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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
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DCA Involved After Wildwood Motel Refuses Prom Refunds For NJ Students DCA Involved After Wildwood Motel Refuses Prom Refunds For NJ Students
DCA Involved After Wildwood Motel Refuses Prom Refunds For NJ Students State officials are intervening after the owners of Wildwood's Twilight Motel refused to give refunds to New Jersey students who had reservations during prom weekend, which was cancelled due to COVID-19, reports say. A total of 68 students from Lacey Township High School who had reserved rooms for the weekend of June 5, as well as almost 100 students from Toms River North High School who had reservations for the weekend of May 29, were denied refunds, LehighValleyLive reports. New Jersey’s Division of Consumer Affairs received 21 complains regarding owner Kathleen Mangini’s policy, the repo…

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by Valerie Musson