The end came quickly for United Financial Systems, run by Christopher Boulahanis, and resulted in people losing money or at the very least still waiting for promised refunds that have yet to arrive.
The Sun Sentinel is reporting United Financial Systems received more than 440 complaints since the start of 2010. This is more complaints than any other South Florida business has received.
Robby Birnbaum, the lawyer for United Financial Systems “blamed the financial difficulties on a recent rule change by the FTC that made it difficult to generate new revenue.”
But I find that ironic sine UFS was a nonprofit credit counseling group and not a debt settlement company that would have been subject to the new FTC rule.
Birnbaum said, “Our client engaged in no fraud, no evidence of deceptive trade practice issues and certainly no ill-will toward its customers,” he wrote in a July email to the attorney general. “Boulahanis has worked tirelessly trying to satisfy customers, but the money is just not there.”
The Sun Sentinel stated:
Boulahanis, 37, made $210,000 to $371,000 a year at United between 2006 and 2008, according to the company’s tax returns. He lives in a 5,200-square-foot home in Parkland that he bought in 2004 for $1.5 million.
“For him to be living high on the hog, that’s ridiculous,” said Merrilee Christensen of Preston, Idaho. A worker at a Pepperidge Farm plant, Christensen said United owes her more than $3,000.
United moved out of its Margate offices around July. Another business with Boulahanis as the sole corporate officer and a Boca Raton address, Capital Debt Relief, is also under civil investigation by the attorney general for similar complaints.
The emails I’ve received so far have a common theme, people are not very forgiving when they are out thousands of dollars but the ex-president appears to live high on the hog and run another similar operation under investigation.
If you’d like to see the companies last public tax return as of the date of this article, click here.