FTC Shuts Down Credit Repair Pyramid Scheme Financial Education Services, Which Bilked More Than $213 Million from Consumers

Wide-ranging Operation Promises Easy Credit Fixes, But Provides Worthless Services and Pitches Pyramid Scheme Where Few, If Any, Make Money The Federal Trade Commission has taken action against Financial Education Services and its owners, Parimal Naik, Michael Toloff, Christopher Toloff and Gerald Thompson, as well as a number of related companies, for scamming consumers out …

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Financial Education Services and United Wealth Services Credit Repair Sued by FTC

On May 23, 2022, Financial Education Services, United Wealth Services, VR-Tech, VR-Tech Mgt, CM Rent, Youth Financial Literacy Foundation, Parimal Naik, Michael Toloff, Christopher Toloff, and Gerald Thompson and into an FTC lawsuit and takeover. This is yet another credit repair operation that has run into regulators. Ironically, I wrote about this operation in 2012. …

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