A Proactive Freedom Network Goes After Debt Industry

who-will-give-me-a-jobWe became aware of the debt industry through our series on Pro Se litigants. In our featured case, Torres v. Torres, one of the Defendants was Debtmerica LLC, whose website claims to be a debt consolidation alternative. Debtmerica’s Founders are Jesse Stockwell, aka Jesse E. Torres IV, who is also a Defendant in the Torres v. Torres case.

Reprinted with permission from uswatchdogs.net.

To be honest, we were at first apprehensive of the R.I.C.O. charges filed against the Defendants Donald Torres and his grand nephew, Jesse E. Torres IV aka Jesse Stockwell. Then we reviewed the documents. Within those documents we read about death threats to be carried out by Hell’s Angles, Automatic Weapons, the California DEA and State Police Criminal Division, The Mexico Federal Attorney’s Office, the list goes on. After his life was threatened, the Plaintiff in the Torres v. Torres case, Jesse E. Torres III, became an informant to the DEA on the Drug Importing and distribution throughout the United States by members of his family. And then there was the death of James Kimberly Torres from a gunshot wound to his head from a 50 Caliber Desert Eagle. That pretty much convinced us that the R.I.C.O. charges and death threats were a reality. How about you?

Again, to be honest, we still had doubts about how Jesse Stockwell, a Wharton Business School Graduate, could get himself into a mess like that.

Debt Backs: Our mostly senior citizen volunteers really started digging and what we found both scared us and got us really angry. As this is a multi-part story, we will just mention one of the many things we uncovered. Jesse, to whom we wanted to give the benefit of the doubt, recently opened a new company, LoanNow LLC. They charge 49% to 189% interest, or should we say vig, to their clients. You are free to form your own opinion, but there is no question in our mind that Jesse targets those who can least afford it and has become filthy rich doing so. The term we’ve heard used to describe these unknowing targets by the “debt relief” industry is, “Debt Backs”. We’ll let you decide why.

Did it sink In? We are still shaking our heads! 189% interest. That’s one-hundred-and-eighty-nine percent interest! Using their loan example of a $2500 loan paid back over 12 months, you borrow $2500 and you pay back $11,901.25. That’s $9,401.25 in interest! Hell, where we come from, that’s vig. Be serious! You can get a better deal at your local neighborhood loan shark.

The Mob: Even the Chicago Mob is going to buy one of Jesse Stockwell’s books he claims to author on his website, jessestockwell.com. I guess they taught a whole lot more at the Wharton School of Business than we thought. Do they hand out Tommy Guns rather than diplomas at graduation?

Proactive: What we have uncovered while researching Jesse and his companies is pure greed at its worst. We at all of the Freedom Network Websites are going to get proactive on Jesse and the whole dirty debt industry. It’s all one big scam, no matter what they call themselves, nor whether they’re about taxes or credit cards. We are producing software for those in debt and others who feel that they have been abused by the debt industry, so that they may easily file complaints with their state attorney general against these debt vultures. We hope that this will result in each state’s Attorney General filing their own lawsuit modeled on the lawsuit brought by the New York Attorney General where Debtmerica LLC paid $200, 000 and Freedom Debt Relief LLC, who was working with Debtmerica LLC, paid over $1,000,000 in restitution and costs for what the Attorney General called “predatory practices” against so many poor and disenfranchised Debtors who could least afford it. We will close part one of this series with a story.

Once upon a Time: Here is a story, purely fictional, written about  Jesse Stockwell’s various companies history and how they all seem to tie together.

Some poor working stiff who, based on Jesse’s neighborhood demographics is probably Mexican-American, comes to LendingPoint Mortgage where Jesse sells him on the American Dream. He buys a home that he can’t afford via a junk mortgage Jesse signed him up for. The whole U.S. economy then blows up, primarily because of junk mortgage companies like Jesse’s. The poor working stiff loses his home and moves in with relatives. He can’t rent because his credit is now ruined. Jesse comes to the rescue! This time with his new company Debtmerica LLC. Being of a very proud heritage, our poor working stiff signs up to repair his credit rating so he can rent a home. Now according to the New York Attorney General, our poor working stiff makes his payments for a year or so, thinking he is paying down his debt. He then finds out that he has tax problems as the IRS says the debt settlement deduction is taxable income, so he now owes the IRS. To the rescue, Jesse signs him up with another of his companies, Optima Tax Relief LLC. The poor working stiff’s TV and Computer got repossessed so he never saw the warning on the IRS Website or the Fox Business Special on “tax Relief Scams”. Meanwhile back at his relatives’ house, according to the Attorney General, while our poor working stiff has made all of his payments to Debtmerica for over a year, not one payment was made to his creditors! All of the money he paid has gone to Jesse. A sheriff comes to our poor working stiff’s door representing the creditors. But once again, our poor working stiff has Jesse in his corner and this time Jesse signs him up with a 189% loan from LoanNow to pay the creditors who didn’t get paid. But how did all of this happen? After all, our poor working stiff, before his computer was repossessed, checked out Jesse and all of his companies at an independent authority called SuperMoney and he didn’t have even one bad review. If he only knew that SuperMoney was also one of Jesse’s companies, but he found out too late.

While this was a satire, it’s really not very funny. And while what Jesse Stockwell and his companies are doing in reality may not be a crime, it should be.

Do you feel you have you been a victim of a Debt Company, Tax or Credit Card, no matter? Be sure to see our exclusive story on Getting Your Money Back From Debtmerica LLC? which applies to all of these companies.

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More Information

The following websites also have information relevant to Debtmerica LLC, Optima Tax Relief LLC, LoanNow LLC, SuperMoney LLC and Jesse Stockwell.

Disclaimer: jessestockwell.net is not associated with jessestockwell.com, optimataxrelief.com or Debtmerica, LLC., their associated websites, or their Managing Partner, Jesse Stockwell.

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