Business ProfileforBloom Institute of Technology
Additional business information
On April 17, 2024, BloomTech Inc. DBA Bloom Institute of Technology or BloomTech, F/K/A Lambda Inc. and CEO Austen Allred agreed to a consent order (File No. 2024-CFPB-0001) brought against the company by the Consumer Financial Protection Bureau (CFPB).
According to the Stipulation, Bloom Institute of Technology was in violation of the Consumer Financial Protection Act 2010, when the company deceived students about loan costs and inflated graduates hiring rates. The CFPB is accusing Bloom Institute of Technology of deceiving prospective students from 2017 to 2024 by claiming their ISAs are not loans, did not create debt, carried no finance charge, and are risk free. Bloom Institute of Technology is also accused of not providing job placement as advertised to prospective students using misleading job placement statistics.
Without an admission or denial, as part of the consent order Bloom Institute of Technology has agreed to pay $64,235 in civil penalties and CEO Austen Allred must pay an additional $100,000 penalty to the Bureau and must be in compliance with the law pertaining to student financing activities.
At-a-glance
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Business Details
- Location of This Business
- 250 Montgomery St Ste 16, San Francisco, CA 94104-3431
- BBB File Opened:
- 1/8/2021
- Number of Employees:
- 1
- Business Management
- Mr. Austen Allred, Founder/CEO
- Ms. Molly Graham
- Contact Information
Principal
- Mr. Austen Allred, Founder/CEO
Customer Contact
- Mr. Austen Allred, Founder/CEO
- Additional Contact Information
Email Addresses
- Primary
- Sales
Customer Complaints
4 Customer Complaints
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File a ComplaintMost Recent Customer Complaint
06/04/2024
- Complaint Type:
- Order Issues
- Status:
- Answered
Local BBB
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