WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau (CFPB) filed complaints in federal court against the two co-founders of T3Leads, alleging the defendants resold loan applications that contained sensitive personal data to lenders without assessing the source of the leads.
“T3Leads steered consumers toward bad deals with lenders it didn’t vet and with no regard for how the consumers’ information would be used,” CFPB Director Richard Cordray said. “This is a reminder to the middlemen who buy and sell consumer loan applications: if you engage in this type of conduct, you risk the consequences for harming people.”
Dmitry Fomichev and Davit Gasparyan founded T3Leads in 2005. According to the CFPB complaint, Gasparyan acted as the company’s chief financial officer and chief marketing officer. Fomichev was chief executive officer and chief technology officer. These two allegedly directed the strategies and business practices of the company. Under their direction, T3Leads sold installment and payday loan applications without vetting them or monitoring lead purchasers, the CFPB claims.