A Colorado debt settlement company and its owners have been ordered to pay $165,000 after the firm was accused of violating several state's regulations, including failing to provide required consumer disclosures.
Prestige Financial Solutions Inc., based in Westminster, Colo., and owner Amy Thompson will have to pay an additional $2 million if they default on the payment. The settlement is to be used for restitution, reimbursement of costs and attorneys' fees and for educational purposes, according to the Colorado Attorney General's Office.
The attorney general's office says Prestige and Thompson have agreed to be permanently enjoined from providing debt-management services to Colorado residents. Existing clients can continue receiving Prestige's services at no cost or end service for a full refund of their trust account balances.