The Australian Securities and Investments Commission (ASIC) has obtained interim orders and injunctions against Debts Knockout, which provided financial services through Debt Wipeout, for making false or misleading representations.
Debt Wipeout advertised on billboards, shop-a-dockets, websites, social media and in person with claims it could “extinguish” consumer debt for an up-front payment of 15%-25% of the outstanding balance.
However, the company failed to pay any creditors and consumers debts were not extinguished.
The orders were obtained from the Federal Court of Australia, which also included operator of the business, David Murphy; owner of the business name, Anastasios Mavroulis; and Kewa Ruqhiu and Matthew Ruwhiu…