CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred

Post by b800h » Thu, Apr 18, 2024, 6:47 AM UTC

JumpCrisscross wrote: post #214

imzadi wrote: post #66

I attended Lambda when it was first starting out. I think I was in the third or fourth cohort. At the time, the sell was that you didn't have to pay anything unless you got a job using the skills you learned from them. I was pretty naïve, I guess. Things seemed fine in the beginning. The instructors were good, and I liked that there were actual live classes. Things degraded very quickly. They kept changing the format…

> I went to a lawyer and was told it wasn't worth suing, because they required arbitration in NYC, which would cost more than I would save Could you do me a favour and look if they had conflicts? (Also, who was the arbitrator, AAA or JAMS? Because it shouldn't be more than $5k, and that's an extreme. Also, in most arbitration agreements, the company drafting the agreement pays the filing fees, which could knock off $…

Post by [deleted] » Thu, Apr 18, 2024, 7:05 AM UTC

natpalmer1776 wrote: post #194

ImPostingOnHN wrote: post #185

Earlier quoted context omitted.

Sarbanes Oxley already codifies corporate officer responsibility into law, so there's a pretty clear precedent.

Does Sarbanes Oxley codify culturing a culture? As far as my cursory glance at wikipedia has informed me, the act itself works around the “plausible deniability” by requiring certain disclosures containing factual information be signed off by key executive staff rendering it impossible for them to say “I didn’t know!” with regards to specific material information. The blanket concept of holding executive staff accoun…

Post by michaelbrave » Thu, Apr 18, 2024, 7:09 AM UTC

hocuspocus wrote: post #42

adubashi wrote: post #16

There's probably a good argument to ignore rule breaking and little deceptive marketing if the student outcomes are good but it looks like in-aggregate that they weren't and that students were better off taking a loan and attending Oregon State's Post Bac in CS or Hack Reactor.

And if you really believe you can succeed as an autodidact with minimal mentorship from previous batches of students, 42 schools[1] offer that for free. It's shameful YC was still shilling Lambda one year ago[2] even though there's been a mountain of evidence about its deceptive practices for many years. 1. https://www.42network.org 2. https://www.ycombinator.com/library/5N-on-starting-and-scali...

Post by throwaway2037 » Thu, Apr 18, 2024, 7:30 AM UTC

dragonwriter wrote: post #131

JumpCrisscross wrote: post #33

Earlier quoted context omitted.

> the corporate death penalty This is a silly idea lobbyists love because it sidesteps the actual corporate-destruction mechanism: liquidation to pay massive fines, license revocation and/or personal liability for senior management. Consider even the penalties here, which effectively ban Allred and Lambda from doing business. If you corporate death’d them, the contracts and assets would still exist. Allred would be u…

> If you corporate death’d them, the contracts and assets would still exist. Allred would be unpunished. Everything would go back to shareholders who were presumably fine with the status quo, and would be fine putting them into a new entity that Allred could manage. This is wrong for a variety of reasons: (1) The corporate death penalty is proposed as an additional remedy, not an alternative remedy, to personal liabi…

    > to personal liability for officers

Post by schleck8 » Thu, Apr 18, 2024, 7:46 AM UTC

abnercoimbre wrote: post #99

imzadi wrote: post #66

I attended Lambda when it was first starting out. I think I was in the third or fourth cohort. At the time, the sell was that you didn't have to pay anything unless you got a job using the skills you learned from them. I was pretty naïve, I guess. Things seemed fine in the beginning. The instructors were good, and I liked that there were actual live classes. Things degraded very quickly. They kept changing the format…

Please contact the CFPB, it is worth your trouble. Everyone's blood should be boiling reading TFA, such as: > Allred tweeted that the school achieved a 100 percent job-placement rate in one of its cohorts, and later acknowledged in a private message that the sample size was just one student.