World-Wide Reach - Strong Local Presence!

Press Release: Prepared Remarks of Richard Cordray Director of the Consumer Financial Protection Bureau | RD Legal Funding Enforcement Action Press Call

sevilla local media digital marketng
CFPB logo

FOR IMMEDIATE RELEASE:
February 7, 2017

CONTACT:
Office of Communications
Tel: (202) 435-7170

Prepared Remarks of Richard Cordray

Director of the Consumer Financial Protection Bureau 

RD Legal Funding Enforcement Action Press Call

Washington, D.C.

February 7, 2017

Thank you for joining today’s call. It is my honor to be working alongside Attorney General Eric Schneiderman on this matter. He is one of the toughest and most effective advocates for consumers in the country and we thank him for that.

Today the Consumer Financial Protection Bureau is joining forces with New York to sue RD Legal Funding, two related entities, and their owner. We allege that they scammed 9/11 heroes with cancer and other illnesses out of millions of dollars intended to cover their medical costs, lost income, and other critical needs. We also allege that RD Legal targeted National Football League concussion victims with brain injuries in the same manner. In both instances, the company lured vulnerable consumers into surrendering money due to them with lies about the terms of costly financial advances on settlement fund payouts.

Many of the police, firefighters, paramedics, and others who were first responders to the World Trade Center attack on September 11, 2001 suffer from cancers and other respiratory illnesses related to their exposure to dust and debris at the attack site. Many others suffer post-traumatic stress disorder, depression, and memory loss. Through the James Zadroga 9/11 Health and Compensation Act of 2010, Congress allocated billions of dollars to help these heroes with their needs, including mounting medical costs and lost income because of their inability to work.

The other victims named in our lawsuit are former NFL players who have been diagnosed with brain injuries and neurodegenerative diseases, such as Alzheimer’s and Parkinson’s disease, who were entitled to payments from a settlement in a class action lawsuit.

In today’s lawsuit, we allege that RD Legal, based in New Jersey, contacted these consumers after they were awarded their money but before they received it. It swooped in during that gap to offer a purported “deal” – an upfront payment of some of the money, to be paid back later when the consumer received the actual settlement.

We believe that through convoluted contracts, RD Legal misrepresented to consumers what they were being offered. It deceived consumers; interfered with their understanding of the terms, costs, and conditions of the transactions; and prevented them from meaningfully evaluating the offering. And what was offered was expensive. For example, one 9/11 first responder was awarded $65,000 from the Zadroga Fund. While she waited for her full payment, RD Legal advanced her $18,000. When her payment from the fund arrived six months later, she had to repay $33,000 to RD Legal, $15,000 more than she was advanced.

Another victim was duped out of even more money. He was a severely disabled 9/11 first responder who received $35,000 from RD Legal. When he received his check from the Zadroga Fund three months later, he owed RD Legal $63,633 – almost $30,000 more than the company had advanced to him.

We allege that one way RD Legal was able to trick consumers into its scam was by lying about the timelines involving the money. It claimed to consumers that it could “cut through red tape” to obtain their anticipated payments from claims administrators faster than would otherwise be possible. In fact, RD Legal had no authority or ability to change the timing of when any victim compensation or settlement payouts occurred.

The company also misrepresented to consumers when they would receive money from RD Legal. On its website, the company promised that consumers would receive the money within several days of entering into the contract, but some consumers did not receive money until several months after it was promised.

Finally, because we believe that RD Legal’s costly transactions were based on void contracts or that they violated interest rate caps in at least one key state – the State of New York – we allege that it was illegal for RD Legal to attempt to recover its money from the victims.

We look forward to proving all of this in court.

Along with RD Legal Funding, in our lawsuit we named two related entities – RD Legal Finance and RD Legal Funding Partners. We also named Roni Dersovitz, who is the founder and owner of all the entities; we allege that he substantially assisted RD Legal’s violations. Through this lawsuit, the CFPB and the New York Attorney General are seeking to end the defendants’ illegal practices, obtain relief for the victims, and impose penalties.

As we regularly emphasize, the Consumer Financial Protection Bureau is the nation’s first federal agency whose sole focus is to protect consumers in the financial marketplace nationwide. The premise at the heart of our mission is that consumers deserve to be treated fairly and they should have someone who will stand on their side when that does not happen. Through fair rules, consistent oversight, appropriate law enforcement, and broad-based consumer engagement, we are working to restore people’s trust in consumer financial markets and protect them against the kind of illegal conduct described in today’s suit. We are always pleased to partner in our efforts with law enforcement officials from around the country, and are glad to do so again here today. Thank you.

###

The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.

Click here for reuse options!
Copyright 2017 Sevilla Local Media Digital Marketing & SEO Services

Have any Question or Comment?

Leave a Reply

Like & Follow Us on Social Media!

Subscribe!

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 3,834 other subscribers

What People are Saying!

 

“Hands down, the best!”

– George Farjeat of Farjeat Insurance

“Great value and return on investment”

– Ines Calderon of Adriana’s Insurance

“Tommy is the king of social media!”

– Rocky Patel of Rocky Patel Premium Cigars

“Best investment I’ve ever made”

– Dale Roley of Roley’s Tree Care

“…great job in increasing my exposure…”

– Mark Cantrell, Law Offices of Mark Cantrell

 

Upcoming Live Music

No shows booked at the moment.

Featured: Susie Garcia & Las Colibri

Featured: Viento Callejero with Marlene Beltran

Good SEO Management is crucial for your online rankings. Linkio is a powerful automation tool for backlink planning that takes the repetitive and tedious work out of setting up link building campaigns.

RSS Alexa Blog

  • The Importance of Targeting in Marketing (And How to Include It in Your Strategy)
    When it comes to marketing, if you’re trying to talk to everybody, you’re going to have a difficult time reaching anybody. Vague and generic messages are far less likely to resonate with audiences than specific, direct communication – which is why targeting in marketing is so important. What Is Targeting in Marketing? Targeting [...] The […]
  • How to Define and Measure Marketing Objectives: A Start-to-Finish Guide
    At the core of any great marketing plan is a list of strategic and clear marketing objectives. Marketing objectives are a brand’s defined goals. They outline the intentions of the marketing team, provide clear direction for team members to follow, and offer information for executives to review and support. Marketing objectives are a pivotal part of […]
  • 8 Reliable Blog Marketing Promotion Ideas
    When you get done writing an epic, in-depth blog post and finally hit the publish button, you feel a sense of accomplishment; you feel like your content marketing work is done. But that’s not the case. Your work is only halfway over. Now, it’s time to work on blog marketing. Blog Marketing Is Just As Important […]
  • Here’s How to Handle Niche Marketing
    If you’re in an industry that feels oversaturated with other businesses and competitors, standing out can sometimes seem impossible. But differentiating your brand in a crowded market is achievable with niche marketing. What Is Niche Marketing? Niche marketing is a selling and advertising strategy that focuses on a targeted sector of a market. Instead of […]
  • Create More Shareable Content With This Checklist and 7 Helpful Tools
    To get as many eyes as possible on your content, it needs to be shareable. Shareable content quickly spreads around the Internet as audiences connect with a topic, idea, or story and click to share it with their friends and followers. If you want your content to have a large reach and get maximum exposure, […]

RSS Search Engine Watch

  • How videos generate quick SEO results
    You might not be a media and content-oriented company, but you should still consider the perks of having videos for your products and services. According to MWP, online video now accounts for half of all traffic on mobile alone, and 59% of senior executives say that they will opt for video when given the choice […]
  • The 2018 guide to rich results in search
    Rich results are the search results which have a little extra panache, in which Google displays more information about the result rather than just the traditional title, URL and meta description. In this guide, we'll look at what's new with rich results in 2018, as well as how to give yourself the best chance of […]
  • 8 tips for boosting the speed of your WordPress site
    Slow-loading web pages can slowly become the leading cause of high bounce rates, low user engagement, lost traffic opportunities, and abandoned sales journeys. If you have a WordPress site, there are a number of easy and effective methods you can use that will significantly increase your site's loading speed.
  • How to deliver a data-driven search marketing strategy using customer intent trends
    Where is the biggest opportunity in marketing at the moment? With 3.5 billion searches per day being carried out by Google, not to mention on vertical-specific websites like Amazon, YouTube and Pinterest, there is a huge sea of data available on customer intent which marketers should be taking advantage of.
  • Understanding click-through rate (CTR) in the context of search satisfaction
    Click-through rate (CTR) has historically been an important factor in gauging the quality of results in information retrieval tasks - and search is no exception. But to truly understand how Google interprets "success" in search results, we need to understand something called search satisfaction.

RSS Search Engine Land

RSS Local Business Locator Blog

  • Sevilla Local Media: www.SevillaLocalMedia.com
    SEO Services United States – Internet Marketing – SEM – Social Media – PPC – Website Development – Website Optimization Hand submitted citations and no outsourcing to foreign companies – Best SEO company in United States – 1st Page of Google Guaranteed. RIVERSIDE, CALIFORNIA, UNITED STATES, January 9, 2018 / SEO – SEM – Website […]
  • We Support This Cause! Please Donate
    Click Here to Donate to this Cause!       Cathy Bishop Fragoso, a Riverside County Social worker/Supervisor (DPSS) for more than 20 years – a mother, grandmother and widow – suffered catastrophic injuries when illiegal street racers, in 2 separate vehicles, slammed into the vehicle she was a back passenger in, with one car […]
  • New Escape Room Open in Los Angeles, California
    December 17, 2017   Sevilla local Media 4865 Jackson St. Riverside, Ca 92503   FOR IMMEDIATE RELEASE: New Escape Room in Van Nuys, California – Los Angeles County The L.A. Dragon Escape Room, located in Van Nuys, California in Los Angeles County, is conveniently located near Thousand Oaks, Simi Valley, Pasadena, Burbank, Glendale and Santa […]
  • Consider Supporting This Cause: Cathy Fragoso Medical Fund
    Click Here to Donate to this Cause!       Cathy Bishop Fragoso, a Riverside County Social worker/Supervisor (DPSS) for more than 20 years – a mother, grandmother and widow – suffered catastrophic injuries when illiegal street racers, in 2 separate vehicles, slammed into the vehicle she was a back passenger in, with one car […]
  • Meet HAMLET PAREDES the “Tabaquero” @ Zafutos Cigar Haven in Ontario, Ca
        Hamlet Paredes in person @ ZAFUTOS on Friday, December 15, 2017. Hamlet will be rolling cigars. There will be raffles, refreshments and cigar deals! 990 Ontario Mills Dr., Suite E Ontario, Ca 91764

RSS LBL Blogspot Feed

RSS Music Connection

  • Vydia Raises $7M Series A Round to Advance its Leading Digital Rights Management and Monetization Platform February 16, 2018
    Inc 500 company Vydia announced it has completed its initial close of $7.0 million Series A funding on the heels of a significant user and financial growth. The company now has more than 200,000 content users that create, distribute, monetize, store, protect, and measure their content in Vydia’s simple, centralized platform. The investment was led […]
  • DIY Spotlight: Zoey G February 16, 2018
    On the surface, Zoey G seems like your average fun-loving Latin-American teenager, but her passion for writing pop music is otherworldly. Through the use of social media platforms like Instagram and Facebook, Zoey connects directly with her fans. That allows her to share her hobbies, her love for her pet and display her musical abilities. […]
  • Jules Shear - One More Crooked Dance (8/10) February 16, 2018
    For nearly 40 years, Jules Shear has been a songwriter’s songwriter, with hits recorded by The Bangles, Cyndi Lauper and others. A number of previous projects under his own name have employed the typical guitar, bass and drums onslaught. But for this one he strips 13 tracks down to acoustic piano, vocals and occasional harmonica. […]
  • Gear Goggles | Kendrick Lamar's BAND. Rico Nichols, Tony Russell, Rob Gueringer | GRAMMY rehearsal February 15, 2018
    We went to day one of Kendrick Lamar's GRAMMY rehearsals to check out the band's set up one week before their performance. These guys are hardworking, humble and super talented. Scope this exclusive behind the scenes footage on Gear Goggles. The band and crew: 0:28 Tony Russell - Bassist and arranger 2:13 Cedric Crout - […]
  • Auralex Now Shipping MAX Kits Portable Treatment Kits February 15, 2018
    Auralex® Acoustics, Inc. is now shipping its new MAX Kits™ portable treatment kits. “MAX” kits (shorthand for Mobile, Absorptive and “eXpandable”) allow users to reconfigure and tune their space for a wide variety of applications, providing ultimate flexibility in configuring their room. Three packages are available: VoxMAX™, EditMAX™ and ProducerMAX™ kits. Auralex portable treatments offer highly […]

RSS Political News

  • Cali Radio Host Canned After Saying 17-Year-Old Olympic Hero Is “Hot Piece of A**” February 20, 2018
    A Bay Area radio host found out the hard way that making lewd remarks about an underage girl is not only creepy, but it’s also a bad career decision. KNBR fired host Patrick Connor on Wednesday, the day after he said Olympic snowboarder Chloe Kim was a “hot piece of a**,” the Sacramento Bee reported.… […]
  • This Is the One-Eyed, Navy SEAL From Texas Who Is Eyeing a Seat in Congress February 19, 2018
    Republican Texas Rep. Ted Poe, who represents the 2nd Congressional District around the northern part of Houston, announced in 2017 that he would not be running for re-election, which opened the door to a slew of GOP contenders for his seat. According to the Houston Chronicle, one of those contenders is a former U.S. Navy… […]
  • Watch: Allies Convert Iconic Nazi Helmets Into Humiliating Post-War Item February 19, 2018
    In the aftermath of Word War II, a war-torn Europe struggled to survive. Thanks to the devastation wrought during the conflict, as well as confiscation of property to furnish equipment to armies waging total war, supplies were scarce and raw materials even scarcer. In addition, it was difficult to get any new goods transported in since… […]
  • US Navy Stands Their Ground… Issues Chilling Statement to Chinese Military February 19, 2018
    The U.S. Navy is standing its ground and said it will not leave the South China Sea despite new Chinese military facilities on artificial islands in the region. A senior Navy officer told The Associated Press on Saturday that international law allowed the Navy to be in the sea — and nothing is going to change… […]
  • ICE Report Rips Apart Liberal Narrative about “Law-Abiding” Illegal Aliens February 19, 2018
    President Donald Trump ran for office on a promise to crack down on illegal immigration, and repeatedly noted that he would focus on the arrest and removal from the country of “bad hombres” that had criminal convictions or pending charges. Of course, liberals countered with the tired narrative that hardly any illegal immigrants are criminals,… […]
Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.
%d bloggers like this: