Fraud Prevention

FTC Sends Out Checks To Consumers Affected By Auto Loan Modification Scheme

The Federal Trade Commission (FTC) announced news that it is mailing 288 checks totaling more than $109,000 to victims of an auto loan modification scam.

According to a press release, Regency Financial Services promised to get customers better terms for their auto loans and car interest rates, but the company and its CEO, Ivan Levy, did not provide the services and failed to honor their “money-back guarantee.”

Due to the theft, the defendants agreed to pay money to settle the lawsuit in July 2015. The settlement also banned them from telemarketing and from selling debt relief products or services.

Affected consumers will receive full refunds based on information they reported to law enforcement, with the average amount being $380. Recipients should deposit or cash checks within 60 days.

If there are any questions about the case, consumers should contact the FTC’s refund administrator, Rust Consulting, Inc., at 866-591-7249.

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