Consumers will receive about $7.5 million in redress as the result of a settlement between Federal Trade Communication and the operators of a telemarketing scheme who were charged with bilking millions of dollars from consumers.
FTC charged the defendants, who did business under the names Building Money, Prime Cash, Wyze Money and Titan Income, with selling bogus online investment opportunities to consumers nationwide—many of whom are seniors or military veterans who are on a fixed income. The “opportunity” typically involved buying or investing in e-commerce websites or participating in a profit-sharing program that involved credit-card companies, FTC says.
FTC says the defendants received payments that sometimes topped $20,000 from consumers. A federal court halted the scheme after FTC filed suit in October 2016 and froze company assets pending litigation.
The redress is part of a $25 million total judgment that partially was suspended after the defendants surrendered assets.