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BCO Consulting
The Federal Trade Commission has stopped a pair of student loan debt relief schemes that it says bilked students out of approximately $12 million by using deceptive claims about repayment programs and loan forgiveness that did not exist. The agency also says the companies falsely claimed to be or be affiliated with the Department of Education and told students that the illegal payments the companies collected would count towards their loans.
After the FTC filed complaints seeking to end the deceptive practices, a federal court temporarily halted the two schemes and froze their assets.
In early October 2023, SL Finance and BCO Consulting were permanently banned from the debt relief industry and ordered to turn over their assets as part of a settlement with the Federal Trade Commission.
FTC Stops Student Loan Debt Relief Schemes that it Says Bilked Students Out of Millions
FTC Testifies Before the U.S. Senate Committee on Veterans’ Affairs About the Agency’s Work to Crack Down on Fraud and Related Threats Against the Military Community
FTC Finalizes Order with Ed Tech Provider Chegg for Lax Security that Exposed Student Data
Chegg
The FTC taking action against education technology provider Chegg Inc. for its lax data security practices that exposed sensitive information about millions of its customers and employees, including Social Security numbers, email addresses and passwords.
Warrior Trading, Inc., FTC v.
The Federal Trade Commission is cracking down on the Warrior Trading day trading investment scheme for making misleading and unrealistic claims of big investment gains to consumers. The FTC alleges that Warrior Trading and its CEO, Ross Cameron, used those claims to convince consumers to pay hundreds or thousands of dollars for a trading system that ultimately failed to pay off for most customers.
As a result of the FTC’s case, Warrior Trading will be required to pay $3 million to refund consumers and will be prohibited from making baseless claims about the potential for consumers to earn money using their trading strategies.
The Federal Trade Commission is sending payments totaling more than $2.9 million to 20,402 people who paid thousands of dollars for Warrior Trading’s investment programs. The company made misleading and unrealistic claims to sell a day trading “system” that failed to pay off for most customers.
Federal Trade Commission Returns More Than $830,000 to Students Misled by Saint James Medical School’s Deceptive Marketing Claims
Human Resource Development Services, Inc. d/b/a Saint James School of Medicine, FTC v.
The Federal Trade Commission has taken action against a for-profit medical school in the Caribbean and its Illinois-based operators, alleging they deceptively marketed the school’s medical license exam test pass rate and residency matches to lure prospective students. The school and its operators are also charged with violating the Holder Rule, which preserves rights for injured consumers, and the Credit Practices Rule, which protects consumers in credit contracts. The $1.2 million judgment against Saint James School of Medicine and its operators will go toward refunds and debt cancellation for students harmed by the deceptive marketing.
FTC Brings Action Against Ed Tech Provider Chegg for Careless Security that Exposed Personal Data of Millions of Customers
Federal Trade Commission Sends More than $822,000 to Students Deceived by Student Advocates’ Debt Relief Scam
Student Advocates Team, LLC, et al.
In September 2019, the FTC announced a complaint against the operators of two student loan debt relief schemes, and a financing company that assisted them, with bilking millions of dollars from consumers. The FTC alleged Manhattan Beach Ventures and Equitable Acceptance Corporation and Student Advocates Team, and the financing company that assisted them illegally charged upfront fees that the companies led consumers to believe went towards their student loans, and falsely promised that their services would permanently lower or even eliminate their loan payments or balances. On August 18, 2022, the FTC it was sending more than $822,000 back to defrauded consumers.
FTC Details Its Enforcement Actions to Crack Down on Fraud Against the Military Community in Testimony Before House Oversight Subcommittee
Federal Trade Commission Sends More than $2 Million to Students Harmed by Debt Relief Scam
FTC to Crack Down on Companies that Illegally Surveil Children Learning Online
Statement of Chair Lina M. Khan Regarding Policy Statement on Education Technology and the Children's Online Privacy Protection Act
Federal Trade Commission Takes Action Against For-Profit Medical School for Using Deceptive Marketing to Lure Students
FTC Takes Action to Combat Bogus Money-Making Claims Used to Lure People into Dead-end Debt Traps
FTC Enforcement Action Leads U.S. Dept. of Education to Forgive $71.7 Million in Loans for Students Deceived by DeVry University
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