

Brighton Beach Boy Tops Inc. 5000’s Top Businesses List

Firer (Source: LinkedIn)

Inc. Magazine released their annual Inc. 5000 list, which ranks the fastest-growing U.S-based private companies. Former Brighton Beach resident Oleg Firer tops the list.

Firer co-founded Unified Payments in 2007 at the tender age of 29. His company has since seen a 23,646 percent growth and processes $10 billion worth of transactions for over 100,000 merchants a year.

Firer, who is now 35, arrived in Brighton Beach as a young boy. He says that his family’s financial struggles made him want to succeed in business.

He started his first company,  a cellphone retailer, at 17.

“I got where I am because I wouldn’t take no for an answer,” Firer told Inc., noting that he has since moved to Miami with his family. “I always remember where I came from and that I could end up back there with nothing.”

The 2012 Inc. 500 and Inc. 5000 are ranked according to percentage revenue growth when comparing 2008 to 2011. To qualify, among other attributes, a company’s minimum revenue required for 2008 is $100,000 and $2 million for 2011.

 Not bad Firer, way to live the American dream.
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  1. Firer co-founded Unified Payments in 2007 at the tender age of 29. His company has since seen a 23,646 percent growth and processes $10 billion worth of transactions for over 100,000 merchants a year.

  2. Most people, and there are many, who grew up in southern Brooklyn, and went on to do very well (and doing well, is subjective, at times), are in most cases very proud of their roots, and wear, where they come from, on their sleeves! Obviously, not this guy, who grew up, at another time. Generation Me! 

  3. I’m sure this Russian is scamming the system in one way or the other. It’s just a matter of time before we start seeing a multitude of indictments associated with his company. Remember his name and this article.

  4. Perhaps it is simple. But I assume almost nothing. However, I shall assume that Shadowlock also assumes almost nothing as well. So the question is a valid one, and should be asked.

  5.  I agree, most Russians just scam the system.
    even the “honest” ones have Delaware plates, or some other way of gaming the system.

  6. Net Element: Undervalued Payment Processor Focused To Grow (NETE)


    So this is the latest tactic by Oleg Firer the THIEF who paid $35.04 to have this BS published here.. Ok, let me try and add few comments along with few corrections:

    “The new CEO took his former company, Unified Payments, from $0 to $67 million in revenues in two years. We believe he has the experience and drive to replicate this”

    Great experience indeed ! How come nothing was mentioned of Oleg Firer’s previous credit card processing companies that transferred most of that revenue to Unified Payments after they closed them down due to questionable practices ?

    “The company just announced a shelf offering to raise up to $50m to pursue accretive portfolio acquisitions”

    Same type of practice of “portfolio acquisitions” almost bankrupted Unified Payments back in 2012 when they piled $28mil in debt and had no other choice but to get acquired by Net Element. I am sure Oleg the THIEF will not make such mistakes twice )—(

    “Management has been restructuring operations and finances and we believe the fruits of these efforts will show in 2015 and beyond”

    Sure, buy our stock now and we will fix everything later and beyond ))

    “Company Strategy

    After selling its entertainment business, the company is now focused on payments and only payments. It has restructured operations as well as debt and is making progress to breakeven. The US company was restructured last year, and early this year, the Russian operations were revamped and management was replaced. Additionally, the company has been significantly deleveraged. In Russia, the company launched its new platform in April with an API that should jumpstart sales”

    Short Version:

    Due to not having funds to pay its employees, many employees had to be replaced…

    “Currently, the company is operating at a loss and after revamping operations, we expect sales growth to move the company to profitability rather than expense cutting. Last quarter, the company reported almost $5 million in revenues and a GAAP profit of $0.04 because of significant one-time gains. Taking out these gains, the GAAP loss was $2.8 million or $0.09 per share, and the company had an adjusted non-GAAP loss of $0.07 per share. In the September quarter, the company restructured it debt and reduced interest expense to approximately $450,000 per quarter in 2014, from the $1.8 reported in Q2 2104.
    Thus ex-one time charges, the company had a non-GAAP loss of $2.2 million. Since then, $15 million in debt has been eliminated and converted into stock, and interest expense has been significantly reduced. Given current expenses and interest charges and using the 25% gross margin the company attained last quarter (taking out a favorable one-time reversal of vendor allowances of $353,000), the company should reach breakeven at $14 million per quarter in revenue, which we believe could happen next year”

    Hmm, where do I begin ?
    Lets start with: “Currently, the company is operating at a loss”
    Lets finish with: “Company should reach breakeven at $14 million per quarter in revenue, which we believe could happen next year”

    “Plans for both internal growth and acquisitions
    To grow the business, management is pursuing acquisitions as well as internal growth. Acquisition is an extremely efficient way to grow for the company. Unique to this industry and business model, the company has a right of first refusal to buy portions of its sales partners’ portfolios should they seek liquidity. The company is often able to acquire these revenues with very favorable terms. For a $1 million investment, the company could acquire a portfolio that could add as much as $670,000 per year in revenues. At EBITDA industry margins of 30%, this could result in a cash flow payback of five years or an ROI of 20%. The company has in place a line of credit that can be used to make portfolio acquisitions. Internally, the company will achieve growth by expanding the external sales force of agents and resellers as well as by expanding the company’s offerings particularly in Russia where it has added new payment options beyond SMS and a new payment platform”

    Great business model on paper and in theory, not so great when businesses that you just acquired start closing or switch to different merchant processing companies. Would you pay $1000 for account that brings you $67 per month (1.5 years break even point) in revenue but has a 50/50 chance to go out of business or switch provider’s ?
    Probably not with our own money, but you would do it in heart bit if it looked great on your financials and allowed you to raise more capital…

    “The types of businesses that use Unified Payments are across the board, but the highest number of establishments is restaurants that fits well with the Aptito that has an excellent restaurant management offering”

    Another BS by Oleg Firer the THIEF !!!

    First of all Aptito was never paid for and only belongs to Net Element on paper. After 1.6 years I have yet to receive a single share. So we will let the courts decide whom Aptito belongs to.

    Second of all restaurants is not the majority of Unified Payments portfolio or at least it wasn’t when I was working for NETE 6+ month ago. Majority of Unified Payments portfolio is little shops that process under $5,000 per month. I would estimate that restaurants represent no more than 5% of Unified Payments portfolio.
    I guess Oleg Firer the THIEF just likes to BS….

    Q3 2014
    “For the quarter ending September 30, 2014 we are looking for revenues of $6 million versus $6.5 million in 2013, down 8%. Some of the decline is due to the restructuring that was done last year in Russia. In the quarter, there was a very large stock-based compensation expense that will show up in G&A, which will result in a much larger loss that in Q2. As a result we expect operating expenses to increase to $7.6 million instead of a more normalized $3 million. With a decrease in interest expense, we expect a GAAP loss per share of $0.14, and a non-GAAP loss of $0.04. Due this award of stock to the CEO, we expect the share count to rise to 45.6 million primary share and 54.5 million shares fully diluted”
    I think that statement speaks for itself in terms what kind of BS is really going on behind closed doors..

    “On September 17, 2014, the company exchanged $15,876,860 in notes, owned by a subsidiary of Crede Capital Group, for common stock. This added 3.5 million shares to the outstanding. Terren Peizer owns Crede Capital”

    Terren Peizer is another shady character:…1_high-rollers

    ** Nice to print money I guess )

    “On September 23, 2014, the company’s Russian subsidiary, TOT Money renewed and increased its line of credit with Alpha-Bank to the equivalent of $11 million to support growth in Russia and the Commonwealth Independent States”

    This is strictly a speculation but based on who Alpha Bank is, they will receive Net Element shares within 3-6 month.

    ** Nice to print money I guess )

    Bottom line is that Oleg Firer is a scam artist and a thief. This scumbag will stop at nothing to steal from you.

    Comments from investors:

    Oleg Firer was questioned by FBI in 2012 and was already charged by DA for Grand Theft:

    Net Elements lost almost $50 million dollars and yet Oleg Firer was able to convince the world that it was actually a “good thing”. If you take a look at NETE stock, I am sure you will notice something very unusual: Going from 0.80 cents to $5.75 in matter of months should raise anyone’s suspicion. I am sure SEC would agree…

    Thirty-year-old Oleg Firer, a New Jersey resident who claimed to be CEO of a Wall Street bank, now moved into the house, saying he wanted to buy it. In addition, he said he had more than $1 million in his own bank.
    But there was a problem: no such bank existed and when investigators called the bank number, they got an answering machine: “This is Joe,” court records show.

    Firer came back with another buyer, a 30-year-old Brooklyn resident who claimed he had $1.6 million in Firer’s nonexistent Wall Street bank.

    That deal, too, was thrown out.

    By then, Miami-Dade prosecutors were tipped off to the home and launched an investigation that would lead to a bitter civil forfeiture fight between the prosecutor’s office, Oleg Firer and G & G.

    Not only did prosecutors charge Firer with grand theft, but they seized $950,000 given to Firer by a third party, Leon Goldstein, for the down payment on the home, court records state.…rida_house.htm

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