FTC Sends $1.2 Million in Refunds to Consumers Harmed by Deceptive Investment Claims

Summary:

The Federal Trade Commission (FTC) is distributing $1.2 million in refunds to 19,857 consumers who were deceived by Wealthpress, a company that claimed to offer investment advising services with a guaranteed profit. The FTC sued Wealthpress in January 2023, alleging that the company made false claims about earning profits. The company's owners, Roger Scott and Conor Lynch, agreed to a settlement that required them to pay monetary relief and civil penalties. Eligible consumers will receive checks or PayPal payments, and can contact the refund administrator for questions about their payment. The FTC urges consumers to report scams, fraud, and bad business practices, and provides resources for consumer protection and education.