Pressing Racketeering Charges on th

Discussion in 'Credit Talk' started by iammagi, Sep 8, 2004.

  1. iammagi

    iammagi Well-Known Member

    Pressing Racketeering Charges on the CA and CRA

    The following if from the Federal RICO Act

    Section 1962 prohibits "any person" 9 from: (a) using income received from a pattern of racketeering activity or from the collection of an unlawful debt to acquire an interest in an enterprise affecting interstate commerce; 10 (b) acquiring or maintaining through a pattern of racketeering activity or through collection of an unlawful debt an interest in an enterprise affecting interstate commerce; 11 (c) conducting or participating in the conduct of the affairs of an enterprise affecting interstate commerce through a pattern of racketeering activity or through collection of an unlawful debt; 12 or (d) conspiring to participate in any of these activities. 13 RICO's purpose is to remove organized crime from the legitimate [*1038] business community. 14

    I know that anyone can file charges with the attorney's office. Whether they will accept them is another thing. They CA's know they can't prove the debt yet they sell it or continue to collect. The CRA knows they're not truly validating but the continue to repot making it easier for the CA to collect on a debt that doesn't exist. This is collusion and IMO IS a Racket.

    IMO the crimes they are committing are methodical and intentional. Such as forgery, lying to judges, collecting on non performing debts etc. These are Criminal Enterprises. Sure some of their activity is legitimate but much of it is not.

    I'd like to know other's opinions about seeking criminal charges against the officers of the CA's and CRA's. Has it been tried?
     
  2. pd11604

    pd11604 Well-Known Member

    Consumer Debt is lawful debt. The RICO statutes are referring to loansharking, etc.
     
  3. iammagi

    iammagi Well-Known Member

    Good point. I'm sure it does. But it also is refering to fabricated debt. Is it not?
     
  4. southland2

    southland2 Active Member

    Re: Pressing Racketeering Charges o

    Fraud is also a cause of action under RICO.
     
  5. iammagi

    iammagi Well-Known Member

    Re: Re: Pressing Racketeering Charges o

    Then maybe we should be seeking (first) criminal charges rather than civil. I think jail is all the corporate officers will understand. And keep in mind it's the officers of corporations that set the policies.

    It's time to start "following the money" and putting these people in jail.
     
  6. ontrack

    ontrack Well-Known Member

    Re: Re: Pressing Racketeering Charges o

    Your strongest case might be if an OC has an in-house CA, and tries to collect bogus penalties and late fees arising out of systematic late posting of payments.
     

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