CFPB Gets $15M Judgment In Student Financial Aid Fraud Suit

Law360 (January 26, 2021, 4:45 PM EST) -- A California federal judge on Monday largely upheld the Consumer Financial Protection Bureau's claims that a now-defunct financial aid services company and its founder bilked students and their families out of more than $4 million, ordering that amount be repaid as restitution along with a $10 million fine.

In a 38-page order, U.S. District Gonzalo P. Curiel mostly sided with the CFPB on its bids for default and partial summary judgment against the California-registered Global Financial Support Inc. and its founder-CEO Armand Aria, respectively, who were sued by the agency in 2015 over allegations that they were behind a nationwide financial...

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