Randazzo. The FTC suit claims that companies controlled ulster savings bank personal loan Coppinger and Rowland purchased sensitive financial data of prospective consumers and, in some cases, issued phony loans to people who had never agreed to borrow the money.
The defendants are accused of generating bogus loan agreements to deceive banks and of withdrawing money from consumers accounts.
In one 11-month period, Coppinger and Rowlands network made loans of about 28 million and took back more than 46. 5 million, according to the FTC. In an awkward twist, some of the ill-gotten gains reaped by online lenders have benefited schools, churches and other area philanthropic causes. But payday loan operations are toxic enterprises, and its to Kansas Citys detriment that they received the financial and technical support to thrive here.
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