July 8, 2020
and owners Timothy Lenihan, Sr.
, Mark Nagler
, and Casey Gassaway
have been ordered to pay $3.8 million
in restitution and civil penalties to resolve allegations of defrauding more than 7,300 student loan borrowers. According to the CFPB, between 2016 and 2019, the Florida-based company convinced consumers to pay up to $699 in fees to file paperwork for loan consolidation, forgiveness, or repayment plans that the U.S. Department of Education already offered for free. Timemark also did so using telemarketing campaigns, which violated the Telemarketing Sales Rule (TSR). Because of the defendants’ limited ability to pay, full payment has been ordered suspended provided Timemark pays $5,000, Nagler pays $7,000, Gassaway pays $10,000, and defendants each paid a $1 civil monetary penalty. CFPB