#ISOFRAUD SCAM Origins

A Record 23.5 Million Dollar Fine- The FTC was supposed to "...stop perpetrators cold..."


Swiper Asks Did That Ever Really Happen?


Greensheet Article from 2002

In its complaint, the FTC stated that the defendant and its principals misrepresented the terms of – and then inserted fine print into – merchant account agreements, allowing the company to fraudulently debit previously undisclosed fees from the merchants' bank accounts.

"Although there has been no finding of guilt, we decided that in the best interests of our merchants and our company, we would resolve this matter through a settlement,” 

Jonathan Frankel, founder and majority shareholder of CMS, said in a statement. "Now we can focus on growing and expanding our business again.”


FTC CASE FILES

Final Judgement

https://www.ftc.gov/sites/default/files/documents/cases/2004/01/cms.pdf

Complaint for Injunctive & Other Equitable Relief

https://www.ftc.gov/sites/default/files/documents/cases/2002/02/cmscmplnt.pdf

Temporary Restraining Order

https://www.ftc.gov/sites/default/files/documents/cases/2002/02/ccmstro.pdf

Preliminary Injunction

https://www.ftc.gov/sites/default/files/documents/cases/2002/02/ccmsstip01.pdf

https://www.ftc.gov/sites/default/files/documents/cases/2002/02/ccmsstip02.pdf


FTC PRESS RELEASES ABOUT CERTIFIED MERCHANT SERVICES

https://www.ftc.gov/news-events/press-releases/2002/02/ftc-files-first-complaint-concerning-credit-card-merchant-account

https://www.ftc.gov/news-events/press-releases/2004/01/federal-trade-commission-garners-235-million-settlement-certified


Then What Happened? 

The scam was spread through an entire industry by the original executives and managers of CMS.  #Swipermovie hopes to change that.

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