top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Debt Settlement Company, Owner, Ordered To Pay $14M In Penalties

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Debt Settlement Company, Owner, Ordered To Pay $14M In Penalties

    June 4, 2012

    Credit Solutions of America, a Dallas-based debt resolution company, and owner Doug Van Arsdale must pay nearly $14 million in penalties and restitution to the state of Colorado and former clients for violating state laws, according to Attorney General John Suthers' office.

    The company was accused of violating provisions of the Colorado Debt Management Services Act, including providing required information and disclosing period accounting reports and other information, according to the attorney general's office. The company had failed to renew its registration to operate in Colorado after 2009.

    CSA and Van Arsdale each face $5 million in civil penalties and a total of $3.8 million in restitution to nearly 2,700 consumers. Van Arsdale and the company can appeal the fines and restitution.

    Last month, CSA was fined $2 million in a separate consumer fraud case and ordered to pay full refunds to 207 Vermonters totaling about $350,000 (see story).

    The Colorado settlement was approved by the administrator for the Uniform Consumer Credit Code, an independent agency within Suthers' office.State officials had not been in contact with Van Arsdale or the company and no current phone listings could be found.

    Consumers in line to receive restitution had contracted with Credit Solutions of America to negotiate with their creditors about the consumers' debts.


    This website is for sale! collectionscreditrisk.com is your first and best source for all of the information you’re looking for. From general topics to more of what you would expect to find here, collectionscreditrisk.com has it all. We hope you find what you are searching for!
    Last edited by AngelinaCat; 06-05-2012, 03:06 PM. Reason: Edited to conform to the specific formatting rules for this Board. Thank you.
    All information contained in this post is for informational and amusement purposes only.
    Bankruptcy is a process, not an event.......

bottom Ad Widget

Collapse
Working...
X