SmartBuy network sold items at grossly inflated prices with average effective interest rate of 244 percent
WATERTOWN, NY (May 18, 2010) - Attorney General Andrew M. Cuomo today filed a lawsuit against three nationwide lenders and their affiliated companies for preying on members of the military by selling them grossly overpriced electronics and then trapping them in illegal and open-ended credit plans. Attorney General Cuomo has also notified Defense Secretary Robert Gates and Secretary of the Army John McHugh of the findings of his investigation. Cuomo’s suit is against Frisco Marketing of N.Y., LLC, doing business as SmartBuy and SmartBuy Computers and Electronics; Integrity Financial of North Carolina, Inc.; Britlee, Inc., doing business as MilitaryZone; GJS Management, Inc. and Rome Finance Company, Inc. and Rome Finance Co. LLC, all owned and/or operated by Fayetteville, N.C.-based John Paul Jordan, Stuart Jordan, and Rebecca Wirt, and Concord, California-based William Collins and Ronald Wilson.