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Tue May 7, 2013, 03:31 PM

U.S. brings charges in first criminal case for consumer agency

Source: Rueters

NEW YORK | Tue May 7, 2013 2:38pm EDT
(Reuters) - Federal authorities announced fraud charges against a debt settlement company on Tuesday, in the first criminal case based on work by the new Consumer Financial Protection Bureau.

A newly unsealed indictment filed in District Court in Manhattan charged Mission Settlement Agency and four individuals with mail and wire fraud over a scheme that prosecutors said victimized more than 1,200 people across the United States.

Manhattan Attorney Preet Bharara suggested the case would not be the only one arising out of ongoing investigations related to the debt settlement industry. Based on the results so far, "our concern is that predatory practices pervade the industry," he said.

Read more: http://www.reuters.com/article/2013/05/07/us-cfpb-criminal-idUSBRE9460LO20130507



One down - many to go.

9 replies, 1400 views

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Reply U.S. brings charges in first criminal case for consumer agency (Original post)
srican69 May 2013 OP
NRaleighLiberal May 2013 #1
srican69 May 2013 #2
pipoman May 2013 #3
Yavin4 May 2013 #4
ConcernedCanuk May 2013 #5
bvar22 May 2013 #6
fasttense May 2013 #8
bvar22 May 2013 #9
Wednesdays May 2013 #7

Response to srican69 (Original post)

Tue May 7, 2013, 03:32 PM

1. just listen to AM radio for an hour - vast majority of ads are snake oil or scams.

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Response to srican69 (Original post)

Tue May 7, 2013, 03:35 PM

2. personally - I would like to CFPB go after all the get rich quick schemes that push

penny stocks using promotions... the stock usually has a rally before going bust where a lot of naive folks are left hanging.

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Response to srican69 (Original post)

Tue May 7, 2013, 03:39 PM

3. I'm usually not too hot on new law enforcement agencies..

if this one keeps on these types of cases and doesn't result in massive over-reaches, it may clean up some of the predators out there..

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Response to srican69 (Original post)

Tue May 7, 2013, 03:57 PM

4. Thank you President Obama for creating the CFPB n/t

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Response to srican69 (Original post)

Tue May 7, 2013, 04:34 PM

5. Too little too late methinks

 

.
.
.

Shoulda done this a century ago.

this what I call a "token" gesture.

Go after the military industrial complex and big pharma - -

I might get impressed.

CC

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Response to srican69 (Original post)

Tue May 7, 2013, 05:12 PM

6. These are "Penny Ante" Hucksters,

and the Consumer Financial Protection Bureau needs to set their sights higher and use their limited resources catching Bigger Game.

Still I applaud this effort,

and will be watching.

Hopefully, this is just a trial run with the training wheels still attached,
and they are already preparing cases against the Billion Dollar Fraudsters on Wall Street
who feed off of the corpses of our Working Class.

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Response to bvar22 (Reply #6)

Wed May 8, 2013, 07:20 AM

8. Exactly what I was thinking.

Notice they aren't looking at the libor rigging scandal, ICAP Treasure Island price fixing or anything big.

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Response to fasttense (Reply #8)

Wed May 8, 2013, 12:28 PM

9. I'm praying that they ARE "looking at" those things,

and we won't "hear" about it until indictments are filed.
If they aren't, and they are ONLY going after the street corner hustlers,
then we have been SCAMMED.........again.


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Response to srican69 (Original post)

Tue May 7, 2013, 07:29 PM

7. K & R

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