Quick Answer: The FTC settled against Amazing Wealth System in 2018 for falsely promising $5,000-$10,000 monthly Amazon earnings to inexperienced sellers. Affected consumers should report their experience at FTC.gov/complaint and keep all receipts, as the FTC is working to return collected settlement funds to victims.
In 2018, the FTC settled claims against the companies and individuals responsible for the Amazing Wealth System — also known as Amazon Wealth Systems, FBA Stores, AWS, Insider Online Secrets, Online Auction Learning Center, and Online Seller. The defendants ran ads and held live workshops promoting a business opportunity scheme, and claimed people could use their system to “Get started on Amazon and Make $5,000-$10,000 in the next 30 days . . . even if you have never sold anything online before.”
The settlements ban the defendants from selling business opportunities and business coaching services and require them to surrender money they took from consumers. The FTC and a court-appointed receiver have been working to collect as much money as possible with the aim of returning it to people affected by the scheme.
Here is information for people who paid Amazing Wealth System or a related company:
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I paid for an Amazing Wealth System workshop. How can I make sure the FTC knows?
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Report your experience to the FTC at FTC.gov/complaint. Include as much personal information as you choose. Your information will go into a secure database that the FTC and other law enforcement agencies use for investigations. When you go to FTC.gov/complaint, click on:
- Education, Jobs, and Making Money, then
- Business Opportunities, Work-at-Home-Plans, Franchise or Distributorships, then
- Business Opportunity or Work-at-Home Plan.
I saved my receipts and other paperwork. What should I do with them?
Keep the originals and copies of:
- payment records, including invoices, bank statements, credit card statements and cancelled checks;
- postal mail, email and material that you received from the defendants, including messages about your account, marketing material and handouts you received at workshops; and
- other documents, postal mail or email that refers to your Amazon account or business with Amazing Wealth System or the related companies.
Will I get my money back?
The FTC is working to return as much money as possible to each person affected by this scheme. The amount the FTC is likely to return to affected consumers depends on various factors, including how much the defendants are able to pay, how many people were affected, and the amount each person paid to the defendants. Sometimes the FTC can’t return any money.
How long will it take to get my money back?
The FTC and the receiver must complete their collection efforts before the FTC can determine whether it will be able to give refunds and to whom. It could take the FTC and the receiver several more months to collect the assets that may be used for consumer refunds.
I saw another business that looked like Amazing Wealth System.
Please report what you saw to the FTC at FTC.gov/complaint.
Where can I get more information about the case?
You can read the press release or related case documents. When there is new information, we will publish another blog post or press release, and list it with the case documents.
This article by the FTC was distributed by the Personal Finance Syndication Network.
The post Amazing Wealth System Settlement Update appeared first on Personal Finance Syndication Network.
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