FTC to Mail Refund Checks to Victims of Online Business Coaching Scheme
Victims of an internet business and coaching scheme will be getting their money back.
The Federal Trade Commission (FTC) is mailing more than $4.4 million in refund checks to about 2,000 victims duped by Ivy Capital. Ivy Capital falsely claimed it would help victims develop their own internet business. The promised coaching program, however, was worthless.
Ivy Capital and 29 co-defendants bilked users out of more than $130 million, with some people paying up to $20,000 believing they could earn up to $10,000 a month.
Victims also found the refund process to be difficult.
A settlement was reached with most of the defendants in January 2013. More information about the case can be found on the FTC's website.