CFPB v. James R. Carnes

James R. Carnes and Melissa C. Carnes allegedly concealed assets and avoided paying a judgment of more than $43 million to the Bureau. According to CFPB, James Carnes engaged in multiple fraudulent transactions in violation of the Federal Debt Collection Procedures Act to remove assets and conceal them from the Bureau. The complaint alleged that soon after Carnes became aware of the Bureau’s investigation into his payday lending business, he began transferring significant assets to his wife’s trust and that, in total, he transferred more than $12 million to the trust during the Bureau’s investigation and subsequent administrative proceeding.

Summary generated from official Consumer Financial Protection Bureau press release