Nexum agreed to shut down in connection with a settlement agreement with the IRS. Unfortunately, and not due to the actions of their Board, which I represented, they were tied to AmeriDebt.
All of the agencies that Andris Pukke originated: Ameridebt, Nexum, the Credit Network, Neway, Debticated, A Better Way, Visual credit counseling, CrediCure, and three others, have been ordered to alter their operations, shut down, or divest of their portfolios. Through DebtWorks, Inc., Pukke caused all of the agencies to enter into service contracts which functionally took all of the money from the non profits. Pukke also made sure that most of the agencies were also dependent upon his or his associates' for profit marketing: DebtSaviors, 1-800 Credit Card, and several others. Although many of the Boards of Directors had no involvement in the wrong doing, all the agences were punished. In fact, when CrediCure attempted to get away from Pukke's for profit Ballenger Group, Ballenger Group attempted to destroy CrediCure by interfering with all of CrediCure's clients' debt management programs. Ballenger Group caused 41 people to lose their jobs as credit counselors and bankrupted the Board members.
Ballenger Group also did the same for Nexum and its Board.
Unfortunately, much of this has not been made public so the consumer can only assume the worst about the companies, without knowing what really went on. When the unhappy clients complained, Ballenger Group "saved the day" by swooping in with other agenceies it controlled to "restore" those clients.
More to follow: