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Showing posts with the label CFTC: Enforcement Actions.

FTC | Enforcement Action: on March 12,2018: Defendants Settle FTC Charges in ‘Money Now Funding’ Credit Card Laundering Scheme.

ftc.gov Defendants Settle FTC Charges in ‘Money Now Funding’ Credit Card Laundering Scheme Michael Abdelmesseh and KMA Merchant Services LLC have agreed to settle a Federal Trade Commission lawsuit for laundering credit card charges for Money Now Funding (MNF), a business opportunity scheme that falsely promised consumers they would make thousands of dollars helping small businesses get loans. In 2015, the MNF defendants were banned from selling business or work-at-home opportunities under court orders obtained by the FTC. In 2017, the FTC charged Abdelmesseh and KMA with helping MNF access credit card networks via fraudulent applications in the names of more than 40 fictitious MNF companies, in violation of the FTC Act and the FTC’s Telemarketing Sales Rule (TSR). Under the settlement order , Abdelmesseh and KMA are banned from payment processing or acting as an Independent Sales Organization or sales