NY debt collectors out of business, face $66M in penalties
BUFFALO, N.Y. (AP) — Two upstate New York debt collectors are banned from the business and expected to pay millions of dollars to settle allegations they inflated debts and threatened consumers.
State Attorney General Letitia James announced the settlements with Douglas MacKinnon and Mark Gray and their companies Thursday. Both men were named in a 2016 federal complaint by the state and Consumer Financial Protection Bureau.
The settlement requires MacKinnon to pay $60 million in penalties. MacKinnon’s attorney, Dennis Vacco, declined to comment, saying the legal order speaks for itself.
Gray’s attorney, Joseph Makowski, says Gray admits to no liability in the settlement and will pay $10,000 in penalties. James says the remainder of $6 million in penalties is suspended because of Gray’s inability to pay.