CAMCO Settles With FTC

[David A. Szwak]

Capital Acquisitions and Management Corp. and affiliated companies will
pay
$1 million to settle Federal Trade Commission charges that their debt
collection practices violated federal law. The settlement bans the
companies from engaging in any future debt collection activities.
Previous settlements with eight CAMCO principals and managers also
imposed lifetime bans on any future debt-collection activities.

In March 2004, the FTC charged CAMCO, RM Financial, and their principals
with threatening and harassing thousands of consumers to get them to pay
old, unenforceable debts or debts they did not owe. The agency alleged
that their abusive and deceptive collection practices violated federal
law, including the Fair Debt Collection Practices Act. The companies and
individuals paid a $300,000 civil penalty to settle the charges and were
barred from engaging in abusive, deceptive, and illegal collection
practices in the future.

Office of Public Affairs
Federal Trade Commission
202.326.2180
opa@ftc.gov