CFPB building - CFPB Files Complaint Against Owners of Payday Loan Lead Aggregator
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The agency claims the cofounders and operators had a hand in T3Leads’ policies and practices, which lead to consumer information being used by dishonest companies and scam artists

April 21, 2016

The Consumer Financial Protection Bureau (CFBP) is suing two co-founders of a company that resold loan applications containing sensitive personal information to lenders and data brokers that often used the information for dishonest purposes.

The federal court complaints allege that Dmitry Fomichev and Davit Gasparyan co-founded and operated T3Leads, a lead aggregator that bought and sold payday and installment loan applications without properly vetting buyers and sellers.

A separate lawsuit against the company and two other owners Girgor and Marina Demirchyan in December. After founding the company in 2005, Gasparyan served as chief financial officer and chief marketing officer, while Fomichev served as chief executive officer and chief technology officer.

Lead aggregators like T3Leads buy consumer information from lead generators, websites that market payday and installment loads. These leads contain personal information, like names, contact information, references and employer information.

The complaint charges that T3Leads bought leads and sold them to payday or installment lenders and others with no regard for the promises lead generators made to consumers, or for how the consumers' information would be used.

Buyers of leads from T3Leads include lenders tied to Indian tribes or based in foreign jurisdictions. These lenders often skirt state laws and deny the jurisdiction of U.S. courts. The CFPB alleges that T3Leads did not vet or monitor its lead buyers, exploited consumers' lack of understanding of the risks, costs, and conditions of the loans applied for, and put consumer information at risk of being trafficked for illegal purposes.

The CFPB alleges that Gasparyan and Fomichev unlawfully provided substantial assistance to T3Leads. Both respondents had significant responsibility for establishing T3Leads's policies and practices and, throughout their employment, had substantial control over the company's operations.

For more information about the lawsuits against Gasparyan, Fomichey and T3Leads, see the CFPB release.

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