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Federal Trade Commission Returns More Than $164,000 To Consumers Harmed by Bogus Mortgage Relief Scam
FTC Shuts Down Credit Repair Pyramid Scheme Financial Education Services, Which Bilked More Than $213 Million from Consumers
FTC Acts to Shut Down ‘The Credit Game’ for Running a Bogus Credit Repair Scheme that Fleeced Consumers
At the request of the Federal Trade Commission, a federal court has temporarily halted a bogus credit repair scheme known as The Credit Game for promoting a series of lies and deceptions. The FTC alleged the scheme’s operators lied to credit reporting agencies regarding information on consumers’ credit reports and pitched consumers a supposed business opportunity that was essentially starting their own bogus credit repair scheme.
In a complaint filed against The Credit Game and its owners, Michael and Valerie Rando, the FTC alleged that the company has illegally charged consumers hundreds and even thousands of dollars for credit repair services of little to no value and told consumers to “invest” their COVID-19 governmental benefits on their unlawful services. In some cases, the company’s “services” included filing false identity theft reports with the FTC and encouraging consumers to take actions that were unlawful. The FTC asked the court to immediately halt the company’s illegal operations, appoint a receiver, and freeze the defendants’ assets. The court issued a temporary restraining order doing so on May 3, 2022.
At the request of the Federal Trade Commission and the Florida Attorney General's Office, a federal court temporarily halted an alleged sham credit card interest rate reduction operation that often targeted financially distressed consumers and older adults in July 2020. In February 2022, the FTC announced that the operators are permanently banned from the debt relief industry as part of court orders resolving charges by the FTC and Florida AG’s Office.
Remaining Defendants Banned from Providing Student Loan Debt Relief Services in Settlements with FTC
In November 2019, the Federal Trade Commission obtained a temporary restraining order halting an operation that bilked consumers out of millions of dollars by pretending to be affiliated with the U.S. Department of Education and falsely promising student loan debt relief. In September 2020, the FTC announced several of the operators settled FTC charges and agreed to pay at least $835,000. In January 2022, the FTC announced that the remaining defendants in the case are banned from providing student loan debt relief services in settlements with the FTC. The defendants are required to forfeit all of their frozen funds held by the receiver. The Commission plans to use the money recovered in this case for consumer refunds.
Moneta Management, LLC, Moneta Management, Inc., and their CEO Michael Todd Greene settled FTC allegations that they knowingly provided false or deceptive information to credit card and ACH processors to obtain merchant processing for a student debt relief scam operated by Brandon Frere and his three companies.
Operators of Student Loan Debt Relief Scheme Banned From Providing Debt Relief Services as Part of Settlement with FTC
FTC Sends More than $1.7 Million in Refunds to People who Lost Money to Student Loan Debt Relief Scam
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