Progress falsely promised consumers that it would only deduct amounts from their security deposits for damages consumers caused beyond normal wear and tear.
Federal Trade Commission · Official source · Updated
The order requires the defendants to notify their customers that Riverside will waive the early termination fee or any penalty for rescinding the merchant-processing agreements for a 60-day period.
The Commission vote authorizing the staff to file the complaint and stipulated final order was 2-0.
Federal Trade Commission · Official source · Updated
The Securities and Exchange Commission charged Ernest Ossei Boateng and two New Jersey-based companies he controls for allegedly raising approximately $16 million from more than 200 inexperienced investors through a Ponzi scheme.
Boateng operated the alleged Ponzi scheme from at least January 2020 until at least March 2026.
The cease and desist order for United Texas Bank was dated August 29, 2024, and was terminated on September 2, 2026.
The written agreement for Quontic Bank Acquisition Corp. and Quontic Bank Holdings Corp. was dated July 5, 2023, and was terminated on September 2, 2026.
By February 2026, the total recoverable assets of the funds were estimated to be less than $17 million.
The total outstanding investments in the two private funds were almost $121 million.
The SEC charged Mark D. Hanf and Hoai-Nam Chu Phan with orchestrating an offering fraud that raised more than $80 million from approximately 190 mostly retail investors.