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Mortgage firm targeted veterans

Posted by: Alejandra Matos under Businesses in hot water Updated: March 26, 2014 - 3:10 PM

A company accused of “mortgage scams” spent at least $2 million for a direct-mail campaign aimed at Minnesota veterans, according to the Minnesota Department of Commerce.

Mortgage Investors Corporation, also known as Veterans Information Department, was ordered to appear before an administrative law judge after the company violated a 2011 cease-and-desist order. The order alleged that the company’s advertising gave the false impression it was a government agency.

The company, based in Florida, allegedly took $1 million in advance fees from refinance transactions, a violation of Minnesota law, the department said.

Last June, the Federal Trade Commission levied a $7.5 million fine against the company for violating the Do Not Call registry.

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