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FTC, Florida Act to Shut Down ‘Grant Bae’ Scam Preying on Minority-Owned Businesses Seeking Pandemic-Relief Grants and Funds
Federal Trade Commission Finalizes Action Against “Made in USA” Repeat Offender
Federal Trade Commission Returns More Than $9.7 Million To Small Businesses Harmed by Yellowstone Capital’s Merchant Cash Advance Operation
SPM Thermo-Shield, Inc.
The Federal Trade Commission sued SPM Thermo-Shield, Inc., and its principals Peter J. Spiska, and George P. Spiska, alleging they make false or unsubstantiated R-value and energy savings claims about their architectural coatings products. In July 2020, the FTC sued four companies that sell paint products used to coat buildings and homes, alleging that they deceived consumers about their products’ insulation and energy-savings capabilities. In complaints filed in federal court, the FTC charged that the companies falsely overstated the R-value ratings of the coatings, making deceptive statements about heat flow and insulating power. The FTC announced a summary judgment ending the litigation in June 2022.
Federal Trade Commission Returns More Than $970,000 To Consumers Harmed by Deceptive Payday Lending Operation
Elegant Solutions, Inc. (Mission Hills Federal)
The Federal Trade Commission has stopped Mission Hills Federal, a student loan debt relief scheme, alleging it bilked more than $23 million from thousands of consumers with false claims that it would service and pay down their student loans. After the FTC filed a complaint seeking to end the deceptive practices, a federal court temporarily halted the scheme and froze its assets. The FTC filed an amended complaint on August 27, 2019, adding Labiba Velazquez as an alleged defendant. On July 20, 2020, the court granted final summary judgment.
In June 2021, the defendants appealed the District Court’s granting of summary judgment. In June 2022, the Ninth Circuit Court of Appeals issued its decision, rejecting the defendants’ arguments and affirmed the District Court’s grant of summary judgment, ruling in favor of the FTC. In March 2024, the FTC sent more than $4.1 million in refunds to consumers harmed by the defendants.
Federal Trade Commission Returns More Than $164,000 To Consumers Harmed by Bogus Mortgage Relief Scam
FTC Action Results in Ban for Richmond Capital and Owner From Merchant Cash Advance and Debt Collection Industries and Return of More Than $2.7M to Consumers
Federal Trade Commission Returns More Than $542,000 To Consumers Harmed by Bogus Money-Making Scheme Digital Income System
Federal Trade Commission Returns More Than $255,000 To Consumers Harmed by Abusive Debt Collector Vantage Point Services
FTC Shuts Down Credit Repair Pyramid Scheme Financial Education Services, Which Bilked More Than $213 Million from Consumers
Federal Trade Commission Finalizes Order Against Electronic Payment Systems for Opening Credit Card Merchant Accounts for Fake Companies and Helping a Bogus Business Opportunity
Electronic Payment Systems, In the Matter of
The Federal Trade Commission has filed an administrative complaint against Electronic Payment Systems and its owners, John Dorsey and Thomas McCann, for allegedly opening credit card processing merchant accounts for fictitious companies on behalf of Money Now Funding, a business opportunity scam that the FTC previously sued. By ignoring warning signs that the merchants were fake, Electronic Payment Systems assisted Money Now Funding in laundering millions of dollars of consumers’ credit card payments to the scammers from 2012 to 2013.
In a consent agreement settling the matter, which the FTC has accepted for public comment, Electronic Payment Systems and its owners have agreed to restrictions on the merchants for whom they can provide credit card payment processing services, as well as additional merchant screening and monitoring requirements. The FTC is not able to obtain a monetary judgment in this case because of the Supreme Court’s decision in AMG Capital Management v. FTC.
FTC Takes Action Against Lions Not Sheep and Owner for Slapping Bogus Made in USA Labels on Clothing Imported from China
FTC Acts to Shut Down ‘The Credit Game’ for Running a Bogus Credit Repair Scheme that Fleeced Consumers
Everalbum, Inc., In the Matter of
Everalbum settled Federal Trade Commission allegations that it deceived consumers about its use of facial recognition technology and its retention of photos and videos of users who deactivated their accounts.
AdvoCare International, L.P.
Multi-level marketer AdvoCare International, L P and its former chief executive officer agreed to pay $150 million and be banned from the multi-level marketing business to resolve Federal Trade Commission charges that the company operated an illegal pyramid scheme that deceived consumers into believing that they could earn significant income as "distributors" of its health and wellness products. Two top promoters also settled charges that they promoted the illegal pyramid scheme and misled consumers about their income potential, agreeing to a multi-level marketing ban and a judgment of $4 million that will be suspended when they surrender substantial assets.
Federal Trade Commission Cracks Down on Warrior Trading For Misleading Consumers With False Investment Promises
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