Financing Co. Must Face Student Loan Debt Relief Scam Suit

Law360 (March 12, 2020, 6:07 PM EDT) -- Equitable Acceptance Corp., a Minnesota-based indirect finance company, must face civil racketeering claims that it operated a student loan debt relief scam, after a New York federal judge ruled that the borrowers had established a pattern of allegedly illegal activity.

According to named plaintiffs Vanessa Williams and Kory Turner, EAC groomed dozens of dealers who aggressively marketed fraudulent financing services to federal student loan borrowers. The borrowers were then redirected to pay EAC for the dealers' purported services, they say.

On Wednesday, U.S. District Judge Naomi Reice Buchwald denied EAC's dismissal bid, finding that the borrowers properly alleged mail and wire fraud...

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