FTC charges for laundering using bogus merchant accounts

On Aug. 7, the Federal Trade Commission announced it had charged 12 defendants with money laundering. The FTC alleges that these defendants laundered millions of dollars in credit card charges through fraudulent merchant accounts. According to the complaint filed by the FTC, the defendants arranged for a deceptive operation known as Money Now Funding (MNF) to obtain and maintain merchant accounts that allowed it to process almost $6 million through the credit card networks. Read More