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September 28, 2005
Non-profit Credit Counseling - how much is no profit?
We already know that AmeriDebt, the non-profit credit counseling services firm is under federal investigation ... but don't you ever wonder how credit counseling businesses got to be non-profit in the first place...? Must be in error...
Here's just another example of how 'non-profit' these services really are. "Investigators say the founder of the credit counseling firm AmeriDebt has tried to hide millions of dollars, even though a federal judge froze his assets earlier this year." Apparently, firm founder Andris Pukke has his assets in a Belize shrimp farm. He also has a stake in a Belize development company. In addition, he supposedly paid big insurance premiums to offshore companies "that may have ultimately been transferred back to him". And he was quiet about all this...
I especially like this accusation by a Federal Trade Commission: "FTC alleges that AmeriDebt charged hidden upfront costs and convinced customers the money was being used to pay down their debts." In reality, it was used on shrimp...
Posted in Credit Counseling at September 28, 2005 05:17 PM
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