NCO Says Search Didn't Involve Current Business

NCO Group, Inc. (NasdaqNM:NCOG) and NCO Portfolio Management, Inc. (OTC:NCPM) confirmed today that the search of their Baltimore call center by the Federal Bureau of Investigation was related to alleged pre-bankruptcy activities of Creditrust Corporation before NCO acquired it.

In a letter received from the United States Attorney’s office, an Assistant U.S. Attorney stated that, “NCO Group, NCO Financial Systems, Inc. and NCO Portfolio Management, Inc. (“NCO”) are not the target or subject of the criminal investigation relating to the searches which were conducted. Instead, our investigation is focused upon events which occurred at Creditrust prior to its acquisition in bankruptcy by NCO.”

The Wall Street Journal article published on Friday March 16, 2001, was factually incorrect. NCO Group office’s accounting records were not the subject of the search by the FBI.