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Article: FTC settlement emphasizes the need to be careful when wiring money ; The Color of Money|Michelle Singletary
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- November 8, 2009
CopyrightCopyright 2009 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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In one of the largest consumer payouts of its type, MoneyGram
International Inc. has agreed to fork over $18 million to the
Federal Trade Commission to settle charges that it knowingly allowed
its operation to be used by con artists to swindle US consumers out
of millions of dollars.
"This is a pretty significant amount of money to return to
consumers," said FTC chairman Jon Leibowitz.
The money the FTC is getting from MoneyGram will go to provide
relief to victims. If you've been one, call 202-326-3755.
The FTC alleged that MoneyGram knew that its system was being
used to defraud people but didn't do enough about it, and in some
cases MoneyGram agents participated in the schemes.
The FTC ...