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Old 09-04-2011, 07:40 PM   #1
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Payday loans scam FTC fine = $850K

Feds have been cracking down on this lucrative mainstream niche. The super-aggressive tactics listed in the source below definitely explains the added heat.

Source: http://www.dailyfinance.com/blog/201...e-ftc-fraud-c/
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The FTC has been cracking down on payday lending and other types of predatory financial services as part of a broad campaign to protect consumers made vulnerable by the Great Recession.

According to the agency's complaint, Swish Marketing Inc., of Palo Alto, Calif., and its three officers, Mark Benning, Matthew Patterson, and Jason Strober, the technology officer in question, operated websites advertising short-term, or "payday," loan matching services. Swish Marketing's sites included an online loan application form that tricked consumers into ordering a debit card when they applied for a loan.

On numerous sites, clicking the button for submitting loan applications led to four product offers unrelated to the loan, each with tiny "Yes" and "No" buttons. The "No" button was pre-checked for three of them. The "Yes" button was pre-checked for a debit card, with a fine-print disclosure giving the consumer's consent to debit their bank account.

See full article from DailyFinance: http://srph.it/qR6Yx4
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Old 09-04-2011, 08:11 PM   #2
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Got a link to the site? Curious to see how the terms were laid out. I tried skimming the article but didn't see it.
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Old 09-04-2011, 08:19 PM   #3
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"christian life financial" lol ...

why is that not surprising.

http://www.ftc.gov/os/caselist/07232...ptexhibita.pdf

http://www.ftc.gov/os/caselist/07232...ptexhibitd.pdf
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Old 09-04-2011, 08:21 PM   #4
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here is the "bonus" offers.

http://www.ftc.gov/os/caselist/07232...ptexhibitb.pdf
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Old 09-04-2011, 08:36 PM   #5
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wow suckshit payday loans are a big scam
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Old 09-04-2011, 09:18 PM   #6
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So they stole hundreds of thousands from people and wont do a minute of time. Yet, the dude that steals a case of beer gets thrown under the jail.
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Old 09-04-2011, 09:23 PM   #7
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What do you expect from politicians?

ADG
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Old 09-04-2011, 09:31 PM   #8
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wow suckshit payday loans are a big scam
Really? This is news to me.
How can you can take 1 company who strayed from the pack and group an entire industry in the same boat? Payday Loans agree with them or not ...are legal and are not a scam.

There is a lot of irony here don't you think? An industry which constantly defends itself and its practices is passing judgement on others.

If anyone has questions, feel free to buzz me or hit me up on IM.

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Old 09-05-2011, 01:26 AM   #9
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seconds blast from the past today ;)

Matthew hows you doing mate?
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Old 09-05-2011, 02:19 AM   #10
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Just another example of communists clamping down on capitalists...
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Old 09-05-2011, 03:11 AM   #11
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Originally Posted by $5 submissions View Post
On numerous sites, clicking the button for submitting loan applications led to four product offers unrelated to the loan, each with tiny "Yes" and "No" buttons. The "No" button was pre-checked for three of them. The "Yes" button was pre-checked for a debit card, with a fine-print disclosure giving the consumer's consent to debit their bank account.

That sounds like pre-checked cross sales in porn.
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Old 09-05-2011, 08:05 AM   #12
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So they stole hundreds of thousands from people and wont do a minute of time. Yet, the dude that steals a case of beer gets thrown under the jail.
It's called white collar crime for a reason. Everyone has a piece of that pie when it's going on.
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Old 09-05-2011, 05:44 PM   #13
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It's called white collar crime for a reason. Everyone has a piece of that pie when it's going on.
Plus, they went to college and are "middle class". They get a pass. Now, those guys who had no dads who go on physically threatening people. Gotta throw the book at those people.

/Sarcasm.
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Old 09-05-2011, 05:49 PM   #14
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Really? This is news to me.
How can you can take 1 company who strayed from the pack and group an entire industry in the same boat? Payday Loans agree with them or not ...are legal and are not a scam.

There is a lot of irony here don't you think? An industry which constantly defends itself and its practices is passing judgement on others.

If anyone has questions, feel free to buzz me or hit me up on IM.

-=Chipmunk=-
fucking Chipmunk!!!!

hit me up tomorrow dude to talk about this. i may have some traffic for it

118156620
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Old 09-05-2011, 07:44 PM   #15
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Put them in jail for at least five years and triple restitution with asset seizures, if necessary. Set an example. Also have a policy of seizing assets of overseas operators whenever possible when it crosses US territory. Personally go after the executive management of any companies involved.
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Old 09-05-2011, 07:46 PM   #16
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There is a lot of irony here don't you think? An industry which constantly defends itself and its practices is passing judgement on others.
Not all of us here are a bunch of scumbags. Just because 80% have sold out and would sell their own mothers for a buck doesn't mean the other 20% of us would.
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Old 09-05-2011, 08:11 PM   #17
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i dont see anything wrong with this.
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Old 09-06-2011, 05:22 PM   #18
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seconds blast from the past today ;)

Matthew hows you doing mate?
LOL E. What's up man! I'll hit you up on ICQ tomorrow.

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fucking Chipmunk!!!!

hit me up tomorrow dude to talk about this. i may have some traffic for it

118156620
...And hello to you too Forest! LTNS! Sure... I will hit you up on ICQ tomorrow as well

Quote:
Originally Posted by signupdamnit View Post
Not all of us here are a bunch of scumbags. Just because 80% have sold out and would sell their own mothers for a buck doesn't mean the other 20% of us would.
Fair enough man! I do agree ...But I would say 90/10

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