A reader wanted me to see the following commercial that is airing on television. I can see it aired at least five days ago on BET.
The tip about the commercial gave me a reason to go check the court record to see what is the latest update in the case between Morgan Drexen and the Consumer Financial Protection bureau. This case dragged in Howard Law.
So the last two items are a response from the United States Court of Appeals saying “Appellants’ emergency motion to stay the district court’s October 9, 2015 order pending appeal is denied.” It then assigns a consolidated appeals schedule and says, “The following briefing schedule shall govern these consolidated appeals: the consolidated opening brief and excerpts of record are due December 22, 2015; the consolidated answering brief is due January 21, 2016.” – Source
On October 19, 2015 the United States District Court of the Central District of California issued a Stipulated Final Judgment and Order as to Defendant Walter Ledda. The order permanently bans Ledda from telemarketing and debt relief products and services. It also says, “Ledda, whether acting directly or indirectly, in connection with the advertising, marketing, promotion, offering for sale, sale, or performance of any consumer financial product or service, is hereby permanently restrained and enjoined from misrepresenting, or assisting others in misrepresenting, expressly or by implication.” It then goes into a long list of things he is not permitted to do.
A judgment is entered in favor of the CFPB against Ledda for $99,389,115. It then says, “Based on financial statements and supporting documentation that Ledda submitted to CFPB, and Ledda’s oral testimony provided on September 2, 2015, Ledda is ordered to pay $500,000 toward the judgment provided for in Paragraph 30 within ten (10) days of the Court’s entry of this Order.”
Additionally, “Within ten (10) days of the Effective Date, Ledda must pay $82,951 and turn over possession and control of all non-cash Assets to the Bankruptcy Estate of Morgan Drexen.”
The order also says, “Ledda must pay a civil money penalty of $20,000,000 to CFPB. However, full payment of this civil money penalty will be suspended upon satisfaction of the obligations” in some of the other sections of the order.
You can read the full order against Ledda, click here.
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