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Cardin, Mikulski, Markey Applaud Federal Action on Fraudulent Pursuit of Highly Vulnerable Victims

November 22nd, 2016 by WCBC Radio

U.S. Senators Ben Cardin and Barbara A. Mikulski (both D-Md.) and Senator Ed Markey (D-Mass.) lauded the Consumer Financial Protection Bureau (CFPB) for its work to protect consumers, primarily Marylanders, who may have been victims of financial fraud by Access Funding, LLC of Chevy Chase and others. The CFPB suit seeks to remedy “an illegal scheme in which victims of lead-paint poisoning and others were deceived into signing away future settlement payments in exchange for a significantly lower lump-sum payout.” The Senators wrote to CFPB Director Richard Cordray in September urging the agency to investigate these questionable structured-settlement transactions that potentially constituted financial fraud.

 

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