In addition, the order would prohibit Panella from using or pro viding others with any financial, credit-related, or personal information about consumers that he obtained from the other defendants in the FTC's case. Based on sworn financial statements Panella provided, he would not be required to pay any redress under the order, but a provision in the order would permit the FTC to reopen the matter and seek redress if his financial disclosures prove inaccurate. In addition, the FTC warned, a telemarketer that guarantees consumers a loan but asks for money in advance is operating illegally. The Commission vote to approve the settlement with Panella was 5-0. This consent judgment is for settlement purposes only and does not constitute an admission by the defendant of a law violation.
Consent judgments have the force of law when signed by the judge.
FTC Matter No.