FTC Returns Money to Consumers Damaged by Phantom Debt Collector Hylan Asset Management, LLC – Cardinal News

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The Federal Trade Commission repays $ 772,512 to consumers targeted by a debt collector who illegally brokered and collected fake debts that consumers did not owe.

According to the lawsuit filed by the FTC and the New York Attorney General, Hylan Asset Management, LLC and its owners, Andrew Shaevel and Jon E. Purizhansky, bought lists of bogus debts, made them available for confiscation, and sold them counterfeit or to consumers without their knowledge or knowledge Consent imposed.

Hylan referred the fake debt to several collection agencies, including Worldwide Processing Group, LLC, who then illegally recovered it. Hylan continued to buy the portfolios and distribute them to third parties for collection, despite repeated warnings that consumers do not owe much of the debt, the FTC claimed.

The defendants agreed to settle the case in 2019. As part of the settlement, they agreed to permanent exclusion from the debt collection industry and transferred funds to the FTC. The agency uses that money to send checks averaging $ 539 to 1,432 consumers.

Individuals receiving checks should deposit or cash them within 90 days as specified on the check. Recipients with questions about their checks should call the refund administrator, JND Legal Administration, at 1-888-691-3554. The FTC never requires people to pay money or provide account information in order to cash a refund check.

The FTC’s interactive refund data dashboards (link is external) provide a breakdown of FTC refunds by state. In 2020, FTC actions resulted in more than $ 483 million in refunds to consumers across the country, but the United States Supreme Court ruled earlier this year that Section 13 (b) does not allow the FTC to to apply for financial relief from a federal court in the future. The commission has asked Congress to restore the FTC’s ability to get money back for consumers.

The Federal Trade Commission works to promote competition and protect and educate consumers. You can learn more about consumer issues and file a consumer complaint online or by calling 1-877-FTC-HELP (382-4357). For the latest news and resources, follow the FTC on social media, subscribe to press releases, and read our blogs.

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