Is US Fidelis a Scam?
US Fidelis was a Chesterfield, Missouri extended warranty company that operated from approximately 2003 until its bankruptcy in March 2010. At its peak, US Fidelis was one of the largest extended warranty marketing companies in the United States, generating hundreds of thousands of consumer complaints. Founders Darain Walters and Cory Walters were convicted of fraud. The Missouri AG and FTC led enforcement actions. US Fidelis is no longer in business. Consumers who purchased contracts from US Fidelis and did not receive refunds should check with the Missouri AG consumer protection office regarding any remaining restitution funds. The US Fidelis case is cited as one of the most significant extended warranty fraud cases in US history.
Government & Regulatory Actions
- Missouri Attorney General and FTC enforcement: US Fidelis was the subject of multi-state enforcement actions and an FTC investigation. The company's founders, Darain Walters and Cory Walters, were convicted of fraud in connection with the company's operations.
- Bankruptcy 2010: US Fidelis filed for Chapter 11 bankruptcy in March 2010 following the collapse of its extended warranty business amid massive consumer complaints and regulatory action. The company is no longer in business.
- Criminal convictions: The Walters brothers were convicted of criminal charges related to the diversion of consumer funds and fraudulent operation of the extended warranty business.
What the Evidence Shows
US Fidelis has documented regulatory action from a government agency.
Related
Frequently Asked Questions
Was US Fidelis a scam?
US Fidelis was the subject of criminal fraud convictions against its founders and multi-state regulatory enforcement. The company filed for bankruptcy in 2010 amid findings of consumer fund misappropriation. It is no longer in business.