More than $30 million stolen from unsuspecting HSBC customers
Just when you think questionable tactics and late application of payments are standard routine for HSBC Finance Corporation (perhaps they need the money to offset loan losses) we learn of an HSBC executive on his way to prison. We thought this was important enough to publish it in both of our HSBC blogs:
NEW YORK — A former HSBC bank vice president was sentenced to nearly six years in prison for his role in a massive telemarketing scam.
Raymond Payne, 36, preyed on more than 100,000 low-income residents by offering “guaranteed” credit cards. Instead, he helped steal $299 from each customer without ever sending them a credit card, investigators said.
Investigators said Payne, Leslie Pinsky and Stephen Clark ran a company called First Choice Tele-Services, which used “cold calls” to target consumers for rip-offs. Investigators said more than $30 million was stolen from unsuspecting customers in total.
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