The Federal Trade Commission (FTC) has announced it will distribute $743,230 to student loan borrowers who were affected by a debt relief scam. The scheme involved BCO Consulting Services Inc., SLA Consulting Services Inc., and their owners Gianni Olilang, Brandon Clores, Kishan Bhakta, and Allan Radam. According to the FTC's complaint, these operators charged illegal upfront fees to students seeking loan relief.
The defendants misled borrowers by claiming they were affiliated with the Department of Education and that they would take over servicing the loans. They convinced consumers that they were enrolled in legitimate repayment programs and that their payments would go toward reducing their loan balances or securing forgiveness. Instead, the FTC alleges that the payments went directly to the defendants.
In October 2023, a settlement permanently banned BCO Consulting, SLA Consulting Services, and their owners from operating in the debt relief industry. The settlement also required them to turn over assets.
The FTC is sending checks to 6,269 affected individuals. Recipients are advised to cash their checks within 90 days as stated on each check. Anyone with questions about their payment can contact Analytics at 844-656-5198 or visit the FTC website for more information on refunds. The agency reminds consumers that it never asks for money or account details in order to issue refunds.
For those interested in further details about refund distributions from FTC cases across different states, interactive dashboards are available online. In 2024 alone, actions taken by the FTC resulted in more than $339 million being returned to consumers nationwide through refunds.
The agency continues its mission of promoting competition while protecting and educating consumers about scams and unfair business practices. The public can report fraud or learn more about consumer issues at ReportFraud.ftc.gov.
