More than 37,000 persons conned by an Orange County-based company are about to receive compensation from the US government. The Federal Trade Commission (FTC) has confirmed that this business, known as Arete Financial Group, dubiously persuaded individuals seeking help with their student loan debt to pay upfront fees illegally.
Tragically, the said company never delivered on its promise to provide debt relief, falsely claiming its affiliation with the US Department of Education. As a response to this scam, the federal government plans to distribute over $3 million in payments to those affected.
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Contents
Frequently Asked Questions
Who are entitled to receive the compensation?
The US government will send checks to over 37,000 individuals who were victims of the fraudulent scheme perpetrated by Arete Financial Group.
What did the company do?
Arete Financial Group exploited persons seeking assistance with their student loan debt by convincing them to make upfront fees illegally. Sadly, this company never fulfilled its promise of providing debt relief and lied about its association with the US Department of Education.
How much will the victims receive?
The US government plans to compensate the victims by distributing more than $3 million among those affected by Arete Financial Group’s fraudulent operations.
