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Judge Whacks Seven Payday Loan Companies

(CN) - A federal judge in Las Vegas ordered seven payday loan companies to stop abusing Internet customers by failing to disclose loan terms and using illegal collection tactics, the Federal Trade Commission said today.

The seven companies and the men who run them agreed to the court order, which will remain in effect pending trial.

The defendants are Leads Global, Waterfront Investments, ACH Cash, HBS Services, Lotus Leads, First4Leads, Rovinge International and Jim Harris. Also charged but not named in the order are four United Kingdom-based companies operating in the U.S. as Cash Today, Route 66 Funding, Global Financial Services International Ltd., and Interim Cash Ltd., and their principals, Aaron Gershfield and Ivor Gershfield.

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