California attorney R. Geoffrey Broderick has been the subject of many posts over the years. You’ve got to give them guy credit for sticking with a task and not letting it go. Unfortunately the consumers who fell for the sales pitch are the ones most hurt here.
Do You Have a Question You'd Like Steve to Answer? Click Here.
The sales pitch was consumers were screwed over by their banks during the 2008-2009 mortgage mess. And for only a lot down and more per month, attorneys would file a “mass joinder” suit against the banks and win people cash back and free homes.
The latest effort that claimed Broderick was associated with was Brookstone Law Group. On April 14, 2017, R. Geoffrey Broderick agreed to pay $1.9 million to settle charges against him. He also agreed to get the heck out of the debt relief space.
The FTC said, “The FTC also alleges that R. Geoffrey Broderick violated the Temporary Restraining Order, DE 23, and Preliminary Injunctions, DE 57 & 59, entered against him and the Corporate Defendants by this Court by withdrawing funds from frozen bank accounts held at US Bank N.A. in the name of the Corporate Defendants. The FTC alleges that R. Geoffrey Broderick further held these funds and failed to report them on his court-ordered financial statement and, after the FTC learned of the withdrawals, has failed to return the money to the court-appointed Receiver.”
Broderick agreed to be banned from the debt relief industry, “IT IS ORDERED that R. Geoffrey Broderick is permanently restrained and enjoined from advertising, marketing, promoting, offering for sale, or selling, or assisting others in the advertising, marketing, promoting, offering for sale, or selling, of any secured or unsecured debt relief product or service.”
And then Broderick pays up, “IT IS FURTHER ORDERED that judgment in the amount of One Million Nine Hundred Eleven Thousand Seven Hundred Forty Two Dollars and Nine Cents ($1,911,742.09), is entered, jointly and severally, in favor of the Commission against R. Geoffrey Broderick, as equitable monetary relief. R. Geoffrey Broderick is ordered to pay the FTC this amount immediately upon the entry of this Order.”
You can read the full court document here.