DENVER — Colorado Attorney General John Suthers announced today that his office has filed an administrative action against Prestige Financial Solutions, a Westminster-based business, and its principal, Amy Thompson of Westminster, alleging that it engaged in fraudulent debt management practices.
According to the lawsuit, filed in the Office of Administrative Courts in Denver, Prestige Financial Solutions did not comply with a series of disclosure requirements included in the Colorado Uniform Debt Management Services Act, including informing consumers of their right to cancel their contracts without penalty. The company also is accused of failing to refund the fees consumers paid upon cancelation.
The Office of the Attorney General filed a similar lawsuit in December 2011 against Credit Solutions of America, a Dallas, Texas-based company, and its principal, Doug Van Arsdale of Frisco, Texas.
Debt management companies are required by law to register with the state. To learn more about the regulation of debt management companies, file a complaint, or view a list of registered debt management companies and their disciplinary history, visit the Office of the Attorney General online at www.coloradoattorneygeneral.gov/dm.