United Financial Systems, Inc - Status History
March 12, 2012
A complaint has been filed and a consent judgment has been entered against the debt consolidation company United Financial Systems, Inc. and its principal, Christopher Boulahanis. The consent judgment awards damages against United Financial and Boulahanis in the amount of more than $595,000 in restitution and $500,000 in civil penalties.
This judgment follows the company's failure to pay promised refunds in accordance with a settlement agreement with the Attorney General's Office. Only a portion of the refunds due were actually paid by the company. The $100,000 paid to date under the settlement will be distributed pro rata to the injured consumers in March 2012. The Attorney General's Office will continue working diligently to collect the remaining monies in an effort to provide full refunds to all the injured consumers. The consent judgment also precludes the company and its representatives from engaging in any credit counseling, debt management or debt consolidation in Florida.
Consumers injured by United Financial who have already submitted an affidavit do not need to submit any additional information. Distribution of the available funds will be made in March of 2012 on a pro rata basis based upon the company records and the affidavits from injured consumers documenting the amount of their loss. The March 2012 payment is expected to be only a portion of the total loss to each injured consumer. The Attorney General's Office will continue its efforts to collect the total amount owed in order to provide additional payments to the injured consumers.
A copy of the Consent Judgment is available by clicking on the link on the right titled "Consent Judgment" under the heading "United Financial System Links."
For this or any other case in which consumers suspect fraud, consumers can call the fraud hotline at 1-866-966-7226 (toll-free within Florida).
December 14, 2011
Attorney General Pam Bondi today announced that her office has reached a settlement with the debt consolidation company United Financial Systems, Inc. and its principal, Christopher Boulahanis. The settlement resolves an investigation into the company’s failure to provide consumers promised refunds. The agreement requires the company to refund approximately 500 consumers more than $595,000 in restitution in total.
"The people who sought financial relief from this debt consolidation company were already facing difficult financial times, which were exacerbated when the company failed to refund their money. I am pleased that we are helping 500 consumers receive nearly $600,000 in restitution," Attorney General Pam Bondi stated.
The settlement agreement provides a strict enforcement mechanism such that any failure to make timely payments by United Financial Systems will result in a court ordered judgment against the company and its principals for the full amount of refunds due plus an additional $500,000 in civil penalties. The settlement also precludes the company and its representatives from engaging in credit counseling, debt management or debt consolidation in Florida.
For this or any other case in which consumers suspect fraud, consumers can call the fraud hotline at 1-866-966-7226 (toll-free within Florida).