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FTC and Florida State AG Settle with Debt Relief Scammers for Over $80 Million

FTC

On April 12, 2018, the Federal Trade Commission (FTC) announced proposed settlements with three marketers for illegal debt relief and loan services. In May 2017, the FTC filed an action against the three marketers and eleven related corporate entities claiming that the defendants engaged in a wide-scale debt relief scheme in violation of Section…

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FDIC Enters Into $20 Million Consent Order With Debt Settlement Entities

On March 28, 2018, the Federal Deposit Insurance Corporation (“FDIC”) annou​nced settlements with a bank and an affiliated lender (“Defendants”) relating to allegations of deceptive lending practices.  According to the FDIC, the Defendants provided, as “debt-settlement products,” loans to borrowers who were heavily indebted, which loans had settlement fees of up…

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FTC and NY AG Convict and Settle For Nearly $50 Million With Debt Collectors

​ On March 22, 2018, the Federal Trade Commission (FTC), in conjunction with the New York Attorney General (AG), announced that it had entered into settlements with debt collection companies and their operators over allegedly deceptive and unlawful debt collection practices. In a February 2015 complaint filed in the United States District Court for the…

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FTC Accuses Student Loan Debt Relief Operation of Deceiving Consumers

​On February 7, 2018, the Federal Trade Commission (“FTC”) announced an enforcement action against a student loan debt relief operation, claiming it deceived consumers out of $28 million by falsely promising that their monthly payments would go towards their student loans. In the complaint, filed in the U.S. District Court for the Northern…

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FTC Obtains $6.8 Million Judgment Against Two Individuals in "Free" Credit Report Scheme

FTC

​On October 30, the Federal Trade Commission (FTC) announced that it had obtained a stipulated order for a permanent injunction and monetary judgment against two individuals for allegedly using fake rental property ads to lure consumers to visit websites promising “free” credit reports.  When consumers visited those websites, the individuals allegedly deceived them…

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FTC and Illinois AG Settle With "Phantom" Debt Collectors For $47 Million

​On November 1, the Federal Trade Commission (FTC) and Illinois Attorney General’s Office (Illinois AG) announced (here and here) that they had reached a settlement to resolve a joint action brought against affiliated Chicago-based debt collectors that allegedly used false and misleading tactics in attempting to collect on payday or other small-dollar loans. The…

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