Two Florida companies and their CEO will be permanently barred from offering payment-processing services to settle Federal Trade Commission allegations that they aided a criminal student debt relief scam that bilked $62 million from thousands of students and their families.

According to the FTC’s complaint, Moneta Management, LLC, Moneta Management, Inc., and their CEO Michael Todd Greene knowingly provided false or deceptive information to credit card and ACH processors to obtain merchant processing for the scam operated by Brandon Frere and his three companies. Frere and his companies reached a settlement with the FTC in November 2020 and also pleaded guilty to federal criminal charges in 2019.

Greene and his companies submitted payment processing applications that concealed Frere’s scam, denied that Frere and his companies were offering consumers prohibited debt relief services, and ignored repeated warnings and direct evidence that…

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