The operators of a Tampa, Fla.-based payday loan broker scheme agreed to settle Federal Trade Commission charges that they falsely promised to help consumers get loans, but instead used consumers’ personal financial data to take money from their bank accounts without their consent.

Defendants Sean C. Mulrooney and Odafe Stephen Ogaga, and five companies they controlled, claimed to be affiliated with a network of 120 potential payday lenders. They misrepresented that 80% of all applicants received loans within an hour, according to the FTC’s complaint. In reality, the defendants did not lend money to consumers, and there is no evidence that they helped anyone in obtaining a loan.

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