A former payday lending chief executive officer and his wife agreed to pay $7 million to resolve Consumer Financial Protection Bureau claims that they shifted money to avoid paying fines after the official’s former company was accused of illegal conduct.
The settlement, if approved by the US District Court for the District of Kansas, would resolve CFPB allegations that James R. Carnes, ex-CEO of Integrity Advance LLC, illegally transferred around $12.2 million from accounts he controls to accounts controlled by his wife, Melissa, between 2013 and 2015. The CFPB sued to force James and Melissa Carnes to pay the ...
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