Debt relief scammers to pay $35M

The Federal Trade Commission has announced that three marketers who allegedly sold phony debt relief services, including fake loans, have agreed to be banned from selling debt relief, credit repair and financial products and services, to be banned from telemarketing, and to turn over assets worth approximately $35 million dollars, under settlements with the Commission and the State of Florida. The settlement orders, if entered by the court, will resolve charges against the marketers, who allegedly convinced people to pay hundreds or thousands of dollars a month by falsely promising to resolve their debts and improve their credit. Over time, victims found their debts unpaid, their accounts in default, and their credit scores lower, some were sued by their creditors, and some were forced into bankruptcy.