The CFPB sued Davit Gasparyan, alleging he and Dmitry Fomichev “bought and sold payday and installment loan applications without properly vetting buyers and sellers.” The CFPB alleged that the defendants “exploited consumers’ lack of understanding of the risks, costs, and conditions of the loans” and “put consumer information at risk of being trafficked for illegal purposes,” including people in “Indian tribes or based in foreign jurisdictions.”

• On April 21, 2016, the CFPB sued Davit Gasparyan aka David Gasparayan in the US District Court for the Central District of California, Western Division. [Consumer Financial Protection Bureau v. Davit Gasparyan aka David Gasparayan, Case no. 2:16-cv-2725, filed 04/21/16]

• The suit alleged that Dmitry Fomichev and David Gasparayan “bought and sold payday and installment loan applications without properly vetting buyers and sellers.” [Press Release, “CFPB Takes Action Against Co-Founders of Online Lead Aggregator” Consumer Financial Protection Bureau, 04/21/16]

• The CFPB alleged that “Buyers of leads from T3Leads include lenders tied to Indian tribes or based in foreign jurisdictions.” “The CFPB alleges that T3Leads did not vet or monitor its lead buyers, exploited consumers’ lack of understanding of the risks, costs, and conditions of the loans applied for, and put consumer information at risk of being trafficked for illegal purposes.” [Press Release, “CFPB Takes Action Against Co-Founders of Online Lead Aggregator” Consumer Financial Protection Bureau, 04/21/16]