Debt Relief Industry Sued or Sanctioned

Should Ex-Cons Run Debt Relief or Debt Settlement Companies?

There are a number of people that I’ve been aware of that are heavily involved in the debt settlement world that have served prison time for fraud and other issues. Up till this point I don’t think I’ve ever specifically reported on anyone in that camp.

But I’m interested in what people have to say on the subject if ex-cons should be allowed to run debt relief companies. Is that the type of person that the debt relief industry wants to have running debt relief companies? Should consumers trust their money, credit and debt to a company run by an ex-con?

Is it a fact that is material to consumers who enroll in such programs managed by ex-cons? Should it matter?

Here are two examples.

Kevin Devoto

Kevin Devoto was convicted of securities fraud (source), ordered to pay a large amount of restitution and served prison time. Kevin is identified as an owner of ABC Debt Relief and his company represents debt settlement services for attorney Lloyd Ward.

The Devoto prison time actually came to my attention in a comment posted on this previous story.

Troy Holland

Troy was just brought to my attention yesterday by a tipster (send in your tips here). Apparently Holland was released from a federal prison in 2009 after serving a five year sentence for activities related to his business, TMG Financial. – Source

Holland nows owns and runs FreeAndClearDebt.com. In fact the FreeAndClearDebt.com domain name is owned by Troy Holland who lists his email address at imgholdingsintl.com and the owner of that domain name is TMG Financial.

FreeAndClearDebt.com advertises it offers loan modification services, foreclosure help, debt settlement programs, and more. – Source

Personally This Discussion Makes Me Uncomfortable

I guess it’s that liberal in me that feels people should have a chance to correct the errors of their ways and fly right. But we are not talking about someone that crossed the street in the wrong place here. We are talking about felons that served actual jail time for fraud.

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I believe that cons deserve a second chance but the more stories I hear like this the more I’m wondering if consumers have an equivalent right to either know they are trusting their finances to a felon convicted of fraud or that the debt relief industry should not condone ex-cons running debt relief companies.

What do you think, should it matter?


I can always use your help. If you have a tip or information you want to share, you can get it to me confidentially if you click here.




About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

11 Comments

  • Troy is a con man who was just sold out to me by one of his recent employees. I used to work at Diablo Funding Group with him 6 years ago and his employee told me that she wants to turn him in for his current post jail fraud…

  • Perhaps the new regulatory board will suggest lic req…. As SEC for securities- When i applied for my lic they actually ran and sent me parts of a file from the FBI. It was nothing (for the record) and I was licensed!

  • Perhaps the new regulatory board will suggest lic req…. As SEC for securities- When i applied for my lic they actually ran and sent me parts of a file from the FBI. It was nothing (for the record) and I was licensed!

    • Troy is a con man who was just sold out to me by one of his recent employees. I used to work at Diablo Funding Group with him 6 years ago and his employee told me that she wants to turn him in for his current post jail fraud…

      • if anyone on here would care to get the actual and FULL facts of Troy Holland, you would find that he is a wonderful human being who was a victim of the system. Noone bothers to post ALL of the facts, they choose rather to only post bits and pieces. If it was true that Troy was/did all of these things, he would not be having the current success that he has! Get your facts and don’t judge until you know the whole story!

        • I believe you JL. Troy is probably a wonderful man… I wish him the very best in taking charge of his life and clearing is name. —

      • if anyone on here would care to get the actual and FULL facts of Troy Holland, you would find that he is a wonderful human being who was a victim of the system. Noone bothers to post ALL of the facts, they choose rather to only post bits and pieces. If it was true that Troy was/did all of these things, he would not be having the current success that he has! Get your facts and don’t judge until you know the whole story!

  • Ummmmm, hate to break the news but I have worked in phone rooms for a very long time and the majority either employ or are run by them. Nature of the business….

  • Ummmmm, hate to break the news but I have worked in phone rooms for a very long time and the majority either employ or are run by them. Nature of the business….

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