Submitted by Tampa (not verified) on July 11, 2008 - 6:19pm.
What this article did not mention is Wayne Morgan is still in business. After stringing over 150 employees along for about 3 months and owing millions of dollars to various businesses and individuals he turned right around and opened a consumer debt consolidation outfit (www.1stfg.org). This company claims to help people in financial trouble by negotiating settlements with their creditors. This seems very fraudulent to me. These criminals hide behind the "corporate vail" and simply rip off anyone they can, then move on to the next racket. In this case, with the blessing of the DOE. This guy owes $1.2 Million to GCO alone. Not to mention several other student loan related entities and countless ex-employees. How did he ever get a Title IV License?
Allowing Felons in FFEL
What this article did not mention is Wayne Morgan is still in business. After stringing over 150 employees along for about 3 months and owing millions of dollars to various businesses and individuals he turned right around and opened a consumer debt consolidation outfit (www.1stfg.org). This company claims to help people in financial trouble by negotiating settlements with their creditors. This seems very fraudulent to me. These criminals hide behind the "corporate vail" and simply rip off anyone they can, then move on to the next racket. In this case, with the blessing of the DOE. This guy owes $1.2 Million to GCO alone. Not to mention several other student loan related entities and countless ex-employees. How did he ever get a Title IV License?