Federal Debt Assistance Association, LLC, Financial Document Assistance Administration, Inc., Clear Solutions, Inc., Robert Pantoulis, David Piccione, and Vincent Piccione
The Consumer Financial
Protection Bureau filed suit in federal court against two companies operating
under the name “FDAA,” a service provider, and
their owners for falsely presenting FDAA as being affiliated with the federal
government. The Bureau also alleges that
FDAA’s so-called “debt validation” programs violated the law by falsely
promising to eliminate consumers’ debts and improve their credit scores in
exchange for thousands of dollars in advance fees. The
court entered default judgment against all of the defendants on May 22, 2018,
after they failed to respond to the Bureau’s lawsuit. The court’s order bans
the defendants from providing debt-relief or credit-repair services to
consumers, requires them to pay $4.9 million in redress to consumers, and
imposes a civil penalty of $16 million.
Related documents
Press release
CFPB Sues Debt-Relief Companies Illegally Posing As Federal Government