Presenting false or misleading information to banks for the purposes of acquiring merchant accounts is a criminal offense. Now that the DOJ has case law around this type of scam, expect to see more indictments come down the pipeline. Gone are the days of standalone FTC actions, now, just like we saw with the Jeremy Johnson case, the FTC is moving in to freeze assets under civil forfeiture and the knock out blow comes from the DOJ with criminal charges thereafter…a double whammy.
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