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Payment Processor and its Former CEO Pay $1.5 Million to Settle FTC Charges They Facilitated Fraud


Complete Merchant Solutions, LLC (CMS) and its former CEO, Jack Wilson, have settled Federal Trade Commission charges that they illegally processed millions of dollars in consumer credit card payments for fraudulent schemes when they knew or should have known that the schemes were defrauding consumers. Those schemes included Apply Knowledge and Tarr, which were ultimately shut down by an FTC enforcement action, and USFIA, which was shut down following an enforcement action by the U.S. Securities and Exchange Commission.
The FTC alleges that CMS and Wilson ignored clear red flags of illegal conduct by those schemes, such as high rates of consumer chargebacks, use of multiple merchant accounts to artificially reduce chargeback rates so as to evade detection by banks and the credit card associations, submission of sham chargeback reduction plans, and the use of merchant accounts to process payments for products and services for which the merchant did not get approval from the ba ....

United States , Andrew Smith , Jack Wilson , Exchange Commission , Bureau Of Consumer Protection , Merchant Solutions , District Court , Us District Court , Complete Merchant Solutions , Federal Trade Commission , Apply Knowledge , ஒன்றுபட்டது மாநிலங்களில் , ஆண்ட்ரூ ஸ்மித் , பலா வில்சன் , பரிமாற்றம் தரகு , பணியகம் ஆஃப் நுகர்வோர் ப்ரொடெக்ஶந் , வணிகர் தீர்வுகள் , மாவட்டம் நீதிமன்றம் , எங்களுக்கு மாவட்டம் நீதிமன்றம் , முழுமை வணிகர் தீர்வுகள் , கூட்டாட்சியின் வர்த்தகம் தரகு , விண்ணப்பிக்கவும் அறிவு ,