Business Services Industry
Judge shuts down Rockford, Ill.-based debt collector accused of illegal tactics.
Knight Ridder/Tribune Business News, December, 2004
By Tom Rybarczyk, Chicago Tribune Knight Ridder/Tribune Business News
Dec. 9--A Rockford-based debt-collection agency that federal regulators accused Wednesday of using threats of jail time and other illegal tactics to collect old debts has been forced to shut down.
U.S. District Judge Ronald A. Guzman last week issued a temporary restraining order freezing the assets of Capital Acquisitions and Management Corp., or CAMCO, a highflier in the fast-growing business of debt buying.
Unlike conventional collection agents, debt buyers typically pay a few cents on the dollar to snap up the bills that lending and credit card institutions have written off, then try to collect for themselves whatever they can.
In March, CAMCO paid...
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