The Federal Trade Commission is sending a total of $743,230 to student loan borrowers harmed by a debt relief scam that falsely promised loan forgiveness and bilked students out of millions.
In its complaint against BCO Consulting Services Inc., SLA Consulting Services Inc. and their owners Gianni Olilang, Brandon Clores, Kishan Bhakta, and Allan Radam, the FTC alleged the operators lured students seeking to reduce their loans into paying hundreds to thousands of dollars in illegal upfront fees. The defendants falsely told student loan borrowers that they were affiliated with the Department of Education and would take over servicing for students’ loans. The defendants convinced borrowers into believing that they were enrolled in a legitimate loan repayment program, that their loans would be forgiven in whole or in part, and that most or all of their payments to the companies would be applied to their loan balances. In reality, the defendants were pocketing students’ payments, according to the FTC’s complaint.
In early October 2023, BCO Consulting, SLA Consulting Services, and their owners were permanently banned from the debt relief industry and were ordered to turn over their assets as part of a settlement with the FTC.
The FTC is sending checks to 6,269 affected consumers. Recipients should cash their checks within 90 days, as indicated on the check. Consumers who have questions about their payment should contact the refund administrator, Analytics, at 844-656-5198, or visit the FTC website to view frequently asked questions about the refund process. The Commission never requires people to pay money or provide account information to get a refund.
The Commission’s interactive dashboards for refund data provide a state-by-state breakdown of refunds in FTC cases. In 2024, FTC actions led to more than $339 million in refunds to consumers across the country.
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