Swiper Asks Did That Ever Really Happen?
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
Complaint for Injunctive & Other Equitable Relief
Temporary Restraining Order
FTC PRESS RELEASES ABOUT CERTIFIED MERCHANT SERVICES
Then What Happened?
The scam was spread through an entire industry by the original executives and managers of CMS. #Swipermovie hopes to change that.