Consumers who were duped in a fraudulent telemarketing scheme operated by JPM Accelerated Services will be getting refunds from the Federal Trade Commission.
JPM pitched credit card interest rate reductions to consumers and charged an upfront fee ranging from $495 to $995. The promised consumers they would save thousands of dollars in a short period of time as a result of the lower interest rates, and that they would be able to pay off their debts faster. The defendants also falsely stated that if consumers did not save thousands of dollars from lowered interest rates, they would receive a full refund of the upfront fee.
After collecting the fee, JPM allegedly failed to deliver the promised interest rate reductions and savings, and routinely refused to honor its money-back guarantee. The FTC's complaint also charged the defendants with violating the FTCs Telemarketing Sales Rule by calling consumers on the Do Not Call Registry, blocking or spoofing caller ID and making unlawful robocalls.
The refunds date back to a 2010 settlement with JPM.
Consumer victims of JPM whom the FTC was able to identify will receive checks returning part of the money they lost. The checks will be mailed by BMC Group, a refund administrator working for the FTC.