FTC Charges 12 With Laundering Millions In Credit Card Charges

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The U.S. Federal Trade Commission has charged 12 people with laundering millions of dollars in credit card charges via fraudulent merchant accounts.

According to the complaint filed by the FTC, the defendants arranged for a deceptive operation known as Money Now Funding (MNF) to obtain and maintain merchant accounts that allowed it to process almost $6 million through the credit card networks.

In 2013, the FTC charged MNF with running a deceptive business opportunity scheme by fraudulently promising consumers they would make thousands of dollars helping small businesses get loans. The defendants charged yesterday are accused of providing the MNF scheme access to the credit card networks  by submitting and approving fraudulent applications in the names of more than 40 fictitious MNF companies despite “obvious” signs that the companies were likely fictitious.

Read more here: pymnts.com

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