WASHINGTON, D.C. — The Federal Trade Commission is distributing $743,230 in refunds to 6,269 student loan borrowers defrauded by a debt relief scheme that falsely promised loan forgiveness and misappropriated millions in payments.
According to the FTC, BCO Consulting Services Inc., SLA Consulting Services Inc., and their owners—Gianni Olilang, Brandon Clores, Kishan Bhakta, and Allan Radam—charged illegal upfront fees and misled borrowers into believing they were enrolled in legitimate federal loan repayment programs. The companies allegedly claimed affiliation with the U.S. Department of Education and told consumers their payments would be applied toward loan balances, when in fact the funds were kept by the defendants.
In October 2023, the operators were permanently banned from the debt relief industry and ordered to surrender their assets under an FTC settlement. The agency advises refund recipients to cash their checks within 90 days.
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