The Federal Trade Commission (FTC) is mailing more than $4.4 million in refund checks to 2,004 consumers harmed by the Ivy Capital business “coaching” scheme, which falsely claimed that it would help them develop their own Internet businesses.
Ivy Capital Inc. and 29 co-defendants allegedly took more than $130 million from people who paid thousands of dollars – some paid up to $20,000 – believing they would earn up to $10,000 per month. But the promised coaching program was worthless. Most of the defendants agreed to settle FTC charges that they misrepresented the program and its earning potential, and failed to fully disclose and honor their refund policy. A district court granted summary judgment against five defendants. Litigation continues against and three relief defendants, Leanne Hoskins, Oxford Financial LLC, and Mowab Inc., who filed an appeal. Five defendants defaulted.
Affected consumers will receive more than 55 percent of the amount they lost. The FTC recommends that those who receive checks from the FTC’s refund administrator cash the check within 60 days of the mailing date.
The FTC never requires consumers to pay money or to provide information before refund checks can be cashed. Those with questions should call the refund administrator, Rust Consulting, Inc., at 1-866-591-7254, or visit www.FTC.gov/refunds for more general information.