The Consumer Financial Protection Bureau on Wednesday ordered a San Diego student debt relief company to shut its operations, cancel all contracts and cease participating in the industry.
The agency ordered Student Aid Institute and its CEO Steven Lamont to immediately stop charging customers any fees for its services and to halt all debt relief services. Lamont, who claimed on his LinkedIn profile to be a former ad executive, was ordered to pay a $50,000 penalty. He and the company have been permanently barred from the debt relief industry. Lamont could not be reached for comment.