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New Jersey's Division of Consumer Affairs

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Settlement Provides $1.85 Billion In Nationwide Relief To Students Who Got Loans From Navient Settlement Provides $1.85 Billion In Nationwide Relief To Students Who Got Loans From Navient
Settlement Provides $1.85 Billion In Nationwide Relief To Students Who Got Loans From Navient One of the nation’s largest student loan servicers has agreed to relieve $1.85 billion in loan debt to help settle a blockbuster lawsuit filed by 38 states and the District of Columbia, authorities announced Thursday. Under the terms of the settlement, Navient Corp and its subsidiary Navient Solutions LLC will make restitution payments of roughly $260 each to 350,000 borrowers, Acting New Jersey Attorney General Andrew J. Bruck said. It will also cancel more than $1.7 billion in subprime private student loans owed by 66,000 or so borrowers nationwide, he said. The settlement includes appro…

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by Jerry DeMarco
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This One Rivals Madoff: $1.8B Ponzi Scheme Victimizes Hundreds Of NJ Investors, Authorities Say This One Rivals Madoff: $1.8B Ponzi Scheme Victimizes Hundreds Of NJ Investors, Authorities Say
This One Rivals Madoff: $1.8B Ponzi Scheme Victimizes Hundreds Of NJ Investors, Authorities Say Hundreds of New Jersey investors were among those scammed in a $1.8 billion Ponzi scheme that authorities said was orchestrated by a trio of partners in a Manhattan-based advisory firm who projected an “aura of success” while hemorrhaging losses. Instead of securing returns for clients, the founder and CEO of GPB Capital Holdings, David Gentile, and his associates used investments to cover shortfalls and pay for private jets, a Ferrari and other personal luxuries, New Jersey Attorney General Gurbir S. Grewal said. Victims from the Garden State alone pumped more than $70.4 million into the s…

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by Jerry DeMarco