Debt

FTC Returns Funds to Debt Collection Scheme Victims

Anyone who’s ever been strapped for cash and looking for a small loan to tide them over until payday has likely turned to debt collection businesses.

In response to a major debt collection scheme, the Federal Trade Commission (FTC) has shared it is officially mailing out 5,232 checks of nearly $3 million to those who fell victim. The company responsible is Rincon Debt Management; its owners, Jason R. Begley and Wayne W. Lunsford have been banned from any participation in future debt collection businesses.

While sometimes incidences like this may result in partial paybacks, victims of the Rincon Debt Management scheme are receiving the full amount of fraudulent fees. In this ordeal, it was discovered that the company’s owners added on an average of $525 misappropriated fees per victim.

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