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AmeriDebt Founder, FTC Settle Credit Counseling Suit

Law360 (January 9, 2006, 12:00 AM EST) -- A founder of what was once the largest debt counseling company in the U.S. has settled with regulators who claimed he diverted funds to a separate company for profit despite advertising his service as a non-profit.

The Federal Trade Commission said that a settlement was reached today with Andris Pukke, the founder of AmeriDebt, and with a related company owned by Pukke called DebtWorks Inc., over deception charges.

Pukke agreed to pay $35 million to regulators and former customers. The settlement money will be directed to...
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