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Tag Archives: morgan drexen

Door Slams Hard on Morgan Drexen Debt Settlement Company

M.D. Anderson's Houston Main Building is imploded Sunday, Jan. 8, 2012, in Houston. Opened in 1952 the 20-story building was the regional headquarters for Prudential Insurance Company. Prudential sold the building in 1975. ( Nick de la Torre / Houston Chronicle )

Surely a bunch of people at Morgan Drexen are blaming the U.S. Government and Consumer Financial Protection Bureau (CFPB) today for the utter demise of Walter Ledda’s creation, Morgan Drexen, on Friday. An insider told me over the weekend, “Just letting you know the court ordered Morgan Drexen’s trustee to seize operations immediately. Morgan Drexen was shut down today at ... Read More »

    OMG, Morgan Drexen Loses Yet Again


    Poor Morgan Drexen has been getting the shit kicked out of them lately. Just today another blow was delivered by the Colorado Supreme Court who found their attorney model flavor of debt settlement did not give them a free pass to avoid the advance fee laws under an attorney exemption. “The supreme court holds that the trial court erred by ... Read More »

      Walter Ledda – The Most Innocent Man in the World

      most interesting man

      The Consumer Financial Protection Bureau (CFPB) and Morgan Drexen / Walter Ledda have been duking it out for years. That is until the won a default judgment in their suite against Morgan Drexen. You can see all the latest permutations on this legal battle by clicking here. Recent court documents filed are very interesting to those of us who my ... Read More »

        Morgan Drexen Kicked in the Nuts Some More by Court


        Well if you are going to get bad news you might as well get it all at once. On the heals of a judgment against Morgan Drexen, an asset freeze, and filing bankruptcy, Morgan Drexen also lost an appeal to have the Consumer Financial Protection Bureau declared to be unconstitutional. I’m not sure what made me curious about what Morgan ... Read More »

          CFPB Lines Up Crosshairs on Walter Ledda


          The Consumer Financial Protection Bureau (CFPB) is not holding back after their recent victory with a default judgment and asset freeze against Morgan Drexen. Now they are going after Walter Ledda personally to recover money. After reporting the recent bankruptcy filing of Morgan Drexen the CFPB filed this long discourse why Walter Ledda should be made to pay for the ... Read More »

            Debt Settlement Giant – Morgan Drexen – Ironically Files for Bankruptcy


            Things have taken a substantial turn for the worse for California based debt settlement wannabe giant, Morgan Drexen. On April 21, 2015 the court awarded a default judgment in favor of the Consumer Financial Protection Bureau. More on that here. Then on April 30, 2015 the court found there was substantial danger and “good cause to believe that immediate and ... Read More »

              Did This Court Action Just Kill Morgan Drexen?


              Thanks to a comment from a reader I discovered on April 21, 2015 the court ruled against Morgan Drexen in it’s suit by the Consumer Financial Protection Bureau. Let is suffice to say Morgan Drexen is none too pleased. It’s opposition document filed is short and sweet. April 30, 2015 – Morgan Drexen files for bankruptcy protection. Click here for ... Read More »

                Morgan Drexen Supports Changes

                "Credit rating" handwritten with white chalk on a blackboard

                COSTA MESA, Calif., March 16, 2015 (GLOBE NEWSWIRE) — Calling it an opportunity for the “little guy” to catch his financial breath, Morgan Drexen, an MDRX Services company ( today announced their support of changes being made by Experian, Transunion, and Equifax in the way medical debt is to be reported and scored on the credit reports of millions of ... Read More »

                  Morgan Drexen Loses Big in Wisconsin


                  Multiple media outlets are reporting the debt settlement company Morgan Drexen has lost a Wisconsin appeals court ruling and is ordered to refund $4.2 million in settlement fees. A state appeals court says a hearing examiner properly ordered a debt settlement company to give up $4.2 million in fees and pay nearly $2 million in forfeitures because it was operating ... Read More »

                    CFPB Raging Pissed Off at Morgan Drexen

                    tug of war

                    A reader send in some documents they said I would be interested in seeing. It relates to the 2013 Consumer Financial Protection Bureau (CFPB) lawsuit against Morgan Drexen that is still ongoing. My first thought was a disbelief this case was not further ahead. Then I read the document publicly filed in the case by the former Morgan Drexen co-founder, ... Read More »

                      Morgan Drexen Gets Slapped for Millions in West Virginia

                      closeup of a gavel on cash, from above

                      On July 15, 2014 a West Virginia court came down hard on the Morgan Drexen business model. You may recall that Morgan Drexen was a big player in the national debt settlement business but felt they could charge advanced fees for services since it was really lawyers delivering services and thus exempt from many laws or regulations. According to the ... Read More »

                        Details on CFPB Lawsuit Against Morgan Drexen

                        Screen Shot 2013-08-21 at 1.02.28 PM

                        Yesterday I mentioned the Consumer Financial Protection Bureau filed suit against Morgan Drexen. As I mentioned, I said I would take more time today and wander through the complaint filed and share more about the allegations. If there was no doubt in the mind of any debt relief industry executive if the CFPB was set to regulate the industry, the ... Read More »

                          Morgan Drexen Sued by CFPB. Take That!


                          Recently the debt settlement company Morgan Drexen sued the Consumer Financial Protection Bureau, CFPB, hoping they would be declared unconstitutional and disbanded. For more, see this and this. Today the CFPB turned around and unloaded their long-term investigation into Morgan Drexen and filed suit against them. I’ll review the entire lawsuit tomorrow but for now, here is what the CFPB ... Read More »

                            Does Moran Drexen’s Preferred Creditor Program Create a Problem for Consumers?

                            old man headache

                            Last week new information in the lawsuit between Morgan Drexen and the CFPB brought to light a commission compensated department called the Preferred Creditor Program. You can read that article, here. At least one commenter mentioned Morgan Drexen is not the only company to have such a program. If not, then an industry wide problem may exist here. One commenter ... Read More »

                              Morgan Drexen and the Telephone Consumer Protection Act

                              Mature woman confused

                              I didn’t have a chance to write about this Morgan Drexen case the other day but I did discover it when I was writing this story. At first I thought it wasn’t even worth covering but the more I thought about it the more it seemed like a different type of suit against a debt relief company than we’ve seen ... Read More »

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