US News

FTC Distributes More Than $10.9 Million in Refunds to Victims of Credit Repair Pyramid Scheme

The federal agency will send checks to almost 443,000 consumers defrauded by a company and its related operations.
FTC Distributes More Than $10.9 Million in Refunds to Victims of Credit Repair Pyramid Scheme
The Federal Trade Commission (FTC) in Washington on Aug. 6, 2024. Madalina Vasiliu/The Epoch Times
Kimberly Hayek
|Updated:
0:00
The Federal Trade Commission (FTC) said on Tuesday it will send over $10.9 million in redress payments to consumers defrauded in a nationwide credit repair operation that the agency portrayed as a pyramid scheme.
The refunds will be sent out to 443,048 individuals. These individuals paid for services from entities operating under names such as Financial Education Services (FES), United Wealth Education, United Credit Education Services, and Youth Financial Literacy Foundation. The redress averages out to about $25 per individual.
Kimberly Hayek
Kimberly Hayek
Author
Kimberly Hayek is a reporter for The Epoch Times. She covers California news and has worked as an editor and on scene at the U.S.-Mexico border during the 2018 migrant caravan crisis.