Colorado Attorney General John Suthers announced today that his office has obtained civil penalties of more than $10 million against Dallas-based Credit Solutions of America and its president, Doug Van Arsdale .
In addition to the civil penalties of more tha $10 million awarded to the state, Suthers said the final agency order also requires Van Arsdale and his company to pay $3,830,149 in restitution to 2,683 Colorado consumers.
According to the Attorney General’s Office, Credit Solutions of America registered in Colorado as a debt settlement company.
However, the company failed to renew registration in 2009. Despite that, the company continued to operate in Colorado, violating various provisions of the Colorado Debt Management Services Act, according to Suthers.
The 2,683 Colorado consumers who are to receive restitution contracted with the company for debt service management, said the attorney general.
Under the final order, Van Arsdale and his company are each liable for more than $5 million, for a total of more than $10 million.
Howard Pankratz: 303-954-1939 or hpankratz@denverpost.com
