Driver Loan, LLC and Angelo Jose Sarjeant
On November 5, 2020, the Consumer Financial Protection Bureau (Bureau) filed a lawsuit against Driver Loan, LLC and its Chief Executive Officer, Angelo Jose Sarjeant, for violations of the Consumer Financial Protection Act of 2010 (CFPA). Driver Loan is a limited-liability company based in Doral, Florida that offers short-term, high-interest loans to consumers funded by deposits made by other consumers. The Bureau’s complaint alleges that Driver Loan and Sarjeant engaged in deceptive acts or practices that violated the CFPA by misrepresenting the risks associated with the deposit product offered to consumers and by misrepresenting the annual percentage rates associated with extensions of offered to other consumers. The Bureau seeks an injunction against Driver Loan and Sarjeant to stop their alleged unlawful conduct, as well as damages, redress to consumers, disgorgement of ill-gotten gains, and the imposition of civil money penalties. The matter remains pending.