Is the Hydra group lawsuit legit?
The Hydra Group, an online payday lender, was violating multiple laws in a cash-grab scheme that often targeted consumers who didn’t apply for a loan with them, the Consumer Financial Protection Bureau (CFPB) alleges in a lawsuit against the company.
What companies are under Hydra group?
Randazzo control the Hydra Group. The business operates under several names, including SSM Group, Hydra Financial Limited Funds, PCMO Services and Piggycash Online Holdings, according to the federal agency.
What is Hydra group?
Hydra Group operates a performance-based, multichannel digital ad platform that drives new sales, leads, and ad engagements.
What is civil penalty fund?
When the Bureau collects a civil penalty through an enforcement action, that penalty is deposited into the Civil Penalty Fund. The money in the Fund is pooled and can be used to compensate victims who haven’t received full compensation for their harm through redress paid by the defendant in their case.
What is the Hydra group lawsuit?
The lawsuit alleges that the Hydra Group uses information bought from online lead generators to access consumers’ checking accounts to illegally deposit payday loans and withdraw fees without consent. The lawsuit also seeks to return the ill-gotten gains to consumers and levy a fine on the company.
Who gets the money from penalty?
The State of California allocates 70% of the State penalty to the State Penalty Fund. The remaining 30% is deposited in the County General Fund to assist the County in their maintenance of effort contribution to the state for trial court operations.
Where does the money from civil penalties go?
All civil penalties are deposited into the Civil Penalty Fund, where they are pooled and can be used for payments to any eligible victim. Victims are not limited to receiving only what the person or company that harmed them paid into the Fund.
What happens if you don’t pay your traffic fines?
Ignoring Tickets and Fines You may be issued a warrant for “Failure To Appear – Traffic,” or your driver’s license can be suspended. You could face higher fines, which will be sent to collections. If you don’t pay, you could wind up losing your vehicle.
Is a fine a criminal Offence?
The law in NSW does not allow magistrates or judges to impose fines or licence disqualifications upon adults without also giving them criminal convictions. This means, for example, that if a person gets a $200 fine for drug possession, he or she will also get a criminal record.
Does the government make money off fines?
Penalties and fines make up a small portion of federal government revenues. The government took in $20.3 billion of such revenue in fiscal year 2018.
Can you go to jail for not paying a fine?
If you get a court summons for not paying your court fine, you must go to the hearing – unless you’ve paid the fine in full before you’re due in court. You could be arrested and put in prison if you don’t.
Can you just pay a fix it ticket?
Yes, you should try just paying it. Beware that the “quota chasing police,” however, can then write you up every single day until you actually fix it. It might to smarter to fix everything on your car and just avoid the stress.
How does Hydra financial limited fund ( SSM ) work?
According to the Bureau’s complaint, the Hydra Group deposited loans in consumers’ bank accounts, then debited biweekly “finance charges” indefinitely. In many cases, the Bureau alleged, consumers never saw loan agreements and were not aware of the account activity until after the loan was deposited and finance charges were withdrawn.
Who are the defendants in Hydra financial limited Fund II?
15. Defendant Hydra Financial Limited Fund II (Hydra II) is organized as a limited company under the laws of the Commonwealth of New Zealand and has its principal place of business at Level 5, 22 The Terrace, Wellington, 6011, New Zealand. The company is owned, directed, or controlled by Defendants Moseley, Sr. and Randazzo. Hydra II transacts
How often does HYDRA group take money out of your account?
Bi-weekly cash-grab: The Bureau alleges that the Hydra Group puts money into consumers’ accounts without authorization. After depositing the payday loan, typically $200 or $300, it then withdraws a $60 to $90 “finance charge” from the account every two weeks indefinitely.
Why did the CFPB sue the HYDRA group?
The CFPB lawsuit seeks to halt the Hydra Group’s illegal business. It also seeks money to be returned to consumers victimized by the Hydra Group’s scam, and requests a civil fine for the company’s malfeasance.