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FTC bust targeted money laundering, fraudulent merchant accounts

Joe Mont | August 8, 2017

The Federal Trade Commission has charged 12 defendants with laundering millions of dollars in credit card charges through fraudulent merchant accounts.

The complaint, filed by the FTC on Aug. 7, alleges that 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 September 2013, the FTC charged MNF with running a deceptive business opportunity scheme that promised consumers they would make thousands of dollars helping small businesses get loans. The court in the MNF matter determined that MNF’s promises were false.

The case announced... To get the full story, subscribe now.