Cash Today fined $1 million by FTC over collection and loan practices

FTC Slaps $1 million Fine on Internet Lender Over Collection and Loan Practices
September 22, 2009
An Internet payday lender based in the UK was hit with a $1 million fine from the FTC and state of Nevada over what authorities say were shady debt collection practices and lending tactics.
A UK-based Internet payday lender will pay $1 million to settle charges brought by the state of Nevada and the Federal Trade Commission that it failed to disclose key loan terms and used unlawful debt collection tactics.
The FTC announced Monday that a network of companies operating under many names had been targeting U.S. citizens from the United Kingdom. Consumers were led to believe that the online payday loans were originated from and the lender was based in Nevada. The initial terms stated in marketing copy were straightforward: repay the loan by the next payday with a fee ranging from $35 to $80.
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The settling corporate defendants are Cash Today, Ltd., and The Heathmill Village, Ltd. (both registered in the United Kingdom); The Harris Holdings, Ltd. (registered in Guernsey, an island between England and France); Leads Global, Inc., Waterfront Investments, Inc., ACH Cash, Inc., HBS Services, Inc., Rovinge International, Inc.; and Lotus Leads, Inc. and First4Leads, Inc. (both now dissolved); each also doing business as Cash Today, Route 66 Funding, Global Financial Services International, Ltd., Interim Cash, Ltd. and Big-Int, Ltd. The settling individual defendants are Aaron Gershfield and Ivor Gershfield.
Read the full article here:
insidearm.com/go/arm-news/-ftc-slaps-1-million-fine-on-internet-lender-over-collection-and-loan-practices

Nice post, that's what I'm talkin' about!!

P/S Moving this to the payday loan news section.

YEAHHHHHHHHHH....Got what they deserve. Bottom Feeders

Great news; and not only should there be a $1 million fine, but this outfit should be charged 40 percent interest every 2 weeks on the $1 million until they pay it off, wouldn't you say? Or maybe the government could let them roll over the amount they owe for another 2 weeks.....?

FAN-DAM-TASTIC!!!!!!!!!!!!!!!!!!!!!!! Here's to Aaron Gershfield, ROT IN HELL!!!!!!!! I heard that Bernie Madoff is looking for a roomie!!
What would really be cool is if someone filed a class-action lawsuit for all of the victims of this scummy company--and 90 percent of the community would be included!

Kscornell: I say we DO file a lawsuit. I am in!!!

Wow, great article.....I hope the rest of the scum bags see this and let this be a warning....YOU ARE NEXT.

you know I have posted several messages on this site warning about Aaron Gershfield, I belong to a watchdog group dedicated to followng this mans every action and keeping people informed .

IMPORTANT INFORMATION

Please be aware of almost 300 sites that have flooded the payday loans pages since his fine was paid .

Sites all begin with Welcome to eg cashtoday ltd .com--Welcome to achloans.com Welcome to global cash advnce.com.

Not every listing beginning with welcome is his but almost 300 are. Easy to spot because template used in these sites are cloned from Dailyincome .com plus all these sites have the same application form to cashapply.com.

**** Also please note these sites are not secure no SSL.
Padlock on so called SSL secure form is a sham they have been tested by experts and found wanting . Check out cashtodayltd.com look at the template format and avoid every listing from this clone like the plague and make sure everyone involved in genuine payday loan companies are aware of this new scam this is like flooding the market with fake dollars.

good luck

Oh MY!! Thanks for the information. recently, I've gotten ALOT of 'ads', VIA the internet, about different kins of PDL's. The ads look the same. But, of ourse, they have different names of companies on them. PDL's are horrible.

Attached are some good resources for Ohio PDL

Heathmill/ Cash Today/ Meade are the biggest scam company. I worked there briefly a few years back. Was not directly involved in the loan business, but I do know that while Gershfield and his cronies were busy hounding people for money, one of his staff members scammed about a quarter of a million from him! The scammer got scammed! Priceless!!!

He's about to get a nasty shock once the Inland Revenue freeze his accounts and seize his assets. I'm told the OFT have also been looking into the mess that is Heathmill/ Meade/ Rovinge/ Eyecare after receiving hundreds of complaints from dissatisfied customers regading debits for glasses and contact lenses which they did not order. Another illegal scam by Aaron Gershfield.

As an insider working in Northway house I belong to the watcher group who have been compiling files and information on these shysters Aaron Gershfield Ian Harries Yogesh Bafna Stephanie Kleyman Mark Gottlieb Tim Johnson Mark Osmond Ed Tracey all up to their necks in theft and deception. A trading history spanning 30 years has been sent to every bank they deal with , reports have gone to Revenue, Trading Standards, Fraud Squad, Watch dog, and may many more. they are going down with all hands and anyone who wants to avoid sinking with them would be advised to get out of Northway House ASAP as the banks are about to pull the plug and the place descended on by a multitude of officials. the last few years have not been pleasant but well worth the end result.

Both Aaron and Ian Harries are old smelly scumbags...Ian is Aarons right hand and eats Aarons scat and lets Aaron bed his wife and daughter. Aaron is also a womaniser and has mistrsses named Tara, Lorraine, Stephanie etc etc and has been seen in compromising positions with them...by the way Ian Harries is a gay faggot and a pedofier too....

All this attention you are receiving has grown like topsy so here is an update your little gang is getting smaller by the day , Dean Taylor has vanished or has he? from what I hear, he is at this moment singing like a canary and whistling Dixie to several newspapers in London the real serious kind , pay off was not enough it seems. Let Stephnie Kleyman chew that one over while she fends off the line of people Meade Plc are in litigation with and tell her they now all know with whom they are dealing with. Is not Royal mail a wonderful service it delivers thick folders of information right to the desk you aim at

Yesterday I met some painters you remember the ones who absailed past our windows spray painting the outside of our glorious building? oh and by the way you never paid them.

They tell me they have received about half a dozen emails containing very detailed information about exactly what is going on around your crumbling empire.You have a spy in your midst ( as well as myself of course ) who gained access and copied every contact details of clients on the Meade mailing list and is circulating emails to each and every one of them.

So Ian how does it feel to be hounded just like you and Aaron hounded the people you gave illegal loans to then hassled to death. How does it feel to know that everything you do and say is being reported on the net ,how does it feel to wonder just when the heavy hand of the law will land on your shoulder, (and it will very soon ) and you can take that to the bank ,you have so many to choose from Barclays for the mortgage
on the Building, Nat West, and not forgetting £500.000 overdraft with Lloyds an last but not least the 2.5 million you owe to City Sites, well not to worry we sent each of them a file with all your news clippings from Fraudbug- Rip off report- Credit Magic-n MSE- and Debt care consolidation along with your trading history.

And just for good measure we sent copies to ( Nah) I will save that for another time ??

It is very satisfying to be here under your very nose watching you all running around like headless chickens wondering just where the next salvo will come from well thats easy from just under your nose.
your staff are nervous and nervous people talk.

Now son Oliver Gershfield as sales director is on board the staff ere even more nervous. He might like to fill his father shoes but you should advise him to dig out the three feet of shit in them before trying them on. This kid is doomed he has no chance because there will be nothing for him to be sales director of in couple of weeks. And tell your plant posing as an outraged friend he has been outed more on that later
well keep smiling

That's great news, we defaulted on a loan from this company they are using shady tactics, as well. We attempted to block them from our bank because we couldn't get ahold of the company to make prior arrangement and they attempted to swipe out a different amount to get around the stop payment from our bank. I need to find out if these guys are even legal to loan in our state which is Ohio, and what the laws are regarding them being able to go against the original ACH agreement and using a different amount to take out of our checking account.