Eight defendants have been charged in a multi-count indictment, for their participation in an elaborate automobile fraud scheme that netted over $1.67 million.
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Repo Company Owner and Seven Others Charged in $1.67M Auto Loan Fraud Ring
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I personally know the recovery owner in this story quite well. The majority of his client’s are/were the big corporate forwarding companies, and banks like Santander and Fifth Third Bank. The same banks that were warned by professional’s in the recovery industry about the pitfalls of substandard agents clear back when these big lenders implemented contingency, flat rates and forwarding companies. Over and over and over again they were reminded “When you pay peanuts, you get Monkey’s”. And when you don’t pay a prevailing wage, agents WILL find another way to compensate. And if they don’t, they just don’t last long. This recovery agent is just another product of contingency, flat rates and the forwarding model. There are a hundred more repo agents like the one in this article out there, and they will continue to operate the same, as long as big lenders turn a blind eye and hope for the best.