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Payment Processor’s Former President Settles With Attorney General

CONTACT: Elliot Burg, Assistant Attorney General, (802) 828-5507

September 8, 2010

The Vermont Attorney General’s Office, six other states and the Federal Trade Commission have settled court claims that the former president of a Florida payment processor violated federal and state laws law by debiting, or attempting to debit, more than $200 million from consumers’ bank accounts on behalf of fraudulent telemarketers and Internet-based merchants. The settling defendant is Derrelle Janey, who served as president of Your Money Access, LLC (“YMA”) from 2003 to 2006.

According to the FTC and the states of Illinois, Iowa, Nevada, North Carolina, North Dakota, Ohio, and Vermont, between June 2004 and March 2006, YMA processed more than $200 million in debits and attempted debits to consumers’ bank accounts, over $69 million of which was returned or rejected by consumers or their banks for various reasons, reflecting a lack of consumer authorization. In many instances, after the defendants debited the accounts, the merchants failed to deliver the promised products or services, or sent consumers relatively worthless items. By providing access to the banking system and the means to extract money from consumers’ bank accounts, YMA and its president made their clients’ fraudulent schemes possible.

Under the settlement order filed in the United District Court in Philadelphia, Derrelle Janey has agreed to a permanent personal ban on participating in the processing of payments debited from consumers’ bank accounts. The order imposes a personal $625,000 judgment, of which, based on sworn financial statements, Janey is required to pay $15,000; the rest of the monetary judgment is stayed but will be reinstated if he is found to have misrepresented his financial condition.

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