Colo. AG, RMI Associates reach agreement
DENVER (Legal Newsline) - Colorado Attorney General John Suthers announced an agreement on Tuesday with a Denver-based company and its principals barring them from engaging in any business offering to help consumers receive restitution.
Under the terms of the agreement, RMI Associates and its principals, Damon Smith and Russell Bryant III, are also barred from conducting any type of consumer advocacy. The consent decree requires RMI Associates, which also did business as Daily Deal 360 Inc. and recovermyinvestment, to pay the state $300,000 in fines and restitution.
Suthers' office filed a lawsuit against RMI Associates in August alleging that the company told consumers that the company could help victims recover their losses in connection with a May consumer-protection lawsuit in exchange for a fee paid up front. The May lawsuit was filed by the Federal Trade Commission and Suthers' office against the Westminster-based Dalbey Education Institute, which also did business as American's Note Network.
RMI Associates allegedly employed former sales associates from the Dalbey Education Institute during its operations. Damon Smith also worked as a telemarketer for the Westminster company.
In September, a judge issued a preliminary injunction against RMI Associates, requiring the company to refund any fees it had accepted from consumers and to stop using deceptive sales techniques.