November 28, 2007
Local collection company gets the boot
Banking Commissioner Howard F. Pitkin has ordered a Waterbury collections agency to temporarily cease and desist all operations. Accelerated Collection Systems Inc. violated state law when it repeatedly refused to grant banking department officials access to its records. The commissioner also found that in October of this year the agency misused funds collected to cover its own operating costs. Pitkin is looking to make the temporary cease and desist permanent. He maintains that not reinstating the company's license would be in the public's interest. Pitkin also intends to seek a civil penalty for as much as $300,000.
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