Database Formed To Help Stop Finance Fraud Against Military
A database is being created to help protect military members, veterans and their families against consumer financing fraud.
New York Attorney General Eric Schneiderman was among officials announcing Wednesday the development of the Repeat Offenders Against Military (ROAM) database.
The database is designed to help protect military members from scams operators like SmartBuy, which operated a storefront at Salmon Run Mall selling electronics at inflated prices.
SmartBuy was shut its doors in April 2010. Then-Attorney General Andrew Cuomo filed suit against Rome Finance Company, Inc., SmartBuy's parent company, about a month later.
Schneiderman announced several months ago his office had reached a $3.5 million settlement with Rome Finances.
In stead of outright purchases, SmartBuy employees talked service members into high interest revolving credit contracts, which resulted in the troops paying undisclosed fees and incurring massive debt.
Schneiderman said service members were targeted in New York, California, Tennessee, Colorado, Georgia, North Carolina, Oklahoma, Texas and overseas.
The ROAM database, he said, will allow officials to find scams targeting the military much more quickly.
"Had the ROAM Database existed during our investigation of SmartBuy, we likely could have shut them down more quickly and saved countless service members thousands of dollars each,: Schneiderman said.
See the news release from Schneiderman's office.
Sunday, May 19, 2013, Watertown, NY
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