New York Attorney General, Letitia James, says the Consumer Financial Protection Bureau (CFPB) and a multistate coalition have won a US$366-million judgment against a bond services company for unfairly targeting Caribbean and other immigrants and their families with “deceptive and abusive tactics”.
James said that Libre by Nexus, Inc., its parent company Nexus Services, Inc., and its principals, Micheal Donovan, Richard Moore, and Evan Ajin, had targeted immigrants held in US federal detention centers and their family members with predatory contracts with unconscionable terms.
- Advertisement -
She said Tuesday’s judgment prohibits Libre from continuing its predatory practices and requires the company to pay over US$230 million in restitution to affected consumers nationwide, and US$135 million in penalties to the CFPB, New York, Virginia, and Massachusetts.
The attorney general said that New York will receive US$13.8 million in penalties, and US$13.7 million will go to affected New York consumers.
“This judgment is a victory for thousands of immigrant families who lost their life savings and were targeted and preyed on by Libre,” said James.
“Libre exploited vulnerable immigrants and their families to pad its pockets, and that is illegal and unconscionable. Anytime a company harms New Yorkers with abusive and deceptive tactics, my office will not hesitate to take action to protect the most vulnerable,” she warned.
James said Libre had promised to secure immigrants’ release on bond as their immigration claims were being processed, “while concealing or misrepresenting the true nature and costs of its services, collecting thousands of dollars in fees above the face value of the bonds, and forcing immigrants to wear ankle monitors that caused physical pain and suffering”.
CMC
