FTC Obtains Court Order Halting Internet Payday Lenders Who Failed to Disclose Key Loan Terms and Used Abusive and Deceptive Collection Tactics
"In a case filed by the Federal Trade Commission and the State of Nevada, a federal court has ordered a halt to certain practices by seven U.S.-based companies and an individual operating as part of an international Internet payday lending operation. They were charged with failing to disclose key loan terms and using abusive and deceptive collection tactics in violation of federal and state laws. The U.S.-based companies and their principal agreed to the court order, which will remain in effect pending trial. The FTC and Nevada seek to permanently bar the defendants from future violations and make them give up the money they obtained using the allegedly illegal collection tactics...

The defendants named in the court order are Leads Global, Inc., Waterfront Investments, Inc., ACH Cash, Inc., HBS Services, Inc., Lotus Leads, Inc., First4Leads, Inc., and Rovinge International, Inc., and Jim Harris. Also charged in the complaint but not named in the order are four United Kingdom-based companies operating in the U.S. as Cash Today, Route 66 Funding, Global Financial Services International, Ltd., and Interim Cash, Ltd., and their principals, Aaron Gershfield and Ivor Gershfield."