Dallas Auditor .com

Starting on November First of 2009, financial institutions and other creditors were mandated to comply with the Red Flag provisions of the Fair and Accurate Credit Transactions Act of 2003. The purpose of the Red Flag rules is to alleviate and prevent identity theft. Identity theft could be defined as any fraud involving people getting particular benefits by pretending to be someone else.

A debt collector in Williamsville pleaded guilty recently to defrauding a local bank in a scam that led to his nearly two dozen victims to lose $440,000. Noah Schapiro, the man who ran the fraud was told by the State Supreme Court he will probably face a prison term of six to twelve years and will that he will be forced to sign confessions of judgment for his whole scam to seventeen debt investors and the Citizens Bank.