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#1 09-22-2009, 07:58 PM

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

Shazzers · #2 09-22-2009, 08:04 PM

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

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

#3 09-23-2009, 08:49 AM

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

#4 09-30-2009, 04:12 AM

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.....?

kscornell · #5 10-01-2009, 06:03 PM

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!

#6 10-02-2009, 06:11 AM

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

PinkLady · #7 10-02-2009, 06:38 AM

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

#8 10-11-2009, 02:36 PM

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

sdchargers_63 · #9 10-11-2009, 07:27 PM

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.