A debt-relief operation that allegedly posed as banks, credit card companies and government agencies to squeeze fees out of struggling consumers has been permanently banned from the industry after a federal court entered a $106.8 million default judgment against it. The scheme, known as Accelerated Debt Settlement, is accused of promising to slash customers’ debts by as much as 75 percent or more while instead piling on fees and, in at least one case, thousands of dollars in new debt for an Army veteran whose credit score collapsed from the high 700s into the 500s.
The Federal Trade Commission secured the judgment and permanent ban, according to ACA International, which reported that the U.S. District Court for the District of Arizona…