The Consumer Financial Protection Bureau (CFPB) took action against Dmitry Fomichev, co-founder of a company that resold loan applications containing sensitive personal data to lenders and data brokers without assessing the sources of those leads or the purchasers they sold to. In a complaint filed in federal court on April 21, 2016, the CFPB alleged that Dmitry Fomichev co-founded and operated T3Leads, a lead aggregator that bought and sold payday and installment loan applications without properly vetting buyers and sellers. The CFPB filed separate lawsuits against co-founder Davit Gasparyan, a/k/a David Gasparyan on April 21, 2016 and T3Leads and two other individuals in December 2015.
Under the Dodd-Frank Act, the CFPB can take action against institutions or individuals engaged in unfair, deceptive, or abusive acts or practices or that otherwise violate federal consumer financial laws. The complaint against Fomichev seeks monetary relief, injunctive relief, and penalties. The Bureau’s complaints are not a finding or ruling that the individuals have actually violated the law.