Payment processor New Beginnings NY Inc. and owner Kenneth Newton agreed to pay $71,640 to settle charges brought by the New York attorney general's office that the company withdrew money from consumers' bank accounts for identity theft protection that was never provided, CollectionsCreditRisk.com reported yesterday. Newton also has been ordered to shut down both New Beginnings and Ironwood Management Group, a consumer collection agency he operated. Cheektowaga, N.Y.-based New Beginnings worked as the payment processor for Phoenix Trust. New Beginnings allegedly electronically withdrew funds from bank accounts between June 26, 2013 to July 11, 2013 and deposited the money into another account to pay for the identity theft services.
