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Business coaching scammers pay FTC $17M
The Federal Trade Commission has announced that the key perpetrators of a massive international business coaching scheme known as My Online Business Education (MOBE) have agreed to pay more than $17 million as part of settlements with the Commission.
The FTC filed a complaint in 2018 alleging that MOBE, a Malaysian company, lured consumers to join its online coaching program by promising a pathway to online entrepreneurship and vast riches on the internet, but then charged those consumers tens of thousands of dollars for worthless program membership upgrades. According to the complaint, MOBE used online ads, social media, and live events to target U.S. consumers and swindled hundreds of millions of dollars, which the company then transferred to its various offshore bank accounts.