Thursday, April 12, 2018

Southeast Financial CU Settles with NY over Financing Phony Academic Services

New York Attorney General Eric T. Schneiderman announced a settlement with Southeast Financial Credit Union (Franklin, TN) for fraudulently aiding in the sale of ineffective nursing school study guides.

The credit union was named in a lawsuit against The College Network and and its owner Gary Eyler, among others (read more about the lawsuit in my June 24, 2015 blog).

The settlement requires Southeast Financial Credit Union to pay $2.25 million in refunds to duped New Yorkers and requires the credit union to clean up any students’ negatively-affected credit ratings.

Read the press release.
Posted by at
Labels: ,

1 comment:

  1. AnonymousApril 13, 2018 at 8:05 AM

    So, when this cu pays the fine it drops their net worth ratio to 6.3% on $380M assets.
    The cu isn’t profitable before the fine.

    ReplyDelete

Subscribe to: Post Comments (Atom)
 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.