Student Loan Debt Relief Scammers Permanently Banned from Industry, Ordered to Turn Over Assets under Proposed Order

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Two groups of student loan debt relief scammers will be permanently banned from the debt relief industry and are required to turn over their assets as part of a settlement with the Federal Trade Commission.

In the FTC’s May 2023 complaints against SL Finance LLC and its owners Michael Castillo and Christian Castillo, and BCO Consulting Services Inc. and SLA Consulting Services Inc. and their owners Gianni Olilang, Brandon Clores, Kishan Bhakta, and Allan Radam, the agency said that the defendants pretended to be affiliated with the U.S. Department of Education, charged illegal junk fees, and lured students with repayment programs and loan forgiveness that did not exist.

The SL Finance defendants also falsely claimed that their program was part of the CARES Act or a similar COVID-19 relief program, according to the complaint. The agency charged that these operations bilked students out of millions of dollars.

Under the proposed orders with SL Finance, its owners, and BCO Consulting and its owners, the defendants will be permanently banned from debt relief of any kind. They will also be banned from making any misrepresentations about financial products or services and from using false statements to collect consumers’ financial information. The SL Finance order also imposes a partially suspended monetary judgment of $5.8 million which is largely suspended based on defendants’ inability to pay. The Castillo brothers will be required to surrender assets worth approximately $312,685. The BCO Consulting orders imposes a partially suspended monetary judgment of $5.8 million, which is also largely suspended based on the defendants’ inability to pay. Individual defendants Olilang, Clores, Bhakta, and Radam will be required to relinquish assets worth approximately $565,594.

If any of the defendants are found to have materially misrepresented their finances, the full amount of the monetary judgment would become immediately due from that defendant.

The Commission votes approving the stipulated final orders were 3-0. The FTC filed the proposed orders in the U.S. District Court for the Central District of California.

NOTE: Stipulated final orders have the force of law when approved and signed by the District Court judge.

The lead staff attorneys on this matter are Katherine Aizpuru and Samuel Jacobson of the FTC’s Bureau of Consumer Protection.

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VIP Minds CEO and Visionary Nora Abou Chakra Launches ‘Power Hearts,’ a Transformative Initiative Driving Social Change

CEOs revolutionizing philanthropy through inspiring charitable actions

Today marks the launch of "Power Hearts," an innovative initiative led by businesswoman and visionary Nora Abou Chakra. With each endeavor, Power Hearts embarks on a different mission, empowering CEOs to take direct action and make a tangible impact. Through immersive experiences and hands-on involvement, Power Hearts addresses pressing societal issues, fostering empathy and inspiring CEOs to become advocates for change within their organizations and communities.

Nora Abou Chakra, a respected entrepreneur known for her philanthropic endeavors, has once again demonstrated her commitment to driving social change with the launch of Power Hearts. Under this empowering initiative, CEOs from diverse industries come together to tackle pressing issues and create transformative solutions.

An example of these missions is hunger. Power Hearts combats hunger and alleviate the suffering of those affected by it. CEOs gather in a large-scale communal kitchen, where they actively participate in purchasing groceries and cooking meals for those in need.

The immersive experience provided by Power Hearts goes beyond the kitchen. CEOs physically hit the streets, personally distributing the freshly prepared meals to individuals experiencing hunger. This direct interaction with those in need further deepens their understanding of the issue, sparking a profound connection and a sense of shared humanity.

CEOs return to their organizations with a renewed perspective and a profound commitment to addressing the issue of hunger. They become ambassadors for change, leveraging their influence and resources to advocate for hunger relief initiatives within their respective communities and among their staff members.

Nora Abou Chakra, the driving force behind Power Hearts, expressed her enthusiasm for the initiative, stating, "Power Hearts aims to create a ripple effect of compassion and advocacy. By immersing CEOs in the realities of pressing social issues, we ignite a powerful drive for change that reverberates throughout their personal and professional spheres. Together, we can make a significant difference and create a more compassionate and equitable world."

Power Hearts represents Nora Abou Chakra's unwavering commitment to leveraging the influence and resources of business leaders for the greater good. By providing CEOs with transformative experiences, Power Hearts empowers them to become catalysts for change and advocates for social causes that resonate with their hearts.

For more information about Power Hearts and its upcoming initiatives, please visit or follow us on @power.hearts

Contact Information:
Stephanie Khalil
Executive Assistant to CEO

Original Source: VIP Minds CEO and Visionary Nora Abou Chakra Launches 'Power Hearts,' a Transformative Initiative Driving Social Change

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