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?

Sincerly,
Steve

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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.

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