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Research Department

Here is where you will find important stories located from around the web which can impact you and your financial life.

FTC Sends Nearly $30 Million in Refunds to People Tricked into Enrolling by School Operator’s Lead Generators

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Career Education Corporation refund distribution, averaging more than $3,700 per person, is the largest per person average in agency’s history The Federal Trade Commission is sending nearly $30 million in refunds to people tricked by agents working on behalf of Career Education Corporation (currently operating as Perdoceo Education Corporation), the operator of several post-secondary schools. …

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FTC Data Shows Huge Spike in Cryptocurrency Investment Scams

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Since October 2020, consumers have reported losing more than $80 million to cryptocurrency investment scams, an increase of more than ten-fold year-over-year, according to a new data analysis from the Federal Trade Commission. In a new consumer protection data spotlight, the FTC breaks down the contents of nearly 7,000 reports received from consumers about these …

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Operators of Student Loan Debt Relief Scheme Banned From Providing Debt Relief Services as Part of Settlement with FTC

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The operators of a student loan debt relief scheme are banned from providing debt relief services and have agreed to settle Federal Trade Commission charges that they collected illegal upfront fees and falsely promised to lower or even eliminate consumers’ loan payments or balances. In its 2019 complaint the FTC alleged that Student Advocates Team …

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FTC Sending More than $147,000 in Refunds to People Affected by Student Loan Debt Relief Scam

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The Federal Trade Commission is sending more than $147,000 in full refunds to people affected by a student loan debt relief scam. According to an amended FTC complaint filed in 2019, corporate defendants Impetus Enterprise, Inc., Fig Tree & Co., LLC, Capital Sun Investments, and individual defendants Tuan Duong, Brenda Avitia-Pena, Brian Colombana, and Jimmy …

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FTC Sues Frontier Communications for Misrepresenting Internet Speeds

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Company failed to deliver DSL Internet speeds for which consumers paid and were promised The Federal Trade Commission, along with law enforcement agencies from six states, sued Internet service provider Frontier Communications, alleging that the company did not provide many consumers with Internet service at the speeds it promised them, and charged many of them …

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U.S. Supreme Court Ruling Neuters FTC in Recovering Money From Scammers

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Federal Trade Commission Acting Chairwoman Rebecca Kelly Slaughter issued the following statement regarding recent decision from the U.S. Supreme Court in the matter of AMG Capital Management LLC v. FTC: “In AMG Capital, the Supreme Court ruled in favor of scam artists and dishonest corporations, leaving average Americans to pay for illegal behavior,” Acting Chairwoman …

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FTC Sends Nearly $50 Million in Refunds to University of Phoenix Students

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More than 147,000 refunds sent to students affected by the school’s deceptive ads The Federal Trade Commission is sending payments totaling nearly $50 million to more than 147,000 University of Phoenix (UOP) students who may have been lured by allegedly deceptive advertisements. The refunds stem from a lawsuit the FTC filed against UOP alleging that …

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Operators of Bogus Income Scam Targeting Latinas Face FTC Settlement

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The owners of a scam that targeted Latina consumers with promises of wealth and financial security are permanently prohibited from selling money-making opportunities under the terms of a settlement with the Federal Trade Commission.  In a complaint filed as part of the FTC’s Operation Income Illusion sweep, the agency alleged that Moda Latina BZ Inc., Esther …

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Four Defendants Settle with the FTC for Their Alleged Role in Credit Card Laundering Scheme

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The Federal Trade Commission reached settlements with four defendants charged with helping to launder millions of dollars in credit card charges through fraudulent merchant accounts. The settlement orders permanently ban Jay Wigdore, Electronic Payment Solutions of America, and Electronic Payment Services from payment processing and telemarketing. A previously-entered stipulated order against Michael Peterson bans him …

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FTC Acts to Stop Nevada Companies From Charging Consumers Thousands To Open Credit Cards To Pay For Training Schemes

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Proposed settlement prohibits defendants from obtaining credit cards for consumers, requires them to pay $2.1 million Two Nevada companies and two individuals have agreed to stop charging consumers thousands of dollars to apply for multiple credit cards in their names in order to pay for expensive and often ineffective training programs under a proposed settlement of …

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