You are currently viewing Ideal Financial’s fraud network taken down by FTC

Ideal Financial’s fraud network taken down by FTC

Patience is a virtue, as is persistence.

The FTC temporarily halted a sophisticated scheme, three years ago, run by Ideal Financial Solutions that defrauded millions of consumers out of tens of millions of dollars

Here’s how it worked:

The defendants bought consumer payday loan applications, including Social Security numbers and bank account numbers, from data brokers and payday loan websites. Ideal Financial Solutions used the information to take money from consumers’ bank accounts without their permission or even their knowledge. So the court froze the defendants’ assets and appointed a receiver to control the business while awaiting trial.

In March 2016, All seven of the defendants – Jared Mosher, Steven Sunyich, Christopher Sunyich, Michael Sunyich, Melissa Sunyich Gardner, Shawn Sunyich, and Kent Brown – are banned from collecting or disclosing consumer account numbers except for transactions specifically authorized by the consumer.

The court also banned Ideal Financial’s ringleaders – Jared Mosher, Steven Sunyich, and Christopher Sunyich – from the marketing, sale, and handling of any credit-related products or services. In addition, the court imposed a $43 million judgment for the harm the defendants caused their victims. Kent Brown and Shawn Sunyich settled for $25 million in suspended judgments, separately.

The case against Ideal Financial Solutions led the FTC to two of the data brokers, LeapLab and Sequoia One, that made the fraud possible. They were are also sued by the FTC to stop them from selling consumer identities to other scams.