Now if they can invent a device that will stop the callee from saying "sorry, you have a wrong number" the telemarketers and bill collectors will be in heaven.
There is a simple answer: Answering Machine.
Just monitor your calls, let your friends know to not hang up, but start talking, and if you are at home you will pick up.
Besides being illegal, having a business plan bound to fail, and not actually providing any service that can't be performed free and leaves a paper trail stating one is buying a service that is explicitly illegal under federal law, this guy sounds like he's got a real winner on his hands.
What he's going to need is a plan to get out of the country when he gets charged as an accessory to wire fraud.
It's illegal for a collection agent to assume a false identity, and they have no legitimate use for this technology (the latter fact puts the provider on the hot seat along with the user).