The operators of a payday financing scheme that allegedly bilked huge amount of money from customers by trapping them into loans they never authorized should be prohibited through the customer lending company under settlements utilizing the Federal Trade Commission.
The settlements stem from costs the FTC filed this past year alleging that Timothy A. Coppinger, Frampton T. Rowland III, and their organizations targeted online payday loan candidates and, making use of information from lead generators and information brokers, deposited cash into those candidates’ bank records without their authorization. The defendants then withdrew reoccurring “finance” costs without the regarding the re re payments planning to spend down the principal owed. (more…)