Fla. (Legal Newsline) — Florida Attorney General Pam Bondi announced Jan. 12
that her office has coordinated with Office of Financial Regulation (OFR) Commissioner
Drew Breakspear on settlements with the operators of an alleged online lending
defendants in the case are Western Sky Financial LLC, CashCall Inc., WS Funding
LLC, Delbert Services Corporation and John Paul Reddam, who is president, CEO,
owner and director of CashCall.
schemes harm consumers seeking financial assistance and, with these
settlements, Florida borrowers will be better protected from such business
practices,” Bondi said. “Thanks to a great partnership with the Office of Financial
Regulation, Floridians will receive millions in restitution.”
As per the
settlement agreements, an $11 million fund has been set up and roughly 14,000
borrowers will be eligible for cash payments from this fund.
also paid $1.25 million to Florida, including a $500,000 civil penalty to Bondi’s office, a $500,000 administrative fine to OFR and $250,000 in costs to the
state of Florida.
the diligent efforts of our agency’s Division of Consumer Finance investigative
team and the Florida Attorney General’s Office to protect Floridians from
illegal business practices,” Breakspear said. “Ensuring the financial industry
is safe for consumers to do business is a top priority.”