Luxury Cars Wave Goodbye From American Financial Support Services

The closure of American Financial Support Services by the FTC has been going on for a while now. The court-appointed Receiver has just submitted another interim report on activities. Most notably was this section: “The Receiver determined that all of the vehicles in Receivership Entities’ names were leased as opposed to owned. The Court authorized … Read more

Are the Scammers Now Getting Scammed?

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 … Read more

Operators of Student Debt Relief Scheme Agree to Pay at Least $835,000 to Settle FTC Allegations

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. The settlement resolves FTC litigation against Carey G. Howe, Anna C. Howe, Shunmin Hsu, Ruddy Palacios, and Oliver … Read more

Is Supreme Advocates Related to Arete Financial Freedom?

Question: Dear Steve, It has just been brought to my attention that this organization that popped up is run by Loc Phu AKA Oliver Pomazi of Arete Financial demise. It looks like this is “fronted” by Samson Ly, who is a lifelong friend of Loc Phu’s. Answer: I have no way to know if the … Read more

Arete Financial Freedom Employee Back Pay Frozen for Now

While Arete Financial Freedom had a temporary victory yesterday and will be able to begin servicing previous consumer accounts again, employees will still have to search for back pay due. The Receiver has posted: “As you may know, the Court issued a Temporary Restraining Order and Preliminary Injunction, which included an asset freeze and appointment … Read more

Arete Financial Freedom Concern and Partial Win

Arete Financial Freedom was targeted by the Federal Trade Commission (FTC), a consumer watchdog agency, because of alleged abuses in their student loan assistance services. The court-appointed Receiver was attempting to sell off the settlement side of their business and the Arete position was apparently that they knew they blew it with their student loan … Read more

Arete Settlement Business Teetering on Being Restored for Past Clients

Arete Financial Freedom, and others named, were sued by the Federal Trade Commission (FTC) over alleged student loan assistance service issues. The raid and court-ordered takeover of the businesses run by the parties halted their settlement business. Arete Financial Freedom objected to the loss of their settlement business which they claimed was being run better … Read more

Arete Financial Freedom Debt Settlement Client Sale DENIED

The court-appointed Receiver in the case against Arete Financial Freedom by the Federal Trade Commission (FTC) has hit a roadblock. The Receiver moved to sell the debt settlement business ASAP to prevent further harm to consumers. See this post. The Receiver asked the court for permission to sell the 7,700+ settlement accounts to New Era … Read more

Revitafi Loses Out On Purchasing Arete Financial Freedom Debt Settlement Clients

It appears that a company named Revitafi was temporarily in the running to purchase the settlement clients from Arete Financial Freedom. See the full Arete story here. The Receiver in the case disclosed “Based on Ariana’s information and Revitafi’s lack of candor, we have informed Revitafi we will not be moving forward on their offer.” … Read more

Where Did My Payment Go For Arete Financial Freedom?

Question: Dear Steve, I was enrolled in the Arete Financial program. I’m getting emails from you saying I haven’t paid my November payment. I’m so confused. I’m still making payments to the company. Please inform me as to what is going on. I’m not sure what to do. Thanks, Tamie Answer: Dear Tamie, Arete Financial … Read more

I Need Your Vote on This Rescue One and Arete Financial Freedom Situation

Some may feel I’m just some hack with a laptop but I actually make a concerted effort to report on the debt relief industry factually and accurately. Additionally, I enjoy answering reader questions and share my experience in the debt relief world since 1990. Update 12-23-2019 I received permission from Branden Millstone to add this … Read more

Arete Financial Freedom Employees Clean Out Dates and Receiver FAQs

The Receiver in the case involving Arete Financial Freedom and others has posted an FAQ that provides specific information on what consumers should do. But first, in more evidence the Arete settlement clients will remain in limbo, former employees are being escorted to clean out their desks. The Receiver says “Notice to Employees – December … Read more

Arete Financial Freedom Debt Settlement Services Raising Concern

I received the following comment from a consumer regarding her services with Arete Financial Freedom settlement services. These sorts of issues the consumer states are sometimes difficult to evaluate. It is sometimes hard to distinguish between an unhappy consumer who is stuck in a program being investigated by a regulator and valid complaints. Arete Financial … Read more

Arete Financial Freedom Settlement Business Looks Cooked

The case filed by the Federal Trade Commission (FTC) against American Financial Support Services over alleged illegal student loan assistance program issues looks like it has snagged the debt settlement program of Arete Financial Freedom leaving consumers in a very problematic limbo. How This Happened The FTC filed suit against the following: “Defendants American Financial … Read more

Arete Financial Group and Veritas Legal Plan Concern Raised But Here is an Answer

I received the following statement from a tipster regarding Arete Financial Group that was recently taken over by the court. Send in your tips here. “I used to be an employee at Arete Financial. I worked for the debt settlement team… Initially they had the team at their Huntington Beach office then moved all of … Read more