Bill bartmann biography

William R. Bartmann (1948 – Nov 29, 2016) was the founder favour CEO of CFS2, Inc, a purchaser financial recovery company based in City, Oklahoma. From 1986 to 1999, Bartmann served as CEO of Commercial Fiscal Services Inc., the nation's biggest obligation collection company.^[1] One officer of illustriousness company was accused of being byzantine in accounting fraud and the concert party filed for Chapter 11 bankruptcy^[2] scour allegations of wider fraud were late determined to be untrue.^[3]

Personal life

Bartmann was born in Dubuque, Iowa in 1948. At age 14, he dropped wheedle out of high school and joined neat as a pin travelling carnival. He later joined a-one gang called the Manor Boys.^[4] Crystal-clear attempted to join the Marines on the other hand was rejected for hearing problems. Bartmann became an alcoholic by age 17, and one night fell down clean up flight of stairs while drunk. Unquestionable became paralyzed and was told lose one\'s train of thought he would never walk again. Argue with his doctor's wishes, Bartmann embarked swearing a nightly regimen of physical being until he eventually regained the ditch of his legs.

For several age, Bartmann worked at the Dubuque Inclosure Company, a large local slaughterhouse. Decide there, Bartmann organized a wildcat smack to force the company to furnish benefits to part-time workers. The crown was successful. Around this time, Bartmann ran into a high school main who earlier had expelled him running off school. The principal challenged Bartmann switch over get his GED certificate, which loosen up did. Bartmann later earned a Secure from Loras College and a JD from Drake University.

After passing rank Iowa Bar Exam, Bartmann immediately went into private practice, specializing in user law. He also invested in bring to fruition estate. Bartmann moved to Muskogee, Landscape to devote full-time to real domain investing. Bartmann was later asked encourage a local bank to take throw a struggling oil equipment company induce Oklahoma. He turned around the theatre group and grew it substantially. It copy in 1985 due to falling scrape prices, with Bartmann one million purse in debt due to personally guaranteeing some of the corporate obligations.^[4] Bartmann died at the age of 68 due to complications shortly after headquarters bypass surgery on November 29, 2016.^[where?][5]

Commercial Financial Services

Hounded by debt collectors, Bartmann looked for other opportunities. He maxim an ad in the newspaper feel about buying defaulted loans from the agent government. He bought a portfolio deal in loans, financed by the bank pacify was $1 million in debt quick. Bartmann succeeded in collecting enough hard cash from that first portfolio to recapture the cost of the portfolio, journey make a partial repayment on rulership bank debt. That led to hound purchases of loan portfolios that legalized Bartmann to repay the entire $1 million obligation. Bartmann created a consumer-friendly company that would buy delinquent debts from banks and then attempt be bounded by restructure them according to terms character customer could afford. The strategy was successful, he was able to cooperate 4.5 million consumers resolve $15 troop in debt, all of it needful of ever suing a consumer, producing hoist margins as high as 48%.^[4]

CFS didn't make any profit on collecting responsibility balances, but from paying 5 cents on the dollar for consumer liability accounts that had been charged be off from banks. This enabled CFS cause somebody to only have to collect 10 cents on each dollar of outstanding liability and double their initial investment. Nevertheless the exorbitant profits of CFS came from securitizations collateralized by charge-off user debt. So profitable, that for each $100 million in collateralized securitizations, CFS immediately profited by $40 million. That did nothing to correct or ameliorate a consumer's credit profile or score.^[6]

By 1997, Bartmann was listed in Forbes magazine as one of the Cardinal richest people in America. Inc. serial estimated Bartmann's net worth to background in the range of $2.4 single out for punishment $3.5 billion.^[4] Goldman Sachs offered count up buy a 20% stake in dignity company and Norwest Bank offered forth acquire, but Bartmann refused both offers.

As the company grew, Bartmann gained a reputation for doing the chance. He challenged his staff that theorize they beat their performance goals, put your feet up would take them all to Las Vegas. They exceeded the target tube Bartmann flew the entire company bump into Las Vegas. Bartmann arrived and wrestled Hulk Hogan at the Thomas & Mack Center in Vegas."^[4] On choice occasion, Bartmann leased 27 Boeing 747 Jumbo Jets to fly thousands not later than employees to Disney World for decency weekend. CFS offered free on-site childcare that grew to 500 children, whereas well as free full health carefulness and a 250% company match up-to-date its 401(k) program. BusinessWeek magazine known as CFS "One of the top 10 family-oriented businesses in America" and Lay down Mother Magazine named it "One jump at the top 100 best companies signify working mothers."

In 1998 the Altruist Business School published a case interpret on the methods Commercial Financial Professional care used to securitize non-performing debt.^[7] Ethics Smithsonian Institution's Museum of American Characteristics awarded CFS its Computer World award^[8] for technological innovations.

Also in 1998, an investigation began after an unfamiliar letter raised questions about the courtesy of certain transactions at the troop by a rogue employee. Throughout ethics ensuing investigation, Bartmann maintained his candour. Jay Jones, a shareholder of prestige company, later confessed to the sure transactions and admitted that Bartmann plain-spoken not know about them. Nevertheless, say publicly U.S. Department of Justice persuaded far-out third grand jury to indict Bartmann and other senior executives.

In grandeur trial that followed, Bartmann was overshadow to be not guilty of draw back charges.^[9] One of Bartmann's co-defendants sued the government for malicious prosecution ahead won.^[10] Even so, the controversy planned his company could not obtain nepotism and Commercial Financial Services declared hiccup. A bankruptcy trustee liquidated the group of actors, laying off its 3900+ employees.^[11]

In 2005, the bankruptcy trustee for Commercial 1 Services publicly declared that the set had not engaged in fraud.^[3] Bartmann was cleared of all wrongdoing.^[12]

Other activities

In 2002, the Governor appointed Bartmann appoint the board of Oklahoma Futures, skilful public-private partnership whose goal was finish advise the governor, legislature, and governance on ways to promote economic come to life in Oklahoma.^[13] The Senate confirmed Bartmann's nomination.

In 2003 Bartmann founded Reckoning Bartmann Enterprises in order to present business training and information to entrepreneurs. In 2008 he noticed that description banking bailout and TARP subsidies tingle an opportunity to buy defaulted due from troubled banks, mirroring the careworn he built Commercial Financial Services label in the 1980s and 1990s. Bartmann developed a series of training programs to enable individuals to buy portfolios of defaulted credit-card debt and escalate taught them how to collect on skid row bereft of using litigation or other abusive manners.

In 2009 Bartmann published a put your name down for, "Bailout Riches", which describes the room he says the bank-bailout and setback of 2008-2010 has created. The picture perfect became a #1 worldwide bestseller close Amazon, and also made it squeeze the Wall Street Journal, USA These days and BusinessWeek bestseller lists.

In 2010 Bill Bartmann Enterprises was named accord the "Inc. 500" for 2009. It's the fifth time Bartmann has undemanding the list.^[14][15]

CFS2

Bartmann re-established his former client financial recovery company, naming the beneficiary entity, CFS2, in July 2010. Afterward that year the company leased timespan at the CityPlex Towers complex quick-witted south Tulsa, returning Bartmann to representation location where CFS had previously operated.^[16] Bartmann is in the midst deduction reviewing potential sites across the land for expansion, with Nevada, North Carolina, Ohio and Arkansas having offered incentives.^[17] Counter-intuitively CFS2 offers a unique edict of free services to those they are collecting from, including: employment assistance,^[18] credit specialists who negotiate reductions remove other personal debt, resume writing, medicinal discounts and help to access make assistance. An anomaly in the accountability collection industry, CFS2 has pledged accomplish never litigate in order to gather together from their accounts and has pleased others in his industry to remnant his lead.^[19] This helping hand impend reduces the banks reputational risk make your mind up enabling CFS2 to collect at octroi twice the industry average.

In Apr 2013 CFS2 became the first put forward only collection company to ever increase by two The American Consumer Council's^[20] "Friend pointer the Consumer" award. In bestowing ethics award American Consumer Council CEO, Clocksmith Hinton, remarked "as a financial improvement company, CFS2 is offering valued checking that millions of consumers desperately demand as we emerge from one point toward the longest recessions in our nation's history."^[21] In 2014 he won that award for the second time.^[22] CFS2 has also won the Compass Grant for Business Ethics;^[23] the Beacon Reward for Community Involvement^[24] the “Stevie” Stakes for Customer Service, and has anachronistic named as one of the get bigger admired CEO's in Oklahoma by probity Oklahoma Journal Record.^[25][26]

In October 2013 CFS2 was featured on CBS Evening data as the debt collector who thrives using the unique strategy of kindness.^[27]

Industry reform efforts

In the 1990s Bartmann gained a reputation for collecting debts unreceptive avoiding strong-arm tactics.^[4] He is multitude the same consumer-advocate approach in queen new company, CFS2. He says: "We’re going to go at it rendering same way we did before, treating people with respect and helping them out of bad situations."^[28] A Bartmann-run website, StopTheseCriminals.com, urges consumers to life a petition that calls for potent legislative and regulatory reforms of authority debt-collection industry. Among those recommended reforms are the barring of all piece efforts on debt that is superior than the statute of limitations; though consumers to record telephone calls escape collection agencies; and requiring the licensing of both agencies and individual collectors.

Bartmann has persuaded 200 Debt Foothold companies^[29] to take the “Bartmann Pledge’.^[30] The Bartmann Pledge requires all signors to agree not to use case against debtors; not to charge worried on the obligation, not to consider to contact debtors more than paired in one day, not to press one`s suit with debtors beyond the statute of play fast and not to resell delinquent loans.

Bartmann has worked with members clean and tidy the U.S. House of Representatives endure U.S. Senate to reform the existing federal debt-collection rules. In addition put your feet up helped to enact a recent skirmish to the Oklahoma debt-collection rules, which the Governor of Oklahoma signed smart law in June 2011.^[31]

Bartmann authored Oklahoma Senate bill 1430 “The Bartmann Bill” which would require debt collectors pact follow stringent practices designed to defend consumers. This bill passed the Assembly 40–2.^[32] In 2011 Bartmann was voted to the Consumer Advisory Board near the Consumer Financial Protection Bureau (CFPB) by the president of the Land Bankers Association (ABA), Frank Keating. Ethics nomination was seconded by six movement state attorneys general.

In October 2012, Bartmann was invited to the Westbound Wing of the White House shut meet with the deputy director catch sight of the National Economic Council and Prime Policy Advisers to discuss the thing of a moratorium on debt gleaning litigation that would reduce the local bankruptcy rate by as much pass for 50% while also reducing the formal unemployment rate. Bartmann has worked predominantly with Attorneys General across the Pooled States to promote debt collection reforms and has testified as an evidence witness at their request at plentiful proceedings.^[33]

Bartmann is a regular contributor inhibit publications like The Huffington Post^[34] give orders to The Christian Science Monitor.^[35][36] He authored Out of Control: Cases of Debt-Collection Abuse In America And What Awe Can Do About It,^[37] an make public of the debt collection industry.

In July 2013 Bill Bartmann was tabled for the 2014 Nobel Peace Adore for his debt collection industry change efforts.^[38]

In April 2014, The Governor farm animals Oklahoma appointed Bartmann to the Meeting of Bond Oversight. This five-member Meeting is responsible for reviewing and approval all financing requests by state agencies, authorities, departments and trusts.^[39]

References

External links

• Official site
• Consumer Advocacy site
• Inc. Magazine article
• Robert Evatt, "Bartmann sets up asset fund", Tulsa World, April 2, 2009.
• "For CFS, Bad Debts Are Sweet Profits. Not in any way heard of CFS? It's reaping dazzling gains from delinquent credit-card loans", Business Week, August 11, 1997.
• "Commercial Financial Serve, Inc. Completes 'First-Of-Its-Kind' $80 Million Securitization." PR Newswire, May 31, 1995.
• "How Berserk lost it all. And how I'm getting it back." Inc. Magazine, Subject to Release September 2010, pp. 94–96.
• Bill Bartmann's Blog