ATTORNEY GENERAL SETTLES WITH ORION FINANCIAL OVER CONSUMER ABUSES

DENVER—The Colorado Attorney General’s Office today announced that Adams County District Court entered a consent decree in a case involving the now defunct, debt-settlement company, Orion Financial Group and its owner Eric Thompson. In January, the Attorney General’s Office accused Orion of provided debt-management services to Colorado consumers without meeting the required registration and regulatory requirements under the state’s consumer protection laws.

Under the consent decree, Orion and its owner Eric Thompson agreed to be permanently enjoined from providing debt-management services to Colorado residents. In addition, judgment was entered against Orion and Thompson in the amount of $70,000 for consumer restitution.  If they default in making payments under the Consent Decree, they must pay an additional $479,442.

From August 2009 through March 2010, Orion provided debt management services to 165 Colorado consumers without being registered to do so. Its business practices violated various provisions of the Colorado Uniform Debt-Management Services Act (DMSA) by failing to provide required consumer disclosures, cancellation notices, and website information in addition to other violations.

The Colorado Attorney General’s Office registers and regulates debt-management companies, including debt settlement and credit counseling companies.  Consumers should not contract with a debt-management company unless it is registered to provide services in Colorado. Consumers with complaints against a debt-management company may file complaints or look up a list of registered companies at: https://www.coloradoattorneygeneral.gov/departments/consumer_protection/ccu_cab/ccu/debt_management.

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