Mark Nagy Atalla, a defendant in an a 2013 action by the Federal Trade Commission, has been ordered by a federal district court in Southern California to pay almost $515,000. The FTC brought its complaint against Atalla, alleging that he and his two companies violated the FTC Act and the Mortgage Assistance Relief Services Rule (also known as the MARS Rule or Regulation O) by promising to lower homeowners’ mortgage payments in exchange for change and advance fee that reached as high as $4,495.
“The court’s order in this case makes a very clear point,” said Jessica Rich, Director of the FTC’s Bureau of Consumer Protection. “When you sign a settlement order with the Federal Trade Commission, you’d better be up-front about your assets. If you’re not, we won’t hesitate to collect suspended monetary judgments.”
Attala is also banned from future work in the debt relief and mortgage relief businesses.
Read the original article on the Federal Trade Commission website.