Didnt I tell you Minnesota + Florida = ISSUES... Ohio, Georgia Connecticut, The government intends to forfeit the 48-year-old businessman’s bank accounts that hold about $3.9 million, his Maserati, Ferrari, Jaguar and Aston Martin, as well as his three homes in Florida, as well as a residence in Montreal and a flat in Edinburgh, Scotland. Potillo’s company was a major buyer of overdraft debt from Minnesota banks, including Wells Fargo & Co. and Minneapolis-based U.S. Bancorp. Minnesota Attorney General Lori Swanson sued United Credit Recovery, or UCR, last fall for mass-producing reams of fake bank affidavits to collect the old charge-off debts from people and businesses. UCR used the electronically robo-signed documents for years to persuade people that they actually owed the debts and try to convince courts to award judgments, as well as to hike the value of the debt for its potential resell to other debt collectors. The company allegedly sold the old debts to more than 100 third-party debt buyers and collections agencies including one in Minnesota called Bradstreet & Associates. In January, Swanson’s office sued Bradstreet & Associates for tacking illegal interest onto the old debts, which caused the amounts to balloon. UCR is one of the largest debt buyers in the country, boasting on its website that it bought more than $10 billion in overdraft debts from banks such as U.S. Bank and Wells Fargo. Swanson has said that Wells Fargo and U.S. Bank stopped selling overdraft debt to debt buyers in 2012 due to compliance concerns.
Posted on: Wed, 25 Jun 2014 15:18:15 +0000
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