Violation Tracker Individual Record

Company: 
Pressler & Pressler, LLP and New Century Financial Services, Inc.
Penalty: 
$2,500,000
Year: 
2016
Date: 
April 25, 2016
Primary Offense: 
consumer protection violation
Secondary Offense: 
debt collection abuses
Violation Description: 

The Consumer Financial Protection Bureau ordered the debt collection law firm Pressler & Pressler, LLP, two principal partners, and New Century Financial Services, Inc., a debt buyer, to stop churning out unfair and deceptive debt collection lawsuits based on flimsy or nonexistent evidence. The consent orders barred the companies and individuals from illegal practices that can deceive or intimidate consumers, such as filing lawsuits without determining if debts in question are valid. The orders also required the firm and the named partners to pay $1 million, and New Century to pay $1.5 million to the Bureau's Civil Penalty Fund.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Consumer Financial Protection Bureau
Civil or Criminal Case: 
civil
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.