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Associated Press, Published October 10 2013

State shuts down 2 collection agencies

ST. PAUL, Minn. — State regulators have accused the owner of two Twin Cities collection agencies of using his clients' money for "personal extravagances" and of operating without a license.

The Minnesota Department of Commerce has placed both businesses into receivership and is seeking to revoke Robert Dunham's debt collection registration. Civil charges against the 50-year-old Lakeville man include commingling customer funds with money for operating expenses.

Dunham owns Receivables Management Solutions and Wentworth Assets.

The St. Paul Pioneer Press (http://bit.ly/GQwzKS ) says Dunham illegally spent his clients' money on lavish foreign travel, upscale spa and golf resorts and a Corvette. Phone numbers listed for Dunham's business and his home in Lakeville are no longer in service.