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FTC settles credit card laundering scheme

The FTC has announced a settlement with two defendants charged with laundering millions of dollars in credit card charges through fraudulent merchant accounts. A complaint filed by the FTC stated the defendants created Money Now Funding to launder funds from fraudulent operations and processed almost $6M through the credit card network. A monetary judgment of $5.8 million has been suspended due to the defendants’ inability to pay. For additional details, see "Credit card launderers barred and fined," in our Penalties pages.

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