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FTC: If Someone Promises to Make You Rich Online, Make Sure It Is Not a Scam

 

  • The FTC reached a settlement with an international online business coaching company MOBE Ltd. and its founder Matthew Lloyd McPhee (collectively “MOBE”) to resolve allegations that the company used deceptive marketing practices to sell coaching packages about online entrepreneurship in violation of the FTC Act.
  • The FTC’s complaint, which named other individuals and entities as defendants, alleged among other things, that MOBE used misleading online ads, social media, and live-event presentations that promised to teach consumers how to reach six-figure incomes as successful online entrepreneurs, then charged tens of thousands of dollars for worthless program upgrades.
  • Under the terms of the stipulated final order, MOBE is permanently enjoined from selling business coaching programs and investment opportunities, and McPhee is required to pay more than $16 million to the FTC. McPhee is also required to surrender his foreign real estate holdings to MOBE’s court-appointed receiver. Previously, the FTC settled with the estate of McPhee’s deceased cofounder, Russell Whitney, requiring the estate to surrender more than $1.3 million to the FTC.