State
Maryland
Maryland
Access Funding, LLC, Access Holding, LLC, Reliance Funding, LLC, Lee Jundanian, Raffi Boghosian, Michael Borkowski, and Charles Smith
Enforcement, Loans
The CFPB filed a lawsuit against Access Funding, LLC and other defendants for “reap[ing] immense profits” from lead poisoning victims, “many of whom were mentally impaired” and who were “usually African American.” Access Funding “persuad[ed] [the victims] to sell large payouts for a fraction of their value under false pretenses.” Applicable laws required that customers “receive the counsel of an independent, professional adviser.” In Access’ case, “On almost every case [they] filed, it was the same lawyer, Charles E. Smith, who advised recipients.” The lawsuit alleged that Access Funding paid Smith for these services, making him not an “independent” advisor. Many customers received “lump-sum payments” that amounted to “25 or 30 percent” of the settlements they would have otherwise received.
Active