• Report: #77630

Complaint Review: Camco - Capital Acquisitions Management

  • Submitted: Wed, January 21, 2004
  • Updated: Wed, January 21, 2004

  • Reported By:Florida Florida
Camco - Capital Acquisitions Management
303 N. Main Street Rockford, Illinois U.S.A.

Camco (Capital Acquisitions Management) ripoff! Phone harrassment, liars, cheats and con-men. Rockford Illinois

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The article below was taken from a local newspaper and what I wanted to point out was how the chairman states that "We work with the consumers to help them restructure and manage there finanaces" Yeah right by harrassing and lying to you and breaking the laws that were put to protect the consumer in regards to there tactics they use to get you to pay them.

By Greg Locascio
Daily News staff writer

ROCKFORD _ A debt-collection company plans to bring hundreds of jobs to the area in the near future.
Capital Acquisition and Management Company (CAMCO), a company started five years ago with two employees in a quonset hut in Genoa, Ill., is moving its corporate headquarters to downtown Rockford.

More than 150 employees will be shifted from Camco's current Sycamore, Ill. headquarters to Rockford, and company officials said they are hiring 300 additional employees over the next two years. The company will move into the former Conseco Building, 303 N. Main St., Rockford. The building offers 125,000 square feet of space for the company.

We at Camco are truly excited about our expansion into Rockford and about our opportunities for growth in our new facility, said Camco Chairman George J. Othon. We were looking for a city that provided us with a strong and talented workforce as well as a healthy downtown. More than 90 percent of our management staff is from Illinois. We are happy to call Rockford our home.

Othon said the building will be acquired towards the end of August and will get business under way in early September. He said the company already is in the process of hiring new employees for collections and training positions that will pay a base salary of between $20,000 and $30,000 along with incentive bonuses based on how much money each employee collects.

City of Beloit Economic Development Director Andrew Janke said the Camco relocation should help Beloit residents.
We have a regional market workforce, Janke said. And whenever jobs are created in the region, it helps the entire region.

Camco currently has 236 employees in four locations in Georgia, Florida and Illinois. The company acquires non-performing debt portfolios and works with debtors to collect delinquent payments. The company has acquired more than $2 billion in non-performing debt. Othon said he hopes to double that amount over the next two years.

We work in a highly sensitized and stigmatized industry, Othon said. We work with the consumers to help them re-structure and manage their finances.
Rockford Mayor Doug Scott said the city worked more than five months to bring Camco to Rockford, and that Rockford was chosen out of four candidate cities.

Camco is eligible for up to $750,000 in federal Community Development Block Grants, but only if new jobs are created, Scott said. The company is also eligible for tax credits through the Economic Development for a Growing Economy (EDGE) program, and for worker training grants through the Industrial Training Program. Both programs are administered through the Illinois Department of Commerce and Community Affairs.

F.M., Florida

This report was posted on Ripoff Report on 01/21/2004 10:50 AM and is a permanent record located here: http://www.ripoffreport.com/r/Camco-Capital-Acquisitions-Management/Rockford-Illinois-61101/Camco-Capital-Acquisitions-Management-ripoff-Phone-harrassment-liars-cheats-and-con-m-77630. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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