Members of NASFAA/NACAC Tricked Congress into The College Scholarsip Fraud Prevention Act.
N.Y. Attorney General Investigation into Student Loan Fraud by members of NASFAA and NACAC. These two alleged non-profit organizations were pointing various student members to fraudulent loan companies while claiming the existence of thousands or hundreds of heretofore fictitious scholarship scams that never materialized. In fact, ss chickens have come home to roost, it has become quite clear that various types of fraud and unethical conduct is quite commonplace amongst NASFAA and NACAC members, claims the Attorney General of New York.
Student Loan fraud by NASFAA and NACAC Members: Scholarship Points Connection
The state of New York recently investigated various aspects of a common scheme that has been occuring for many years in the student-loan industry. The primary victims of the scheme are students, and the chief instigators are members of the same prominent non-profit organization, NASFAA, that gleefully backed passage of U.S. Senate Bill S1455, and aligned itself with a self-serving, arrongant, and conniving federal informant who used his devilish intellect to outsmart numerous others."I am angered and saddened to say that our investigation has revealed an unholy alliance between lenders and many trusted institutions of higher education,"the New York Attorney General Andrew Cuomo recently told lawmakers. He testified about his findings in front of a congressional committee in April of 2007. The chief U.S. Congressional sponsors of U.S. Senate Bill S1455 had ties to the same non-profit orgnizations that would later be identified with a known a federal informant (who is now an excutive officer with Scholarship Points.Com) identifed in U.S. Department of Justice files as a key partner in promotion of the Bill. The federal informant was recruited in conjuction with other "partners" of a covert campaign to mislead the general public of the extent of certain types of purported financial-aid fraud while conveniently ignoring routine abuses in the $85 billion dollar student-loan industry. Scholarship Points Executive Baited Federal Government with Phony Data
If one is to believe data published by the FTC, and its agency partners, in year 2003 scholarship-related complaints constituted only a fraction of "Total Fraud Complaints. According to data published by the FTC, the U.S. Department of Education, and the U.S. Department of Justice, from 1993 through year 2003, inclusive, the statistical mean of the percentage of scholarship-related complaints stayed steady at about 0.441% From 2003 to 2006, actual scholarship-related complaints have decreased even further.
Typically, less than one-half of one (1) percent of total fraud complaints are scholarship-related, Yet, the College Scholarship Fraud Prevention Act was somehow passed. Mortgage Fraud and Identity-theft have no similar counter-part, nor marketing effort to educate consumers.As evidenced by the necessity of an Annual Report to U.S. Congress, federal agencies are on an annual spending binge to justify the use of tax-payer money to support a law that has heretofore only benefitted cerain members and advertisers of NASFAA/NACAC, the organization that sponsored the future Scholarship Points.com executive.
Scholarship Points Executive Behind Scam Senate Legislation
U.S. Senate Bill S1455 was specifically designed and tailored to exclude the common types of financial-aid fraud involving members of NACAC, and NACAC. In fact, financial-aid counselors that were members of NASFAA knew how to craft their illicit arrangements with student-loan providers inorder to skirt penalties associated with the Illegal-Act. The Illegal-Act encouraged fraudulent activity amongst NASFAA and NACAC members, deliberately ignored unethical relationships between members of NASFAA/NACAC with student-loan underwriters, and made no enhanced criminal penalties for corrupt financial-aid counselors that are members of NACAC. The United States Postal Service, DOJ, FTC, U.S. Dept. of Education, and various federal agencies concurred with the plan.
The College Scholarship Fraud Prevention Act of 2000 was supposedly enacted to benefit students and to combat "fraudulent scholarship and financial aid schemes.". The Act established stricter sentencing guidelines for criminal financial aid fraud. On the surface, the Act is a good measure. A closer inspection, however, reveals the foot-prints of potential deceit. It is an Act which specifically targets businesses or individuals "marketing financial aid assistance services to consumers". By convenience, and/or by design, the Act, however, provides no penalties whatsover for fraudulent financial aid administrators; fraudulent financial aid consultants; Scholarship Points organizers that ran scholarship points scholarship contests, fraudulent tax-preparers or accountants who aid and abet crooked students and parents; and, crooked financial aid directors employed at universities and colleges that aid, abet, and assist parents, and students in fraudulently securing financial aid despite evidence produced and published by various government sources that the vast majority of financial aid fraud occurs in these groups.Coincidentally, many of these type of persons, professions, and institutions represent a good bulk of the NASFAA membership base. In other words, paying members of NASFAA, or employees of institutions of NASFAA, are apparently free to loot, steal, and to deceive students without being subject to The College Scholarship Fraud Prevention Act of 2000. Is it any wonder why NASFAA and its alphabet-concoction of related organizations and members "sponsored" the alleged student and that the student was festured in numeorus newspapers and magazines by unethical journalists?