The FTC accused Arete Financial Group of scamming student-loan borrowers out of $3.3 million. Specifically, the FTC said the group promised debt relief but instead pocketed consumers' payments. Last week, the Federal Trade Commission announced that it is sending checks totaling over $3.3 million to 37,800 student-loan borrowers who gave money to Arete Financial Group, a debt-relief company. According to the FTC's press release, Arete Financial pretended to be affiliated with the Education Department and "falsely" promised borrowers debt relief, but instead, "pocketed customers' payments and never provided the promised relief." "These lawsuits to shut down student loan debt relief schemes continue the agency's crackdown on junk fees, unwanted calls, and financial exploitation."

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Persons: —, Arete, Joe Biden's, Samuel Levine Organizations: FTC, Arete, Service, Federal Trade Commission, Arete Financial, Education Department, Administration, White House and Education Department, Consumer Financial, Bureau, FTC's Bureau, Consumer