FTC Sends $4 million in Settlement Payments to Consumers

In May of last year insideARM reported on a $4 million Federal Trade Commission (FTC) settlement with Southern California Company Asset Capital and Management Group (ACMG) and its ownership and management, Thai Han, Jim Tran Phelps, Keith Hua, and James Novella. The settlement resolved a long-running case where the FTC alleged that the company and management team extorted payments from consumers using false and illegal threats.

Yesterday, 14 months after the settlement was reported, the FTC announced that it was mailing almost 95,000 checks totaling approximately $4 million to consumers who lost money to the debt collection operation.

As insideARM previously reported, the FTC said that ACMG, its ownership, and management team, had been hit with a total of $90.5 million in judgments to resolve the case. But the judgments were suspended once the four principals surrendered their assets and those assets were liquidated. The liquidated assets resulted in the approximately $4 million used to refund consumers.

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