http://www.ftc.gov/opa/2007/03/camco.htm "For Release: March 12, 2007 Debt Collector Settles With FTC for Abusive Practices The final defendant in a case that brought a $1 million settlement with the Federal Trade Commission in December for illegal debt collection practices has agreed to settle FTC charges that he threatened and harassed consumers to get them to pay old, unenforceable debts or debts they did not owe. Under the settlement, Joshua Rausch is prohibited from engaging in debt collection activities or assisting others engaged in debt collection activities. If he has misrepresented his financial condition, a $15 million judgment, representing the minimum amount of consumer injury, will be imposed against him. Rausch was among several individual and corporate defendants, including Capital Acquisitions and Management Corp. (CAMCO), charged with violations of the Federal Trade Commission Act and the Fair Debt Collection Practices Act. The other individuals are subject to the same prohibitions under previous settlements reached with the FTC. In December 2006, pursuant to a settlement entered by the court involving the FTC, CAMCO, and CAMCOâ??s largest creditors, CAMCO agreed to pay $1 million in ill-gotten gains to the FTC. ..."
CAMCO only paid a $1M fine, on $15M consumer damages, and they are all too broke to fully compensate for what they did. Great business model.
Yeppers... But at least they're permanently out of the picture... And if they 'goofed' on the financial disclosures, all of the $15M becomes due and payable...
