Wed. Jul 24th, 2024
FTC Sends $1.2 Million in Refunds to Consumers Harmed by Deceptive Investment Claims

The Federal Trade Commission is sending $1.2 million in refunds to consumers who paid for the advice of supposed experts based on deceptive claims of substantial investment profits.

The FTC sued Wealthpress in January 2023 along with two of its owners, Roger Scott and Conor Lynch, alleging that the company used deceptive claims of likely profits to sell consumers investment advising services—often touting that the services’ recommendations were based on a specific “algorithm” or “strategy” created by a purported expert. The company charged consumers hundreds or even thousands of dollars for access to these services but could not show that services they offered purchasers were likely to reap substantial profits. Indeed, many consumers lost substantial amounts of money in attempting to follow the services’ advice.

The defendants in the case agreed to a settlement that required them to pay more than $1.2 million in monetary relief along with $500,000 in civil penalties. The settlement also prohibits them from making any claims about earnings without having written evidence to back those claims up.

The FTC is sending payments to 19,857 consumers. Most consumers will get a check in the mail. Recipients should cash their checks within 90 days, as indicated on the check. Eligible consumers who did not have an address on file will receive a PayPal payment, which should be redeemed within 30 days.

Consumers who have questions about their payment should contact the refund administrator, JND Legal Administration, at 877-231-0641 or visit the FTC website to view frequently asked questions about the refund process. The Commission never requires people to pay money or provide account information to get a refund.

The Commission’s interactive dashboards for refund data provide a state-by-state breakdown of refunds in FTC cases. In 2023, FTC actions led to $324 million in refunds to consumers across the country.

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originally published at Finance - RSVTV news