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FTC: Companies Laundered Credit-Card Payments In $6 Million Scam

Federal regulators want a federal judge to force credit-card processing companies to repay their share of a multi-million telemarketing scam, targeting mostly seniors. That’s according to a federal complaint filed.

The Federal Trade Commission says companies laundered credit-card transactions and pocketed the revenue.

This lawsuit seeks to hold six companies and six sales agents liable for participating in the scam by the company Money Now Funding. Arizona’s participation includes three people and four corporations.

In total, the FTC says $6 million in illicit funds were processed through shell companies and then tied to fake accounts. Consumers were then tricked into making upfront payments for business loans that never came.

The allegations amount to violations of the Federal Trade Commission Act and the Telemarketing and Consumer Fraud and Abuse Prevention Act.

Published: Tuesday, August 8, 2017

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