It appears Premier Student Loan Center has come to an agreement with the Consumer Financial Protection Bureau (CFPB) the State of North Carolina, and the State of California regarding the case brought against them for scamming consumers.
This case ranks in the top of of most interesting raid reports.
The companies that were the focus of this raid and enforcement action were Defendants Consumer Advocacy Center, Premier Student Loan Center, True Count Staffing, SL Account Management, Prime Consulting, Financial Preparation Services, TAS 2019, Trusted Account Services, Horizon Consultants, First Priority, Priority Account Management, Albert Kim, Kaine Wen, Tuong Nguyen, Infinite Management Corp, Infinite Management Solutions, Hold The Door, TN Accounting, Mice and Men, Sarah Kim, 1st Generation Holdings, and Anan Enterprise.
The suit filed by the Plaintiffs alleged the Defendants violated the Telemarketing and Consumer Fraud and Abuse Prevention Act, Telemarketing Sales Rule, Minnesota Prevention of Consumer Fraud Act, Minnesota Uniform Deceptive Trade Practices Act, North Carolina Debt Adjusting Act, North Carolina Telephonic Seller Registration Act, North Carolina Unfair and Deceptive Practices Act, California Business and Professions Code.
The Defendants settling this matter do not admit or deny the facts presented in the suit. However, they have agreed to the following:
1. The total list of included corporate parties includes the above-named companies and South Coast Financial Center, Direct Account Services, Financial Loan Advisors, Account Preparation Services, Administrative Financial, Tangible Savings Solutions, Coastal Shores Financial Group, First Choice Financial Centre, First Choice Financial Center, Administrative Account Services, Primary Account Solutions, Prime Document Services, Financial Accounting Center, Doc Management Solutions, First Priority, ALW Loans, Administrative Accounting Center, Best Choice Financial Center, First Document Services, Global Direct Accounting Solutions, Keystone Document Center, Pacific Palm Financial Group, Pacific Shores Advisory, Sequoia Account Management, Signature Loan Solutions, Yellowstone Account Services, ClearStudentLoanDebt, Clear Student Loan Debt, Trusted Account Services, Premier Student Loan Center, and Priority Account Management.
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2. Individual Defendants means Albert Kim, Albert King, Kaine Wen, Wenting Kaine Dai, Wen-Ting Dai, Wen Ting Dai, Kaine Dai, Kaine Wen Dai, Tuong Nguyen, and Tom Nelson.
3. The Settling Defendants are Prime Consulting, Financial Preparation Services, and Horizon Consultants.
4. Settling Defendants are permanently banned from participating in telemarketing or assisting others in telemarketing. They can not sell, promote, offer, or provide any debt relief service.
5. The Defendant Prime Consulting is responsible for the redress of $95,057,757.
6. Horizon Consultants is responsible for $12,942,045.
7. Payment of those amounts will be adjusted or reduced based on the actual funds able to be recovered by the Receiver.
You can read the fully stipulated agreement, below.