Payday Loan Scammers Give Us Another Bad Rap
According to the FTC’s complaint, Michael Bruce Moneymaker, Daniel De La Cruz, and their companies obtained consumers’ personal information from websites that claimed to match consumers with payday lenders, and then enrolled consumers, without their knowledge, in one or more of several worthless “continuity” programs. These programs included an up-front cost of up to $49.99 each, plus additional weekly or monthly recurring fees of up to $19.98. Continuity programs charge recurring fees until a consumer takes affirmative action to cancel.
SEC Halts $47 Million Investment Fraud at Utah-Based Payday Loan Companies
Washington, D.C., March 28, 2011 – The Securities and Exchange Commission today announced that it has obtained a court order freezing the assets of two online payday loan companies and their owner charged with perpetrating a $47 million offering fraud and Ponzi scheme.
Payday Loans and Fraud – Don’t Let This Happen to You
Employee fraud is occurring! It’s not uncommon, believe me!! When performing audits for clients wanting to buy or sell their payday loan business, we’ve found as many as 22% of the contracts are bogus. They never occurred! The employee(s) made them up!
