FTC Issues $7.2 Million in Refunds for Business Coaching Services

FTC Issues $7.2 Million in Refunds for Business Coaching Services

Data Breach Class Action or Mass Tort Investigation

Photo by Ian Hutchinson on Unsplash

Claim Form Deadline: Ongoing

Estimated Payout: Varies

FTC Issues Refunds Over Deceptive Business Coaching Companies

The Federal Trade Commission (FTC) is issuing further reimbursements to individuals who fell victim to a telemarketing scheme offering business coaching services. Operating under multiple aliases like Professional Learning Institute, Pinnacle Learning Institute, Advantage Education, and Discover Education, these entities deceptively assured customers that hefty upfront payments would lead to prosperous online businesses.

Following settlements with the FTC, the defendants are now prohibited from peddling business coaching services and work-from-home opportunities. The FTC had previously dispensed refund checks in January 2018, December 2018, October 2021, and March 2023, totaling over $7.2 million. With remaining funds in the pool, the FTC is allocating additional payments exceeding $116,000 to 3,022 individuals who had previously cashed a refund check pertaining to this case.

How To Know If Business Coaching Services Are a Scam

The digital landscape is rife with deceptive schemes masquerading as legitimate business propositions, coaching programs, and investment avenues.

Detecting these scams can be tricky, but there are telltale signs to watch for. If an offer guarantees substantial income, promises unrealistic returns, or touts a foolproof system, it's likely a scam. Even seemingly low-cost or free opportunities can quickly spiral into financial burdens, leaving you with shattered dreams and mounting debts. For instance:

Online Business Coaching: These schemes often boast of easy riches with minimal experience required. They claim their "experts" will unveil a proven formula for online success. However, many victims discover too late that their investments yield nothing but losses.

Real Estate Seminars and Investment Coaching: Predators entice with promises of life-altering wealth through real estate or securities trading. The high-pressure tactics employed during seminars often lead to regretful investments and dashed hopes.

Pyramid Schemes: These schemes prey on recruitment, enticing individuals with dreams of quitting their jobs and achieving financial freedom. However, the primary focus is on enlisting new members rather than selling legitimate products, resulting in widespread financial ruin.

To shield yourself from such scams:

Take your time: Resist pressure tactics and seek advice from trusted individuals before committing. Conduct thorough research: Look for reviews, complaints, and credentials of those involved. Be skeptical of success stories: Glowing testimonials and reviews may be fabricated or atypical.

Scrutinize coaching credentials: Verify certifications and seek feedback from past clients. Beware of upsells: Refrain from additional payments pushed as necessary for success. Before diving into any opportunity, ask critical questions about the business model, expenses, and profit timeline. Legitimate ventures should provide transparent answers without resorting to high-pressure sales tactics.

Scammers thrive on impulsive decisions and ignorance. Stay informed, skeptical, and cautious to avoid falling victim to fraudulent schemes masquerading as golden opportunities. If you do run into scammers, you can file a report with the Federal trade Commission.

How Do I Find Class Action Settlements?

Find all the latest Class Action Settlements you can qualify for by getting notified of new lawsuits as soon as they are open to claims:

File a Complaint: FTC.gov

Filing Class Action Settlement Claims

Please note that your claim form will be rejected if you submit a settlement claim for payout with any fraudulent information. By providing this information and your sworn statement of its veracity, you agree to do so under the penalty of perjury. You would also be harming others that actually qualify for the class action settlement. If you are not sure whether or not you qualify for this class action settlement, visit the class action administrator's website below. OpenClassActions.com is only providing information and is not a class action administrator or a law firm. OpenClassActions is a participant in the Amazon affiliate advertising program and this post may contain affiliate links, which means we may earn a commission or fees if you make a purchase via those links.
For more open class actions keep scrolling below.