CAMCO Ripoff Stole Money Right Out Of My Checking Account Rockford Illinois

The personnel at the Rip-Off Report need to take a bow and receive our warm appreciation for providing a superb forum in which consumers can band together to fight back against unscrupulous companies such as CAMCO and Alyon. Both have now had their days in court and, in large measure because of your efforts, similar scumbags are sure to soon follow down the path of justice.

Thank you!

TIME TO MAKE YOUR COMPLAINTS/EXPERIENCES HEARD

The investigation continues as to why the Federal Trade Commission closed Capital Acquisitions and Management Corporation. 23 News spoke with a former employee who says the company's deceptive collection practices are true.

When the FTC came in and shut down CAMCO, former worker Tina Klein was not surprised. For a few weeks she had a taste of what it was like to be a debt collector.

Tina says, You wouldn't survive unless you did it their way. That's why people dropped like flies."

In March, the FTC fined CAMCO $300,000 for violating the Fair Debt Collection Practices Act. Since that happened in March, the FTC told 23 News that they have received 2,000 complaints from consumers. Among the complaints is that CAMCO would threaten consumers to take legal action that in reality could not be taken. Another complaint states that debt collection managers would misrepresent themselves as attorneys. These are all accusation Tina says she saw first hand.

Tina recalls, "One of the seasonal people got on the phone and said he was an attorney and said he wanted to work it out before they would have to go to court."

Other allegations stem from creditors abusive and obscene language.

Tina tells 23 News, "The debtor must have said I'm a customer and you should not talk or scream like that to me. The employee then said, I will scream and you every day until you pay. When you pay then you will be a customer."

As a paralegal by trade, Tina says she left knowing numerous laws were being broken. She says she couldn't work for a company who would stop at nothing to seal the deal.

Lepetomane 12 is the receiver who has been hired by the FTC to investigate CAMCO. Anyone with any questions or further allegations can call 1-312-832-5790.

The FTC plans to issue a statement about the investigation Wednesday morning.

Thank you for the info Kathy. I did a yahoo search on Camco and read several of the same stories. The FTC raided them!!

Anyone that has been a victim of Camco and a participant or even just a reader of this site should donate anything they can to this website. I think it is avenues such as this (rip off report) that make it easy for anyone to start a "revolution". I'll bet there is no larger group of people than the ones that have been disrespected by some "tough guy" hiding behind a telephone receiver in some call center trying to collect, sell, or survey innocent consumers. Thank you Rip Off Report for letting us share info and updates with each other for FREE!!

I don't know how long Camco will be shut down but tonight I feel like we the consumer have had at least one small victory.

Happy Holidays,

CAMCO workers told to move out

Some 150 workers at Capital Acquisitions and Management, informally called CAMCO, have been told to pack their belongings and leave the building.

Rockford television stations reported Monday employees were not given a reason, but one said a judge had shut down the company to investigate a complaint by the Federal Trade Commission. The company, which moved to Rockford from Sycamore in October 2002, had offices at 303 N. Main St.

CAMCO buys old debts well past the statute of limitations and attempts to collect them. Most are unenforceable in court and are so old they are beyond reporting periods allowed by the Fair Credit Reporting Act. In March, CAMCO paid a $300,000 civil penalty to settle an earlier FTC charge.

Company officials were unavailable for comment Monday.

Camco gets spanked :)

Thank you, Ripoffreport... and thanks to those consumers who sent their complaints to the FTC and other agencies.

Debt Collection Company Is Being Investigated
Rockford

Laura Gibbs

The Federal Trade Commission comes in and shuts down a debt collection company in Rockford.

Just after 4 p.m. Monday, over 100 employees at Capital Acquisitions and Management Corporation or CAMCO were told to get their personal belongings and leave. The FTC filed a complaint against CAMCO in U.S. District court on December 2, 2004. The next day, a judge appointed Receiver Corporation to lead the investigation. Now this business has been shut down indefinitely.

Back in March, CAMCO was ordered to pay a $300,000 penalty for violating the Fair Debt Collection Practices Act. At that time, the FTC charged that CAMCO engaged in abusive and deceptive ways to collect money. Among the list of complaints then were harassing consumers at the workplace, misrepresenting themselves as attorneys and threatening to take action that could not legally be taken. Now, eight months later, investigators say the complaints have not stopped.

President of Receiver Corporation, Jay Steinberg says, "There are no allegations of fraud. It's the method used to collect money. These are receivables over 10 years old so you can't go to court and sue. The allegations are by people that have been threatened by lawsuits."

The FTC seized all computers, froze the company's assets and has changed the locks in order to prevent any records from being taken out of the building. Workers were hesitant to go on camera but via phone conversations tell 23 News that they new something was going on when they didn't get their paychecks today. Workers who had direct deposit noticed that money was not added by CAMCO to their account.

Steinberg says, "If they had ceased and assisted when they were supposed to, we wouldn't be here now. It's a pretty severe remedy, but it's a pretty severe violation to keep allegedly doing what you do and still do it to the consumers."

CAMCO is a subsidiary of RM Financial Services which is in Georgia. In March CAMCO, RM, two vice presidents and two debt collection managers were all defendants in the March court documents. That is who will again have to prove that they did not violate the law. If that happens CAMCO would be reopened. If not, the company would be liquidated and consumers who filed complaints would be paid.

That's very funny news Kathy. The unpaid employees of Camco can now ply their harrassment skills on their own behalves...see how far their methodology gets them when they go up against the mothership. Poetic Justice at its finest. Your city will be a better place for it. Keep us posted. As for Thorne, Brooks and Shapiro; if they bought my name too, I'll take the opportunity of their first phone call or letter to welcome them to Hell. One appearantly down, who knows how many to go.

Enjoy the day,

Kathy,

yes its true & such great news - camco was shut down while ftc does an investigation. nice to know camco employees missed their payday too.

"Just after 4 Monday, over 100 employees at Capital Acquisitions and Management Corporation or CAMCO were told to get their personal belongings and leave. The FTC filed a complaint against CAMCO in U.S. District court on December 2, 2004. The next day, a judge appointed Receiver Corporation to lead the investigation. Now this business has been shut down indefinitely."

CAMCO Forced To Close

http://www.wtvo.com/global/story.asp?s=2657583&ClientType=Printable

Rockford, Illinois- CAMCO's doors have closed, perhaps forever.

"We seized the computers," says Jay Steinberg, president of LePetomane XII, which is a receiver corporation. "We froze all the assets. We prevented any records from being taken out and it's my job to investigate and report to the court exactly what's going on here in terms of the business operations."

CAMCO buys unpaid debt then tries to get people who supposedly owe the money to pay up. And this isn't the first time the company is making headlines. Back in March, the company agreed to pay a $300,000 fine with the Federal Trade Commission, promising to do more to ensure compliance with state and federal laws. But now, the company has been closed until further notice because the FTC has received several complaints from consumers.

The company's assets have been seized until a court decision is made on whether allegations of how the company collected debt is investigated. An employee, who didn't want to be on camera and asked us to use her debt collector name, Andrea Moore, isn't surprised the company was shut down.

"A lot of the collectors or employees use scare tactics, very bad scare tactics to collect the debt," Moore says.

Another employee tells WTVO, the company paid employees both salary and a commission, based on what they brought in. It was an incentive to make them push harder to get people to pay up. Andrea agrees. "We were told to be firm with the debtors," she says. "You have to kind a be aggressive sort of. We were always told that the debtor was never right. They were debtors, so they were a lot of times lying."

Authorities had the locks changed on the doors. And it may take weeks for a judge to make a ruling. But Moore is glad to see the FTC step in, and hopes she'll find another job in the near future.

"I don't want to work for a company like that," she says. "I feel a company should be ethical, should have good morals and not treat people the way that they did

CAMCO was raided at its headquarters in Rockford Illinois (near where I live) by the FTC today, December 6, 2004. All of the employees were told to leave immediately, today happened to be payday, none of them were paid. I can't find anything in the news yet, but it was reported on one of our local newscasts on WIFR. - KG

The idea of bankruptcy is to start fresh. For a creditor to attempt to collect a discharged debt contradicts the essence of bankruptcy.

Federal Law prohibits any debtor or debt buyer to pursue debts that have been discharged in bankruptcy. Any creditor that attempts to tell you otherwise is incorrect. They can be taken into federal court and you can sue for damages up to 3 x of the amount of the debt. (make sure you have copies of all correspondence)

If you do not have a copy of your bankruptcy, just call the bk court in the county you filed. There is a small charge per page but they will be happy to send you a copy of your filing.

Apparently, these debt buyers are counting on consumer ignorance of bankruptcy law.

Do not let any debt buyer or collection agency bully you into paying a discharged debt.

I know these laws because I filed in 1988 and my husband filed in 2000. I made sure I knew my rights as a consumer. I had one credit card that was sold and the new company tried to collect. One copy of my filing plus a letter advising that I knew that they were barred from contacting me, stopped any further calls.

Hope everyone had a nice Thanksgiving.

I have had my dealings with Camco see my reports starting in August 2004. I have just been contacted by Thorne, Brooks & Shapiro claiming they got my 21 year old past cleared debt from CAMCO. I have stopped them in their tracks however with the help of my former bank, the FTC and the PA. Attny Gnl. If you think they dont re-sell accounts.....you are mistaken. Contact the afore mentioned authorities and get them to help you...They do.

Scott,

I did check the law. Remember folks, nothing at face value. This is how it appears to work in layman's terms: You will reactivate the clock if you reafirm the dedt by making a payment any time prior to the SOL expiration (Ca.=4 years). Kind of a sick do over type scenario. So...more power to the probably unemployable citizens of Rockford. Hey Camco, let's just have one big conference call and get it over with.

I'm glad I'm wrong. Moreso for Suzanne's sake. My entire purpose for bothering with any of this in the first place was a concern for her, and anyone else in her position. People shouldn't be so quick to part with their money when presented with a claim at face value, on someone elses word. Suzanne acted in good faith. Trying to rectify a past wrong...which is more than most of us seem willing to do. She might very well have gotten taken. A heads up was all I was offering (notice the caveat in my original statement). For you to have stated the facts was the desired effect. Right or wrong, it's just the way it is. As for me, as I said before, I sort of enjoy it. They can attempt to collect with 20 phone calls a day, followed by as many letters as their postman can carry. They control the means, I control the ends. They beat their heads on the wall, and drop a few bucks. I get a little annoyed, and get the opportunity to practice assertiveness skills. Still,it doesn't change the fact that, no matter what degree of morality or responsibility the company's representatives wish to preach, look at just what sort of business they're in, and the methodology they employ in reaching their goals. "Two wrongs don't make a right".Some of us stand our ground and try to discover more about where we stand on the matter, others are intimidated and confused. The latter are their prey. They're what keeps companies such as this in business, and necessitates forums like this one.

Thanks again...I enjoyed it...over and out

Making a payment in California does not restart the SOL. In fact, it does not in most states and if it would it would take a written contract to do so.

Here is a quote from a member of the ACA which is a collectors association:

I am the current ACA/MAP Compliance Chairman for the State of California.


Question: If an account is barred by the statute of limitations (over four years
old) and we receive a payment on it, will the payment activity bring the account
back into statute?

Answer: Generally, no.

A debt or obligation barred by the running of the statute of limitations is
unenforceable, but the discharge or satisfaction of the moral obligation
which remains is viewed as sufficient new consideration for a new promise to
pay, giving rise to a new, enforceable promise to pay, distinct from the old
unenforceable obligation. General Credit Corp. v. Pichel (1975) 44 Cal.App.3d
844, 848; 1 Witkin, Summary of California Law: Contracts (9th ed. 2001), p. 246,
242. Thus, absent some writing signed by the party to be charged thereby,
payment, in and of itself, will not revive a cause of action which is time
barred. Civil Code 360; Clunin v. First Federal Trust Co. (1922) 189 Cal.
248, 249; see also Witkin, supra, at 246, 242.

However, if the obligation sued upon constitutes an open book account, the
statute of limitations begins to run from the date of the last entry on the
account. Code of Civil Procedure 337(2). But an open book account becomes
closed, and the statute of limitations begins to run, once the account creditor
ceases to extend credit on the account and there is no further activity on the
account other than payment being made. RNC, Inc. v. Tsegeletos (1991) 231
Cal.App.3d 967, 972.

Keith et al,

This is entirely my personal opinion: That's where the bank fraud statement comes in. Suzanne authorized a single $200 transaction. For anyone to have falsified a second authorization for funds transfer from her account constitutes fraud...a broad interpretation of any monies removed from a banking institution done so under false pretenses. I would imagine that's why she had such a speedy reply from the company. The line was severely crossed between a mere civil complaint to being a prosecutable criminal act. While any corporate entity might claim that the person involved would be fired, that person is acting as an agent for them. She had no other reason to call Suzanne, other than for collection purposes on their behalf. Suzanne, and anyone else with such a complaint, should file the appropriate complaints with not only the FTC, but attorneys general in California, Illinois, and I believe Delaware (where the articles of incorporation are filed). All these agencies would love to get a piece of them. Welcome to the age of accountability and regulation. Maybe there's a pay phone that they can use in prison.

phil think you're right about restarting the SOL time clock by making a payment. and in this case she paid $200 in '03. however, i'm sure that does not give collectors an ok to debit her checking account.

i did query an attorney that was listed when i did a camco seach & asked if she has any legal recourse for the debit/stealing. but he only said that she'd need to file her case in california.

I've had Camco contact me too. My debt is 20 years old. I've never denied its existence, but I also have no intention of paying it either. Camco has probably bounced me around to the better majority of their employees. I don't know how much clearer I can be regarding my intentions not to support their ways. One would imagine that their phone bills alone would run considerably more than they'll ever collect from me.They love to preach responsibility, but when one considers the very nature of their business and tactics, I just laugh at them. I also want to thank Camco for motivating me to understand considerably more about the FDCPA than I ever imagined I would want to. I've come to rather enjoy their calls. I purposely go out of my way to be verbally abusive, and get a big kick out of their obvious foreign accents coupled with their deceptively Anglo-Saxon names. I come from a long line of attorneys and really enjoy a good fight.,,especially with no consequences. But hey, it's their dime. Of all the postings I've seen here, I believe that Keith has one of the more effective solutions, other than FTC complaints and cease and desist letters...tell them you're going to record the conversation. The reason I'm writing is that I'm more than a bit concerned for Suzanne in Riverside. By having paid them anything, it's my understanding that she has reactivated the clock on the statute of limitations. I certainly hope I'm wrong, for her sake, but it's not something she needs to find out about the hard way. It does sound as though there was a criminal bank fraud though. Most of us have made it this long, and I can't imagine that we'll have any problem outlasting the likes of Camco. Good luck to everyone!

Hey Jason..

I really getting sick of your vile replies to some of these people. If you would care to read the original post, she said that she had paid on a previous amount from these scum bags, thus they have her bank info and I wouldn't put it past SCAMCO to try something like this. Regardless of what YOU think you know, SOL's in various states were enacted to protect people from this kind of harrassment. Yes SCAMCO can attempt, the key word being ATTEMPT to collect on these accounts, if the individual wants verification of the ORIGINAL debt than by law SCAMO has to provide it. The typical "we don't know or we dont have that info" doesn't cut it. What Suzanne needs to do is call or contact the Attorney Generals Office in Il and give them this lastest attempt. I'm sue that they will be real interested in this lastest scam , especially since they were fined by them before.

That is why they called you. Alot of their collectors including their 'compliance' manager reads these reports. They just put 2 and 2 together with your name and city/state and figured out who you are. They are also aware that the FTC and the illinois AGs office reads the ripoffreport. Camco always tries to maintain that everyone is lying but when thousands make complaints that makes a pattern and is very hard for anyone to ignore. I have repeatedly asked you Mr. Garrington to call me to resolve your companys illegal behavior. I am not sure if your bosses have stopped you from doing so as they think they will just continue with their behavior of making themselves rich or if just simple arrogance or lack of morals is stopping you. You know who I am and where I live. You sat on your hands while one of your collectors threatened my life and the lives of my children(I will never forgive you for that). The only thing stopping you from filing a slapp lawsuit is the fact that I know too many attorneys and you know I will countersue with great glee. Your company is doomed and you know it but perhaps if you went 100% compliant you could save yourselves a lengthy jail sentence. I can help but that means 0% tolerance on your part. That means firing repeat offenders. That means working with me directly and when I get swamped with emails as I do each day that means doing something about it. Your call.

suzanne,

thanks for keeping us posted & yes you've noticed Jason has a difficult time reading all the details in ones post. but at least he's stopped writting in all caps.

scott, thanks for your posts about the ftc & others taking action. other than news reporters, i've not had much contact with agencys interested in camcos fiasco. had a chat with the DA from santa cruz, but nothing more has come of it.
(wow, did camco really forge someones check? of course not jason, im sure that was just a mix up too)

a reporter from the rockford paper (sara roberts)was writing some storys. and said she's writing more but haven't seen them. so i figured camco must be an advertiser & the storys stopped.

its interesting to read rockfords newspapers 1st storys where camco is welcomed to town & how they would be bringing in more jobs & tax $. but didn't take long before camco brought the town national attention.

Not only can you not spell but apparently the simple process of literacy is beyond your reach. She stated she gave the bank info on a previous debt and they called on a new debt and just took it out of her credit report. Don't lie to me and tell me Camco never does this. You had a collector at camco that once changed a 1k check to 10k and put it through some ladys bank account. Don't you get it? You have 653 ripoffreports. You have over 800 illinois attorney general complaints. You have 697 BBB complaints against your company. The FTC who rarely hits companys hit your company with a 300k fine. The FTC is once again investigating Camco's continued illegal behavior. The illinois attorney general's office is investigating. There are tons of lawsuits out against Camco. I know of at least 2 other AG offices who are investigating Camco. There is also a possible pending criminal trial coming up(I cannot wait for that). I have taken nearly 3000 letters from Camco victims over the last 2 years. Wake up and smell the roses. All collection agencys are not created equal. Some are good. Some are bad. Camco is the worst- PERIOD.

Thank you for all of the constructive suggestions, except for the retard that did not read my entire entry. I had given Camco all of my banking info last year to settle a suspiciously old bad debt. I wouldn't brag about being in any industry if you can't comprehend an entire story from beginning to end.

For everyone else, I got a call this morning from the "Compliance Manager" at Camco. First he wanted to verify my story and then apologize and then tell me this person was going to lose her job. He also informed me that the debt would never be resold and I would never hear from them again. Time will tell how long these statements will ring true.

I spent all day yesterday filing compliants with the Department of Justice, the FTC, and any other consumer group that would allow the story.

I don't know what triggered the call this morning, but I assure everyone that I will continue to do anything in my power to keep this from happening to anyone else. I was lucky to get my money back, someone else may not be so lucky.

Maam,

I work in the collections industy and you are lying out of your mind if you think that any company other than your bank went into your checking account and stole money.

How did they get acess to that information without you giving it. You gave them your routing # and account number. Stop posting this crap. There is no way possible to get someones bank account information.

First off, there is no way to tell where someone banks, there are a million or so banks in the US....this information isnt on a credit report, its not on accurint, its not on a credit card statement or bill or anything like that, so stop lying.

I work in the collections industry maam and from almost 10 years experience let me tell you it is impossible to get that information.

They would need to know your pin for your bank...how the hell do you get that???....thats all I have to say...stop being such a scumbag, scam artist liar and pay your bill...

Suzanne

yes i was wondering if that was legal for a company to do - debit your checking account without your ok. i would think not. great that your bank was responsive and gave your money back.

like scott suggests, i think your case calls for more serious action. perhaps it would be a good idea to call the FTC, their toll free # is listed on their website. although i'm not sure how involved the ftc with this company.

when i filed a complaint with them, i got back a sort of blah blah response. but i think your case deserves special attention.

since in you're in the southern california area, you might find legal help from the kfi radio, 640 am.

host bill handel does a morning legal help show on saturday mornings, think it starts about 7am. you can call in or visit his website which offers listeners legal help & referals. listen in for the toll free phone and website, or visit the kfi website for the contact info.

you might contact your local newspaper & chat them up (by email or phone) to see if the story interests them. the san bernardino sun is 1 big paper out your way & i'm sure they have a website for their contact info. or, think the press enterprise is your local newspaper. (yea, im a news guy)

and please keep us posted! your camco fiasco is most interesting & the info will help others too.

I would take it further. File a report with either your police department or rockfords. Also, call the FBI and file another criminal report. Go to naca.net and find an attorney who specializes in the fdcpa or you can file a small claims suit against them yourself. However, this case is beyond a simple $1000 fine and if your attorney subpoena's their records to find the real name of the collector you can file criminal charges against them.

Suzanne,

had no idea they could do that - debit your checking account. wow.

fortunately for me, camcos' contact info is as old as my debt 15-20yrs so my dealings with them are pretty mild. just some blah blah phone calls once in awhile to my work voice mail from a ikea charles.

and the couple of times i did speak to her - the calls are most amusing as she scrambles to change my debt details.

think in the last call, she made me a FINAL OFFER before threatening to turn my account over to "final acquisitions." she sounded a bit intimidating but i gave her the dial tone to talk to instead.

sounds like you're on the right track to get them off your back. if they call again (and i'm sure they will) inform them that you are recording the phone call.