State Joins Action Against Collection Agency

by Mike Bevel, CollectionIndustry.com

Things started out bad for Go More Financial, Inc., in its home state of Minnesota.

The IRS recorded a $482,808 tax lien against the collection agency back in May for failure to remit payroll taxes. Add to that $30,582 in overdue withholding taxes and penalties and you can start to get a sense of why, maybe, Minnesota wants its Best Friends Forever bracelet back.

At the very least, Go More Financial, Inc., had its Minnesota license revoked and was barred by the state from doing business there.

Now, Wisconsin?s Department of Financial Institutions has denied Go More Financial, Inc.?s renewal application in that state as well.

Go More Financial has been accused of everything from alleged tax inconsistencies to improperly transferring trust account funds among its four trust accounts to commingling trust account funds in the company’s general account in an attempt to remain current with creditors and employees.

Go More Financial kept its Minnesota irregularities from Wisconsin, as well as Wyoming, Maine, Arizona and several other states.

“Our action in denying this application in Wisconsin along with the revocation of Go More Financial’s collection license in Minnesota and actions in other states is a great example of several states working together,” DFI Secretary Lorrie Keating Heinemann said in a statement reported in Madison, Wisconsin?s Madison Times. “The sharing of information protected the integrity of this industry in Wisconsin and other states.?

“Minnesota gave Mr. Goemer every opportunity to correct the problems with his business and protect his employees,? Heinemann continued, ?but conditions at the company continued to worsen, leaving them no choice but to revoke his license. We had no alternative but to deny his application to operate here.”