Quick Answer: A borrower with $40,000 in student loans discharged through Chapter 7 bankruptcy and currently on $0 income-driven repayment can potentially return to school and receive new federal student aid. The existing loans remain in their current repayment status and don’t require a new contract when pursuing additional education.Question:Dear Steve,I filed Chapter 7 in …
Quick Answer: The FTC shut down six operators using fake news websites to deceive consumers about acai berry weight-loss products. The settlements require $500,000 in penalties and permanent bans on deceptive health claims and fake journalism tactics.We’ve covered the deceitful acai berry weight-loss products over the past year on our site (see here, here and …
Quick Answer: William Gauger III, former President of Encap Golf Holdings LLC, was indicted for extorting $100,000 from a financial consultant and fraudulent invoicing schemes. Gauger allegedly threatened the consultant with loss of future business unless he paid the money to Gauger’s brother-in-law for personal expenses.The former President of Encap Golf Holdings LLC (“Encap”), William …
Quick Answer: Bradley Stark was convicted on all counts of wire and securities fraud for operating a $14 million investment scheme through Sardaukar Holdings that defrauded over 200 victims. Red flags included false claims about trading experience, broker registration, and promises of 20-30% returns through sophisticated financial transactions.Bradley Stark, the fraudster defendant who represented himself …
Quick Answer: Seven members of an identity theft ring were charged with a $1M fraud scheme that used stolen identities of 180+ people to make fraudulent purchases at major NYC retailers like Home Depot and Kohl’s. Key red flags include manufactured fake driver’s licenses, resold merchandise for profit, and victims discovering the theft only when …
Quick Answer: Key Ponzi scheme red flags include promises of 25% returns in 30-60 days and fake documentation, as demonstrated by Jenifer Devine’s case where she defrauded investors of $8 million through her fake wholesale business. Devine received 37 months in prison for using new investor funds to pay existing investors rather than operating a …
Quick Answer: Sydney Jack Williams, a top recruiter in Nevin Shapiro’s $930 million Ponzi scheme, was sentenced to one year and one day in prison for failing to report over $12 million in recruiting commissions to the IRS. Williams recruited more than 60 investors into Capitol Investments USA and suffered a $3 million personal loss …
Quick Answer: Debt scams in 2012 include fake tax collection emails directing consumers to malicious websites that harvest Social Security numbers and banking information. The Better Business Bureau identified ten major scam categories from 2011, with phishing scams being named their “Scam of the Year.History repeats itself.Fact.George Santayana once stated, “those who cannot remember the …
Quick Answer: Four Israeli defendants were extradited to the US for operating lottery telemarketing fraud schemes that targeted elderly Americans and netted millions in profits. The schemes involved fake lottery winnings requiring victims to pay upfront fees and taxes for non-existent prizes.It was recently announced that four defendants have been extradited from Israel on charges …
Quick Answer: The FTC found that Upromise’s TurboSaver Toolbar deceptively collected consumers’ personal information, including website visits, search terms, usernames, and passwords in clear text. While Upromise offers legitimate college savings rebates through partner merchants, the company faced regulatory action for privacy violations related to their toolbar feature.If you have a child and are saving …
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