FTC sending $1.2M to consumers harmed by deceptive investment claims

The Federal Trade Commission reports it is sending $1.2 million in refunds to consumers who paid for the advice of supposed experts based on deceptive claims of substantial investment profits.

The FTC sued Wealthpress in January 2023 along with two of its owners, Roger Scott and Conor Lynch, alleging that the company used deceptive claims of likely profits to sell consumers investment advising services—often touting that the services’ recommendations were based on a specific “algorithm” or “strategy” created by a purported expert. The company charged consumers hundreds or even thousands of dollars for access to these services but could not show that services they offered purchasers were likely to reap substantial profits. However, many consumers lost substantial amounts of money in attempting to follow the services’ advice.