Pukke Settles With FTC, Permanently Banned From Credit Counseling and Telemarketing

Former Ameridebt leader Andris Pukke settled with the Federal Trade Commission today to end the government's actions against him since the government agency shuttered the company last year.

The agreement, if approved by a federal court in Maryland, would require Pukke to give up virtually all of his assets for a consumer redress program for victims of the deception, a fund that ultimately could total as much as $35 million.

The agreement also bars Pukke permanently from engaging in credit counseling, debt management, and credit education activities, prohibits him from violating the Telemarketing Sales Rule, and prohibits him from engaging in other conduct in connection with telemarketing.

A receiver, appointed by the court in April 2005, to identify and maintain Pukke’s assets, has collected property worth millions of dollars, and the order authorizes him to continue hisefforts to locate additional assets. Any amounts the receiver collects, up to $35 million, would go into the redress fund under the settlement. If the receiver collects assets worth more than $35 million, the excess would go into the bankruptcy estate that was created when Pukke filed for bankruptcy last July.

posted by Consumer Help Web Editorial Team at 8:09 PM |