Authorities say soldiers get $92M in debt relief

File Photo
File Photo

ALBANY, N.Y. (AP) -€” New York and 12 other states have settled an investigation into improper lending with a court agreement to shut down the company and expected to provide $92 million in debt relief for 17,800 U.S. military personnel.

New York’s Attorney General Eric Schneiderman says deceptive practices by Rome Finance Co. based in California and Georgia included failing to accurately disclose charges and interest rates and helping retailers inflate prices, with repayments taken from soldiers’ paychecks.

Authorities say military personnel will keep financed merchandise like computers and gaming systems with debt forgiven, including $2.2 million for more than 550 New York residents.

Rome Finance did business recently as Colfax Capital Corp. and Culver Capital LLC.

Other states are Colorado, Delaware, Florida, Georgia, Kentucky, Indiana, Iowa, Massachusetts, Michigan, North Carolina, Tennessee and Vermont. provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you confirm your email address and acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others and keep the conversation on topic and civil. If you see an inappropriate comment, please flag it for our moderators to review.

blog comments powered by Disqus