FTC

The FTC has returned $10.9 million recovered from Financial Education Services to its victims. The FTC is sending checks to 443,048 affected customers. Recipients should cash their checks within 90 days, as indicated on the check. For Financial Education Services victims with questions, contact details for a “refund administrator” are provided in the linked FTC press-release above. AnFTC refund process FAQis also available. Financial Education Services(FES) was an MLM pyramid scheme launched as VR Tech back in 2004. In 2021FES was fined $1 millionfor running an MLM pyramid scheme in violation of the Georgia Fair Business Practices Act. In 2022the FTC filed a lawsuit against FES and co-founders Parimal Naik and Mike Toloff, alleging $467 million in fraud.