The Commission vote to approve the stipulated final order against Arete Financial Group and related companies was 4-0. The Commission vote to approve the stipulated final order against Singh and his companies was 4-0. In addition to the bans on debt relief services, the orders also prohibit the defendants from making misrepresentations in connection with the sale of any products or services or violating the Telemarketing Sales Rule. It also requires them 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. The stipulated order against the Arete Financial Group and related corporate defendants imposes a monetary judgment of $22 million, which is partially suspended based on their inability to pay. The stipulated order against Singh, American Financial Support Services Inc., and US Financial Freedom Center includes a monetary judgment of $7,557,001.10, which was partially suspended due to an inability to pay after the payment of $743,386.00. The settlements with Jay Singh, the two corporate defendants he controls, and seven other corporate entities resolve charges the FTC in brought in November 2019 against these and other defendants alleging that they lured borrowers by using fraudulent ads, pretending to be affiliated with the Department of Education, and promising to reduce or even eliminate consumers’ monthly student loan payments and principal balances in exchange for illegal upfront and monthly fees. The remaining defendants in a deceptive student loan debt relief scheme are permanently banned from providing all student loan debt relief products and services in settlements with the Federal Trade Commission. About the FTC Show/hide About the FTC menu items.News and Events Show/hide News and Events menu items Santa Ana company to pay feds 835,000 to settle student loan scheme that allegedly netted 43 million Arete Financial's assets were frozen when the Federal Trade Commission discovered the company.Advice and Guidance Show/hide Advice and Guidance menu items.Competition and Consumer Protection Guidance Documents.Enforcement Show/hide Enforcement menu items.NOTE: Stipulated final orders have the force of law when approved and signed by the District Court judge. District Court for the Central District of California. The FTC filed the proposed order in the U.S. The Commission vote approving the stipulated final order was 3-0-2, with Commissioners Rebecca Kelly Slaughter and Christine S.
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The order also requires the defendants’ full cooperation in this ongoing case and any related investigation. The defendants will be required to surrender at least $835,000 and additional assets, which will be used for consumer redress. The order bans the settling defendants from providing student loan debt relief services, prohibits them from violating the Telemarketing Sales Rule, and includes a monetary judgment of $43.3 million, which is partially suspended due to an inability to pay. Litigation continues against other defendants in the case, Jay Singh and the two corporate defendants he controls, as well as against seven defaulted corporate defendants. In the complaint filed in 2019, the FTC alleged that Arete and the other defendants pretended to be affiliated with the Department of Education and deceptively promised loan forgiveness, consolidation, and repayment programs to reduce or eliminate monthly payments and principal balances. Howe, Shunmin Hsu, Ruddy Palacios, and Oliver Pomazi, five individuals who were named as defendants in the agency’s complaint against Arete Financial Group and several related companies. Earlier this year, the FTC won a 7. The settlement resolves FTC litigation against Carey G. The operators of a student loan debt relief scheme will pay at least $835,000 to settle Federal Trade Commission allegations that they charged illegal upfront fees and made false promises to consumers struggling with student loan debt. News and Events Show/hide News and Events menu items.Advice and Guidance Show/hide Advice and Guidance menu items Reviews from Arete Financial Freedom employees about Management.
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