Oh Crap Mark Atalla. That’s Going to Leave a Mark.

Under the heading of what not to do, this one is right in that playbook.

American Mortgage Consultants and Home Guardian Solutions were charged by the FTC for not allegedly not doing nice things to consumers.

One of the defendants, Mark Nagy Atalla allegedly violated “nearly every provision of the Mortgage Assistance Relief Services Rule” and wound up in this mess.

Atalla was served with a Temporary Restraining Order on September 18, 2012 and apparently on September 20, 2012 Atalla took $8,000 out of a safe-deposit box. The FTC caught wind of that. Oh crap.

Based on the hearing conducted on October 4, 2012, Defendant Mark Nagy Atalla is in contempt based on his withdrawal of $8,000 from a safe-deposit box on September 20, 2012, shortly after he was served with the Temporary Restraining Order that the Court entered on September 18, 2012. – Source

Apparently the FTC is going to cut Atalla a bit of slack and give him a Mulligan on that, that is as long as he coughs up the dough.

Defendant Atalla may satisfy the contempt sanction of $8,000 by paying that amount to the Receiver by October 29. Defendant Atalla will not be deemed in violation of the Preliminary Injunction if he obtains these funds by an unsecured loan, or if he obtains the funds by a loan secured by the following items listed in the “Financial Statement of Individual Defendant” provided to Plaintiff on October 4, 2012: (i) the watch disclosed in Item 20; (ii) the 2005 Bentley disclosed in Item 21; and (iii) the scooter or motor bike disclosed in Item 21, provided that, whether the loan is secured or unsecured, Defendant Atalla shall identify the entity providing such a loan, by name, address, and telephone number, and provided that Defendant Atalla shall not encumber these items by an amount exceeding $8,000.

Looks like Markie is going to be putting up the Bentley.

See also  FTC Nails American Mortgage Consulting Group and The Debt School


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