INDIANAPOLIS — A company is being ordered to pay out more than $1 million to people who used its financial trading services.
The Federal Trade Commission (FTC) said the settlement settles allegations that WealthPress violated the law by making false earnings claims to convince people to buy its financial trading services.
In its lawsuit, the FTC said Wealthpress and its owners, Roger Scott and Conor Lynch, used deceptive claims to sell people investment advising services. The lawsuit claims WealthPress sold consumers on its services with false claims about the likelihood consumers would make money by following the recommended trades, when in many cases consumers lost substantial sums of money.
“I’ll show you how you can potentially make $24,840 dollars—or more—every single week. With quick simple … trades that require zero market knowledge or trading experience.”
Claim made in promotional video documented by the FTC lawsuit
The lawsuit alleges that the company’s videos made it seem as though the supposed “experts” whose trading strategies were being sold to consumers had made numerous successful trades. However, the FTC said the trades were often not real, hadn’t been made by the “expert,” and were never sent to consumers.
The FTC said so many consumers requested refunds or credit card chargebacks that WealthPress was put on a list of problematic merchants by Mastercard.
“When somebody claims their service will…
