American Financial Support Services was shutdown for bad acts by the Federal Trade Commission.
They were raided as a result of student loan assistance services they were selling.
The allegations made were disturbing but consumers appear to be getting kicked twice.
The court-appointed receiver in the case just announced the following:
“The Receiver’s office received a disturbing report from a consumer who previously used American Financial Support Services (American Financial). The consumer was contacted yesterday by a telemarketer purportedly offering a refund of money she paid to American Financial. The telemarketer explained that in order to refund the consumer’s money, the consumer would need to fill out an online form and provide banking information. The telemarketer had a heavy accent, appeared to be calling from a call center, and had access to the consumer’s personal information which she had provided to American Financial. The consumer wisely declined the request to fill out the online form.
As reported in the Receiver’s Preliminary Report, Defendant Jay Singh ran “the student loan debt relief business of American Financial and US Financial [Freedom Center] by contracting with offshore Indian call rooms to secure customers for student loan relief.” Preliminary Report at p. 15. While we have no reason to suspect Defendant Singh’s involvement, it seems possible that the call room(s) used by Singh/American Financial/US Financial had access to consumers’ personal information and are now using that information to contact consumers.
Please be aware that American Financial/US Financial (or any other Defendant for that matter) are NOT offering refunds. As explained in the Receiver’s FAQs, “If the FTC prevails in the case, the matter of refunds for customers of Defendants’ student loan debt relief businesses will be an issue for the FTC and the Court to resolve. This determination is a long way down the road.” https://regulatoryresolutions.com/wp-content/uploads/2019/11/Arete-FAQs-June-5-2020.pdf
If you are contacted, we strongly advise you NOT to provide any information and to reach out to the Receiver’s office at info@regulatoryresolutions.com (Subject – Arete Financial Receivership.) If we determine that a substantial number of consumers are being contacted, we may need to bring the issue to the attention of the Court.” – Source
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