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CEO Guilty in Multimillion-Dollar Student Loan Repayment Scam

Dec. 23, 2019, 9:30 PM

The CEO of three financial services companies pleaded guilty to using deceptive tactics in the marketing of student loan repayment programs that targeted those who sought federal loan forgiveness, consolidation, and reduced payment programs, causing between $25 million and $65 million in losses.

Brandon Frere, who owned and operated American Financial Benefits Center, Financial Education Benefits Center, and Ameritech Financial, was arrested about a year ago at the San Francisco airport as he tried to board a flight to Cancun, Mexico.

The alleged scheme took place between January 2014 and November 2018, according to the prosecutors.

“Frere admitted he instructed...

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