Tagged: ftc

June 4, 2022 @ 2:39 pm By JD Alois  |  

The US Federal Trade Commission (FTC) says that more than $1 billion has been lost to crypto scams since the beginning of 2021 impacting over 46,000 individuals. According to the FTC, the median individual reported loss stood at $2,600. The top cryptos involved in the… Read More

December 22, 2021 @ 4:46 pm By JD Alois  |  

The Federal Trade Commission (FTC) has chimed in on the Consumer Financial Protection Bureau’s (CFPB) inquiry into big tech and payments. In a letter dated December 21, 2021, Lina Khan, Chair of the FTC said that big tech providing financial services “demand close scrutiny.” In… Read More

July 15, 2021 @ 11:51 am By JD Alois  |  

In the days before Q2 earnings, LendingClub (NYSE:LC) has settled its case with the Federal Trade Commission (FTC), subject to court approval. According to a release distributed by LendingClub, the settlement requires LendingClub to make an $18 million payment for consumer remediation, an amount already… Read More

March 30, 2021 @ 5:43 pm By JD Alois  |  

Beam, a mobile banking app, will be banned from offering such services and must give full refunds to users. The announcement was made as part of a settlement with the Federal Trade Commission (FTC). As part of the settlement, Beam neither admits nor denies any… Read More

November 28, 2020 @ 4:01 pm By Omar Faridi  |  

The customers of mobile savings app Beam had been complaining that they were able to deposit funds but couldn’t get their money back out. The Fintech also allegedly failed to live up to promised high interest rates. The Federal Trade Commission (FTC ) alleges that… Read More

November 5, 2020 @ 11:21 am By JD Alois  |  

The Federal Trade Commission (FTC) is sending PayPal payments of over $470,000 to consumers who lost money to “deceptive chain referral schemes involving cryptocurrencies” according to a release. The FTC states that the defendants promoted Bitcoin Funding Team and My7Network  falsely promised that participants could… Read More

August 29, 2019 @ 2:37 am By Cali Haan  |  

Three defendants who used “deceptive” marketing practices to pervade cryptocurrency “chain referral schemes” called “Bitcoin Funding Team” and “My7Network,” as well as a fourth man who also falsely promoted “Jetcoin,” have settled with the US Federal Trade Commission (FTC). The men, Thomas Dluca, Louis Gatto, Eric… Read More

October 25, 2018 @ 9:08 am By Erin Hobey  |  

Kabbage, Inc., a global financial services, technology and data platform serving SMEs, is now extending access to more than $10 million per day to small businesses via its automated lending platform. The milestone is underscored by the addition of nearly 30,000 new customers in 2018,… Read More

June 28, 2018 @ 11:06 am By Cali Haan  |  

The Director of the Federal Trade Commission’s Consumer Protection Bureau, Andrew Smith, says investors lost $532 million to crypto scams in the first two months of this year, and will lose $3 billion by the end of it, Coindesk reports. Smith was speaking at a… Read More

April 25, 2018 @ 2:01 pm By JD Alois  |  

LendingClub (NYSE:LC), the largest marketplace lending platform in the US, has posted a response to a US Federal Trade Commission (FTC) complaint that was launched in 2016. In brief, LendingClub had this to say: “We do not agree and are very disappointed that it was… Read More

April 20, 2017 @ 5:22 am By Erin Hobey  |  

The proliferation of P2P marketplace, and most importantly online lending brings a competitive challenge for existing financial institutions that is here to stay. Its meteoric rise has provoked regulators around the world to deliberate on the new models of oversight needed to benefit consumers and… Read More

January 25, 2017 @ 10:11 am By JD Alois  |  

Breathometer, the “world’s first smartphone breathalyzer”, raised $138,437 on Indiegogo back in 2013. The following year, Breathometer visited the studios of Shark Tank where founder Charles Michael Yim “blew the sharks out of the water.” He asked for a mere $250,000.  And what happened? All… Read More

December 6, 2016 @ 3:04 pm By Jessica Pham  |  

Senior Fellow at Harvard Business School Karen Gordon Mills along with VP of Strategy at Fundera, Brayden McCarthy, have recently posted a working paper on SME lending. Mills is also the former Administrator of the Small Business Administration – a post she held during the Obama administration just… Read More

October 17, 2016 @ 3:04 pm By Erin Hobey  |  

The Federal Trade Commission announced the agenda for its upcoming FinTech forum examining peer-to-peer payments and crowdfunding. The forum, which is the second in an ongoing event series, will take place from 1:00 p.m. to 4:30 p.m. on 26 October at the Constitution Center auditorium, located at… Read More

October 4, 2016 @ 3:08 pm By JD Alois  |  

A federal court has sided with the Federal Trade Commission (FTC) imposing a record $1.3 billion fine against race car driver Scott A. Tucker and his associates affiliated with AMG Payday Lending. Tucker also faces a criminal trial in New York, according to the Kansas… Read More

August 20, 2016 @ 9:28 am By JD Alois  |  

The Federal Trade Commission (FTC) recently announced their next Fintech Forum.  The next event will take place on October 26th at the FTC HQ in Washington, DC. This is a free event and is open to the public.  The first event addressed Marketplace Lending and… Read More

June 11, 2016 @ 10:00 am By JD Alois  |  

The Federal Trade Commission (FTC) held its first in a series of forums on Fintech this past week.  At the top of the list was the marketplace lending sector. Marketplace lending, originally labeled Peer to Peer lending, has been a hot topic within the financial… Read More

May 27, 2016 @ 8:59 am By JD Alois  |  

The Federal Trade Commission (FTC) is launching a series of forums to discuss the evolving Fintech sector, pretty much everything to do with finance moving online. The first in the series will begin next month, on June 9th, at the FTC’s Constitution Center in Washington,… Read More

June 11, 2015 @ 9:11 pm By JD Alois  |  

The Federal Trade Commission (FTC) settled charges today with a crowdfunding campaign creator that failed to deliver promised perks to backers. Erik Chevalier, doing business as the Forking Path Company, successfully raised over $122,000 from 1,246 backers.  Instead of using the money to fulfill his… Read More

June 16, 2014 @ 6:51 am By JD Alois  |  

Founder of well known McAfee Anti-Virus and one time fugitive, John McAfee and his Future Tense Secure Systems (FTC) has acquired an equity stake in QiKFunder. QiKfunder is a security and privacy-minded crowdfunding company that seeks to provide a seamless  crowdfunding experience by offering fundraising… Read More