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FTC takes down Ideal Financial’s fraud network

Patience is a virtue. So is persistence. Three years ago, the FTC temporarily halted a sophisticated scheme run by Ideal Financial Solutions, Inc. that defrauded millions of consumers out of tens of millions of dollars. Here’s how it worked: The defendants bought consumer payday loan applications, including Social Security numbers and bank account numbers, from data brokers and payday loan websites. Ideal Financial used the information to take money from consumers’ bank accounts — without their OK or even their knowledge. So the court froze the defendants’ assets and appointed a receiver to control the business while awaiting trial. Fast forward to March 2016.

FTC takes down Ideal Financial’s fraud network

Patience is a virtue. So is persistence. Three years ago, the FTC temporarily halted a sophisticated scheme run by Ideal Financial Solutions, Inc. that defrauded millions of consumers out of tens of millions of dollars. Here’s how it worked: The defendants bought consumer payday loan applications, including Social Security numbers and bank account numbers, from data brokers and payday loan websites. Ideal Financial used the information to take money from consumers’ bank accounts — without their OK or even their knowledge. So the court froze the defendants’ assets and appointed a receiver to control the business while awaiting trial. Fast forward to March 2016.

FTC takes down Ideal Financial’s fraud network

Patience is a virtue. So is persistence. Three years ago, the FTC temporarily halted a sophisticated scheme run by Ideal Financial Solutions, Inc. that defrauded millions of consumers out of tens of millions of dollars. Here’s how it worked: The defendants bought consumer payday loan applications, including Social Security numbers and bank account numbers, from data brokers and payday loan websites. Ideal Financial used the information to take money from consumers’ bank accounts — without their OK or even their knowledge. So the court froze the defendants’ assets and appointed a receiver to control the business while awaiting trial. Fast forward to March 2016.

FTC takes down Ideal Financial’s fraud network

Patience is a virtue. So is persistence. Three years ago, the FTC temporarily halted a sophisticated scheme run by Ideal Financial Solutions, Inc. that defrauded millions of consumers out of tens of millions of dollars. Here’s how it worked: The defendants bought consumer payday loan applications, including Social Security numbers and bank account numbers, from data brokers and payday loan websites. Ideal Financial used the information to take money from consumers’ bank accounts — without their OK or even their knowledge. So the court froze the defendants’ assets and appointed a receiver to control the business while awaiting trial. Fast forward to March 2016.

FTC takes down Ideal Financial’s fraud network

Patience is a virtue. So is persistence. Three years ago, the FTC temporarily halted a sophisticated scheme run by Ideal Financial Solutions, Inc. that defrauded millions of consumers out of tens of millions of dollars. Here’s how it worked: The defendants bought consumer payday loan applications, including Social Security numbers and bank account numbers, from data brokers and payday loan websites. Ideal Financial used the information to take money from consumers’ bank accounts — without their OK or even their knowledge. So the court froze the defendants’ assets and appointed a receiver to control the business while awaiting trial. Fast forward to March 2016.

FTC takes down Ideal Financial’s fraud network

Patience is a virtue. So is persistence. Three years ago, the FTC temporarily halted a sophisticated scheme run by Ideal Financial Solutions, Inc. that defrauded millions of consumers out of tens of millions of dollars. Here’s how it worked: The defendants bought consumer payday loan applications, including Social Security numbers and bank account numbers, from data brokers and payday loan websites. Ideal Financial used the information to take money from consumers’ bank accounts — without their OK or even their knowledge. So the court froze the defendants’ assets and appointed a receiver to control the business while awaiting trial. Fast forward to March 2016.

Celebrating Women’s History Month at the FTC

The consumer movement, trust-busting, the women’s movement, and the work of the FTC have traveled parallel (and often intersecting) paths. Women’s History Month offers us a chance to consider the contribution women have made to the mission of the FTC and the unprecedented moment in women’s history we’re witnessing at the FTC today.

Celebrating Women’s History Month at the FTC

The consumer movement, trust-busting, the women’s movement, and the work of the FTC have traveled parallel (and often intersecting) paths. Women’s History Month offers us a chance to consider the contribution women have made to the mission of the FTC and the unprecedented moment in women’s history we’re witnessing at the FTC today.

Celebrating Women’s History Month at the FTC

The consumer movement, trust-busting, the women’s movement, and the work of the FTC have traveled parallel (and often intersecting) paths. Women’s History Month offers us a chance to consider the contribution women have made to the mission of the FTC and the unprecedented moment in women’s history we’re witnessing at the FTC today.

Celebrating Women’s History Month at the FTC

The consumer movement, trust-busting, the women’s movement, and the work of the FTC have traveled parallel (and often intersecting) paths. Women’s History Month offers us a chance to consider the contribution women have made to the mission of the FTC and the unprecedented moment in women’s history we’re witnessing at the FTC today.

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