CFPB Settles Access Funding Lawsuit

On December 17, 2021, the Consumer Financial Protection Bureau settled its lengthy, five-year litigation with Access Funding, LLC, Access Holding, LLC, Reliance Funding, LLC, Lee Jundanian, Raffi Boghosian, Michael Brokowski, and Charles Smith for a paltry disgorgement of $40,000 and a $10,000 civil penalty. The settlement was approved by Judge Ellen Lipton Hollander, who took over the case after the retirement of Judge J. Frederick Motz in 2017. The stipulation states that Lee Jundanian was the CEO of Access Funding from February 2013 – May 2014, and an advisor to the company thereafter, and had an ownership interest in Access Funding from its inception to its dissolution. Boghosian was the chief operating officer of Access Funding from May 2014 to October 2015. According to the settlement stipulation, the Access Funding Defendants neither admitted or denied the allegations in the CFPB’s complaint, except those necessary to establish jurisdiction over the settling defendants.