Core Viewpoint - FlexShopper Inc. has filed for bankruptcy following the termination of its CEO due to fraudulent activities related to loan documents [1][3]. Group 1: Bankruptcy Filing - FlexShopper, based in Boca Raton, Florida, filed for Chapter 11 bankruptcy protection in Delaware, listing assets of at least $50 million and liabilities of at least $100 million [2]. - The company has received an offer to sell its business to an affiliate of Snap Finance, structured as a stalking horse bid, allowing for better offers at a future auction [2]. Group 2: CEO Termination and Fraud Allegations - The bankruptcy filing follows the termination of former CEO Russell Heiser in August, who allegedly provided forged documents to the company's auditor regarding loan receivables and revenues [3]. - Heiser is also accused of pledging non-existent collateral that did not meet eligibility requirements under one of the company's lending facilities [3][4]. Group 3: Internal Investigation - The company's conclusions regarding the fraudulent activities stem from an internal investigation initiated after concerns were raised by a finance department member to the board of directors [4]. - FlexShopper announced in July that its previously issued financial statements should no longer be relied upon [4]. Group 4: Business Model - FlexShopper specializes in lease-to-own financing for various consumer products, including appliances and electronics, claiming to provide customers with payment terms and spending limits "within minutes" [5].