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Wait wait, don't believe the FTC, it's all been a mistake that will be cleared up soon then we can continue with the merger, LMAO I can see them saying.
The network was huge. Lots of websites and accomplices. I'd bet its still operating. New names, new sites. They need to crack down on the resellers of people's bank and credit card info. Maybe they can get the sunyich son to roll over on some of them.
That needs to be emailed to the FTC
Edit: Chandon Group is part of the suit. So maybe Paul will get his too.
Agreed. Very surprised he wasn't named. Especially since Chandon was named. One of my posts from 2 years ago:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=69342021&txt2find=Chandon
He has probably gone into hiding, he knows the jig is up and most peeps wouldn't believe one word out of his mouth.
Agreed.
I would love to know how the Investors could be part of the Plaintiff side of the suit as well. I mean, we are the customers on the other side of the aisle when it comes to the company's fraudulent activities.
More importantly, I hope we're not all being duped in the ultimate sense because I still can't understand WHO is buying up these shares?? I hope this is not all a "rope a dope" strategy being played out. After they (the associated scammers) get as many people as they can to sell, they announce a merger/buy-out and that the suit was thrown out or something.
I agree as well. Has anyone spoken to Paul lately? He sure doesn't seem to return phone calls anymore.
IMO Paul Currie needs to be added to that suit. No way he didn't know.
Who would have ever thought that we'd be saying "Well!! Looks like Charlie and Isle were right!".
A case where there are no winners. :/
There you have it folks!!!!Lights out...Hope they get alot of prison time. ha, ha, ha, ha Bend over Sunyich's it's your time to pay the price. Hope BABA gets a hold of ur azz's in prison. When you scream when BABA gets you, please scream the song "MONEY" by Pink Floyd.
Just think if they'd kept reporting all that "income"... Could have kept the stock scam going as we'll as the biz scam
25,000,000 at 30 bucks a pop... Incredible it took this long to shut em down.... I bet they still have some sites plugging away... They had sooo many.
Sunyich took his whole family down in flames.
For Release: 02/20/2013
FTC Action Halts Operation That Billed More Than $25 Million to Consumers' Bank and Credit Card Accounts without Their Consent
At the Federal Trade Commission’ request, a federal court has temporarily halted an operation that allegedly used an intricate web of concealment to debit hundreds of thousands of consumers’ bank accounts and bill their credit cards more than $25 million without their consent. The court also froze the defendants’ assets and appointed a receiver to control the business pending trial.
According to the FTC’s complaint, the Ideal Financial Solutions defendants targeted financially vulnerable consumers who had never come in contact with them, and without authorization debited their bank accounts and charged their credit cards, usually for about $30. Those who disputed the charges were told they had purchased something, such as financial counseling or loan matching services, or assistance in completing a payday loan application. How the defendants got the consumers’ financial information is not known, but some consumers had recently applied for payday loans via the Internet, and entities that receive payday loan applications often sell the information to other parties.
The complaint alleged that, to avoid detection, the defendants created dozens of shell companies to open merchant accounts with payment processors that enable merchants to get customers’ money via electronic banking; the processors receive a fee for each transaction they handle. The defendants also allegedly registered more than 230 Internet domain names, often using identity-hiding services and auto-forward features.
As alleged in the complaint, debits and charges appeared on consumers’ bank and credit card statements with a telephone number and the name of one of more than 50 billing campaigns the defendants ran, each with multiple mail drops and addresses, including Debt2Wealth, Funding Assurance, and Avanix. Many consumers did not notice the debits and charges, which often caused them to incur bank penalty fees or overdraft charges due to insufficient funds. Others complained to their banks and often had the charges reversed, which was reflected in very high return rates – the rate of transactions rejected and returned by consumers or their banks.
Due to the high return rates, some payment processors terminated the defendants’ merchant accounts, and a Visa investigation led one payment processor to drop at least one merchant, according to the FTC. To avoid losing merchant accounts due to high return rates, the defendants allegedly took multiple unauthorized debits of a few pennies each, and then immediately refunded them before making a larger debit of about $30. By doing so, they inflated their total number of debits and reduced their return rate.
To handle the tens of thousands of complaints they received from consumers, the defendants set up a call center in St. George, Utah, and hired a company with call centers in the U.S., the Philippines, and El Salvador. When consumers asked how the defendants got their account numbers, call center agents were unable or unwilling to tell them. In one instance, an agent said, “l would like to make it clear that we do not have a copy of your application [for a payday loan or other services], but the IP (Internet Protocol) addresses and information that was submitted, in your name, as an application.”
The defendants named in the complaint are Ideal Financial Solutions Inc., Ascot Crossing LLC, Bracknell Shore Ltd., Chandon Group LLC, Avanix LLC, Fiscal Fitness LLC, Steven Sunyich, Michael Sunyich, Christopher Sunyich, Shawn Sunyich, Melissa Sunyich Gardner, and Kent Brown.
The Commission vote authorizing staff to file the complaint was 5-0. It was filed in the U.S. District Court for the District of Nevada. On February 14, 2013, the court halted the operation pending trial.
The FTC appreciates the assistance of the Utah Department of Commerce’s Division of Consumer Protection and the Arkansas Attorney General Office’s Consumer Protection Division in bringing this case.
NOTE: The Commission files a complaint when it has “reason to believe” that the law has been or is being violated and it appears to the Commission that a proceeding is in the public interest. The complaint is not a finding or ruling that the defendants have actually violated the law. The case will be decided by the court.
The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC's online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s website provides free information on a variety of consumer topics. Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases for the latest FTC news and resources.
MEDIA CONTACT:
Frank Dorman
Office of Public Affairs
202-326-2674
Is there any hope for a case by the sec now? If so, what could be the possible results of such a case?
whatever, i knew it was a matter of time.. and to think i cashed in on just a tiny bit of what I was holding at 50 cents.. what a joke..
Burn MF, Burn. Hope every Management member, every staff member who intentionally robbed, mislead, and purposely lied to their investors and clients get what they deserve. This is why America is what it is today. So many dishonest people and greed. I'm one of the lucky one's who can absorb this loss, but I pray for the ones who can't that believed in IFSL for there help and services but instead got taken, robbed, and scammed by a Company who was suppose to be there to help them. Burn MF, Burn.
CASE SYNOPSIS
Using a network of front companies, Defendants take money from
consumers without prior notice or consent, making more than
$24,000,000 in unauthorized debits and charges without providing
any product or service in exchange for that money. Defendants
subsequently tell complaining consumers that they purchased
Defendants' phantom products at a website that the defendants
will not identify.
In reading the paper work of this case it sound like a perfect show for American Greed On CNBC...
From the stock volume looks like everybody is bailing, the question is, who in their right mind would be buying?
Well, I am impressed that this was such a disaster! Should have bailed right after the Auditors did. So these are my questions, Does IFSL become a shell? Would now the SEC become invovled for
stock fraud? Would and or should the stock be halted? Is this something we should contact the receivership on for more information?
Best to all
In the end, we get the answer. Are we dead?
Guess that merger/acquisition is off, LMAO
Jan 28, 2013, FTC suit against IFSL and certain affiliated entities.
www.idealfsi.com
Ideal Financial Solutions Receivership
Questions for the Receiver? Send them to info@idealreceiver.com.
Documents
FTC Press Release
Complaint
Temporary Restraining Order
Preliminary Injunction
NOTICE OF RECEIVERSHIP – IDEAL FINANCIAL SOLUTIONS AND RELATED COMPANIES
On January 28, 2013, the Federal Trade Commission commenced suit against Ideal Financial Solutions and certain affiliated entities. The Complaint alleges that Defendants have engaged in unfair and deceptive practices in violation of the FTC Act, 15 U.S.C. Section 45(a) by: obtaining consumer credit card and bank account information and implementing charges against those accounts without the consumers’ express informed consent; falsely representing that consumers have authorized charges; and making deceptive statements to consumers regarding the availability of refunds. The case was filed in the U.S. District Court in Las Vegas. FTC v. Ideal Financial Solutions, Inc., et al., Case No. 2:13-cv-00143-MMD. To read a copy of the Complaint, click here.
On January 30, 2013, the Court entered a Temporary Restraining Order (“TRO”) which included an asset freeze and the appointment of a Temporary Receiver to take control of the company’s operations. To read a copy of the TRO, click here. On February 1, 2013, the Temporary Receiver took possession of the business operations based in St. George, Utah and immediately suspended all operations. He is now conducting a thorough review of the business.
The Court has set February 14, 2013 at 4:30 p.m. as the date and time for a hearing on whether a Preliminary Injunction should issue.
The asset freeze and the receivership apply to “Receivership Entities” which are defined in the TRO (Paragraph II, page 6) as the entities named as Corporate Defendants (Ideal Financial Solutions, Inc.; Ascot Crossing, LLC; Chandon Group, Inc.; Bracknell Shore, Ltd.; Fiscal Fitness, LLC; Avanix, LLC) and “entities that are part of Defendants’ common enterprise,” including, but not limited to, Debt Elimination Systems, LLC; US Debt Relief, LLC; Money Mastery, LLC; US Debt Assistance Corp.; IWB Services (St. Kitts); Financial Fitness, LLC; Debt to Wealth, LLC (St. Kitts); Debt to Wealth, LLC (Nevada); Ideal Goodness, LLC; Dollars West, LLC; Fluidity, LLC; Newport Sails, LLC; Shaw Shank, LLC; Bunker Hillside, LLC; Funding Guarantee, LLC; Newline Cash, LLC; Wealth Fitness, LLC; and Zeal Funding, LLC.
The Temporary Receiver has established this website as a vehicle to communicate with consumers who may have done business with Ideal and/or any of the receivership Entities as defined above. You may send specific questions to the receiver at info@idealreceiver.com.
The BS the market wouldn't take
Debt management for the masses seemed like a good idea in light of the recent financial crises but this company couldn't pull it off and in the meantime was trying all manner of strategy to boost the stock price. Stock buy-back announcements, becoming a reporting company, 200:1 reverse stock split, OTCBB placement. It didn't work and they would have been better off staying sub-penny.
The pay-day loan announcement was a red flag - a debt management outfit getting into lending that it's own programs would steer clear away from was a contradiction.
The whole auditor charade when the first set left to be followed by an announcement of another set only for OTC reporting to be dropped altogether was just pure BS. We were all suckered into getting on board what was trying to be a pump-and-dump that didn't work out.
When a company fails to report back to its shareholders for this length of time, then the company doesn't knows what it is going to do. It's management and board won't find acceptance anywhere - remember the CEO had filled for personal bankruptcy a few years ago
Not today thank you :)
Go ahead, buy a bunch, they will run up the OS then do a R/S
Delicious in the 000's...LOL
Outstanding Shares
22,899,000 as of Nov 15, 2011
23,617,627 as of Oct 24, 2012
What is the SS again ?
That's the magic of 000's...SS alone will cause 000 buying...news...what's that :)
I still can't see anybody buying in the 000s
IFSL in the 000's will be a true pinky inspiration...LOL
I can't imagine anybody buying this POS
Ahhh becoming a true stinky pinky...bring on 000's and this stock will rock...LOL
Did anybody notice that IFSLs Potential Merger or Acquisition PR disappeared from Yahoo news and the link in the sticky says oops pages doesn't exist. I don't see it in IHUB news either.
Guess they wanted to get rid of the evidence, lol
Where's all the clowns that hyped this stock up. Do you guys still believe. lol
All the corruptness this company has been in no wonder the price is down. They ran out of bullsht to tell. The market has figured them out. Hope all of them go to jail......
IFSL actually slipped my mind for a while...Happy New Year everyone!
you see isle50 they, ifsl managment don't have to say much of anything to us because they never saw us as investers in the first place because there was never a real product to invest in, they see us as stupid suckers who fell for there BS stock. How often does a crook explain to his or her victim that they have been screwed without the grease. I was watching a CNBC program they other day abou the
filthy rich or scammers and they mentioned that Las vegas was the second highest registration state for fake scam corporations. that is where IFSL was headquarted for some of it's history.
One thing about it. Not sure if there will be an IFSL SP recovery but if you buy here the returns are good if they make it. Like playing the lottery!
c) ALL OF THE ABOVE!
IFSL Management what's the deal? Pick which one that applies. a)crooked, not honest. b)thieves, robbing the sht out of poor investors. or c) all the above. Please inform your investors which one it is.
Sold all my IFSL the other day. Forgot I actually still owned some stock in it. I never invested much, but this thing looks to be going nowhere. The company appears to literally have stopped communicating with anyone... I think they were scamming people and have gotten in some serious trouble.
Either that or their financials were fraudulent...the auditor situation was really a red flag.
I think I saw something about IFSL focusing on trying to sell the company...I wonder how they're supposed to do that without audited financials to show any of the "interested entities"? Who would want to buy a company without having trusted, audited numbers to look at?
The whole payday loan and debt management industry is a shady one...I thought these guys had a good product that was catching on and actually helping people with their financial situation. But without any shareholder communication who the hell knows??
At least the capital loss will be put to good use on my tax return.
Cheers
I know I know I know, sorry, I have too keep a little faith, very, very little. At .45 I would have made $50k. But keep in mind you would never have sold that amount as there was no one to buy it on the way down.
My hopeful opinion is that there are those on this board who are being very, very quiet about what they know.
I'm in the belief that ifsl had a horrible beginning of the year, stuff falling thru etc, they've spent the rest of the year recouping and we'll see the results in March or april. Or they won't renew their license in February, Maybe they don't have the $100
Not being a reporting company they don't have to show us crap.
Being negative is not going to get me anywhere, a class action lawsuit might thou......forcing them to show their financials.
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Our Mission
Our mission is to be the leading financial solutions company by using technology to help people eliminate all non-asset building debt and build financial independence. We commit ourselves to high standards of excellence to our customers, employees and to seeking significant returns to our stockholders.
A Unique History
Ideal Financial Solutions roots were founded by helping the extremely wealthy. Ideal Financial Solutions spent 5 years perfecting how to pay less in taxes, eliminate debt, free-up additional cash flow and build wealth for retirement. Our fees at that time ranged from $10,000 to $20,000 per client. In 2006, Ideal changed it's business model to help as many people as possible, so today we offer the same great financial techniques but at a fraction of the price. Our prices now range from $30 - $85 per month. This new pricing model has allowed us to help thousands of clients that could not previously afford our services. We are very pleased to help in these tough economic times.
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It is important to know that Paul Currie is not only the IR director of the company but he also sits on the Board of Directors. He is always available for email, texts or phone calls.
(Note: Mr. Currie is registered as one of the largest shareholders of the Company)
Insider transactions by company management
SEC rules for insider transactions: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=66726533
Link to article that confirms insider buying by IFSL management: http://marketbrief.com/ifsl/4/insider-trading/2011/8/30/9005068?source=rss
(Quote: "Let's take a quick, high-level look at insider trading at Ideal Financial Solutions INC over the past 12 months. No shares of Ideal Financial Solutions Inc stock were sold by company insiders. Over the same time 12 months time period, 109,771 shares of Ideal Financial Solutions Inc, for a total value of $9,814 were purchased by company insiders.")
Official Form 4 filing doc: http://marketbrief.com/ifsl/4/insider-trading/2011/8/30/9005068/filing
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