The Federal Trade Commission (FTC) recently charged a Kansas man and his business holding companies with selling fake payday loan debt portfolios, which debt collectors used to elicit payments from people under the false pretense the loans were real.
A federal court ordered the man and his companies to cease operation while litigation is pending in the U.S. District Court of Kansas. The man’s brother recently paid a settlement to the FTC over similar charges. Read on to learn more about the case.