In December, the CFPB sent $6 million in financial relief to consumers harmed by illegal lending practices targeting veterans. Five people and their companies misled veterans and other consumers into selling their pension and disability payments, which is illegal under federal and relevant state law. These transactions were instead illegal high-interest loans.
The lawsuits involved the following individuals and entities:
- Mark Corbett
- Andrew Gamber, Voyager Financial Group, LLC; BAIC, Inc., and SoBell Corp
- Katharine Snyder, Performance Arbitrage Company, Inc. and Life Funding Options, Inc.
- Candy Kern-Fuller and Howard Sutter III, attorneys at Upstate Law Group LLC
The payments total $5,126,262 from the CFPB’s victims relief fund and $721,990 from money paid by the defendants. Checks were sent on December 27, 2023, through Rust Consulting.
Protecting veterans from predatory loans
In 2019, the CFPB and the state of Arkansas reached an agreement with Andrew Gamber and his companies, who brokered high-interest loans to veterans and other consumers. In partnership with the state of South Carolina, we also filed a lawsuit against Katharine Snyder, Candy Kern-Fuller, and Howard Sutter III and their companies for similar actions.
Mark Corbett, who worked with Gamber and Snyder, violated the Consumer Financial Protection Act of 2010 for misleading consumers about the interest rates and whether the contracts were valid, as well as when they would receive their money.