Jay Singh and American Financial Support Services End With a Wimper

American Financial Support Services (AFSS) was one of the companies that were sucked up in the Federal Trade Commission (FTC) action that involved Arete Financial Group, Arete Financial Freedom, CBC Conglomerate, 1file.org, Diamond Choice, Interest Rate Solutions, J&L Enterprise, Premier Solutions Servicing, La Casa Bonita Investments, Education Loan Network, Edunet, and US Financial Freedom Center.

Jay Singh was the other named person in April 5, 2021, Stipulated Order for Permanent Injunction and Monetary Judgement.

When I say, the issues have ended in a whimper, I’m not saying Jay Singh was cowered in a corner and whimpering. I’m trying to get across the fact these debt relief issues, for the most part, end with some sort of slap or settlement when it comes to FTC action.

These sorts of actions against companies and individuals in the debt relief space never seem to end with any satisfaction. The consumers are unhappy and can’t be made whole again, the defendants face tough times, and the employees of the companies are harmed.

There is no way for me to know what Jay Singh’s frame of mind or opinion is about the order he is agreeing to give up assets.

I suppose on a positive note, this puts the matter to some sort of rest.

According to court documents, Singh and AFSS are not allowed to participate in any of the following products or services:

1. With respect to any mortgage, loan, debt, or obligation between a Person and one or more secured or unsecured creditors or debt collectors, any Product or Service represented, expressly or by implication, to:

a. stop, prevent, or postpone any mortgage or deed of foreclosure sale for a Person’s dwelling, any other sale of collateral, any repossession of a Person’s dwelling or other collateral, or otherwise save a Person’s dwelling or other collateral from foreclosure or repossession;

b. negotiate, obtain, or arrange a modification, or renegotiate, settle, or in any way alter any terms of the mortgage, loan, debt, or obligation, including a reduction in the amount of interest, principal balance, monthly payments, or fees owed by a Person to a secured or unsecured creditor or debt collector;

c. obtain any forbearance or modification in the timing of payments from any secured or unsecured holder or servicer of any mortgage, loan, debt, or obligation;

d. negotiate, obtain, or arrange any extension of the period of time within which a Person may (i) cure his or her default on the mortgage, loan, debt, or obligation, (ii) reinstate his or her mortgage, loan, debt, or obligation, (iii) redeem a dwelling or other collateral, or (iv) exercise any right to reinstate the mortgage, loan, debt, or obligation or redeem a dwelling or other collateral;

e. obtain any waiver of an acceleration clause or balloon payment contained in any promissory note or contract secured by any dwelling or other collateral; or

f. negotiate, obtain, or arrange (i) a short sale of a dwelling or other collateral, (ii) a deed-in-lieu of foreclosure, or (iii) any other disposition of a mortgage, loan, debt, or obligation other than a sale to a third party that is not the secured or unsecured loan holder. The foregoing shall include any manner of claimed assistance, including auditing or examining a Person’s application for the mortgage, loan, debt, or obligation.

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2. With respect to any loan, debt, or obligation between a Person and one or more unsecured creditors or debt collectors, any Product or Service represented, expressly or by implication, to:

a. repay one or more unsecured loans, debts, or obligations; or

b. combine unsecured loans, debts, or obligations into one or more new loans, debts, or obligations.

IT IS ORDERED that Stipulating Defendants are permanently restrained and enjoined, whether acting directly or through an intermediary, from advertising, marketing, promoting, offering for sale, or selling, or Assisting Others in the advertising, marketing, promoting, offering for sale, or selling, of any Debt Relief Product or Service.

Money Must be Paid

“Judgment in the amount of Ten Million Eight Hundred Fifty Eight Thousand Seven Hundred Seventy Seven Dollars and Sixty Two Cents ($10,858,777.62) is entered in favor of the Commission against Stipulating Defendants, jointly and severally, as equitable monetary relief.

In partial satisfaction of the judgment imposed by Subsection A, Individual Defendant Jay Singh is ordered to pay to the Commission $743,386.00, which, as Individual Defendant stipulates, his undersigned counsel will hold in escrow for no purpose other than payment to the Commission. Such payment must be made within 7 days of entry of this Order by electronic fund transfer in accordance with instructions previously provided by a representative of the Commission.”

Time to Cooperate

“IT IS FURTHER ORDERED that Stipulating Defendants must fully cooperate with representatives of the Commission and the Receiver in this case and in any investigation related to or associated with the transactions or the occurrences that are the subject of the Complaint. Stipulating Defendants must provide truthful and complete information, evidence, and testimony. Individual Defendant Jay Singh must appear and Corporate Defendants must cause their officers, employees, representatives, or agents to appear for interviews, discovery, hearings, trials, and any other proceedings that a Commission or Receiver’s representative may reasonably request upon 5 days written notice, or other reasonable notice, at such places and times as a Commission or Receiver’s representative may designate, without the service of a subpoena.”

You can read the full document below.