RALEIGH, N.C. (WNCN) – More than 200 military service members caught in an electronic financing scam in North Carolina are getting more than $1,000 each in refunds, Attorney General Roy Cooper said Wednesday.
“Our military men and women deserve a fair deal when they spend their money,” Cooper said in a written release. “Unscrupulous businesses that try to rip off military families aren’t welcome in North Carolina.”
Refund checks worth approximately $1,120 each were mailed to 231 people on Dec. 15, 2015 as part of a 2014 settlement that Cooper’s office reached with Rome Finance, which also operated as Colfax Capital Corporation and Culver Capital, LLC.
Sales personnel allegedly targeted military consumers and tricked them into paying two to three times what the computers and other electronics were really worth.
The attorney general’s office said Rome, Colfax or Culver financing representatives used confusing paperwork and pushy sales tactics to rope consumers into excessive financing agreements with interest rates upwards of 200 percent, far in excess of North Carolina lending laws.
Cooper’s office has also put together a guide for military consumers.