WASHINGTON, DC (WWLP) – People looking for ways to enrich their retirement or rebuild quickly and profitably turn to the internet to find investment opportunities.
The Federal Trade Commission (FTC) has warned consumers that anyone who accepts money and promises to make large profits in a short period of time may be involved in illegal schemes.
The FTC recently settled with WealthPress. WealthPress violated the law by making false earnings claims and persuading people to purchase financial trading services, the FTC alleges. The FTC lawsuit alleges that WealthPress told people it could make substantial profits from its trading services, but could not support its claims.According to the FTC, many of WealthPress’ customers On top of the hundreds or thousands of dollars they paid for the so-called service, plus the regular fees that followed, they said they lost money on trading instead of making big bucks.
As part of the settlement, WealthPress will cease making deceptive or misleading earnings claims and will pay more than $1.7 million to settle the lawsuit, with $1.2 million going to those affected.
Before paying for an investment-related service or an offer that contains claims about how quickly you can make money:
- Please know that no one can guarantee returns on investments in stocks, commodities, cryptocurrencies, real estate, or foreign exchange markets. Only scammers do that. Therefore, anyone who advertises wealth and fails to mention the associated risks is a fraudster.
- Research the offer. Search online for the company name and words like ‘reviews’, ‘scams’, ‘complaints’. Experiences in other people’s companies can give you an idea of possible problems.
- question statistics and testimony…can be counterfeited. Companies may display reviews from people who have “made a lot of money” using the program. But they could be paid actors or hoax reviews. Learn more about how online reviews are rated.