The cases
15 government cases, in their own words.
Recent actions by the FTC, SEC, CFTC and state attorneys general against coaching, ecommerce, MLM, trading and crypto programs, from January 2025 to July 2026. Newest first.
How to read a case
- Complaint filed: the agency made allegations in court. Nothing has been decided.
- Settlement announced: the agency announced a settlement or proposed order. Check the agency page for whether a court has entered it.
- Final order: an order was entered, as described on the agency page.
- Refunds sent: the agency has sent money back to people.
Allegations are what an agency claimed in court or in an administrative case, not findings. Where a court or commissioner made a finding or entered an order, the case says so. The list isn’t complete: a program that isn’t here hasn’t been cleared.
All cases
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FTCJuly 2026
Final orderCoaching and courses
Named in the source
Publishing.com LLC, CEO Christian Mikkelsen, and Chief Product Officer Rasmus Mikkelsen
What the source says
The FTC alleged Publishing.com claimed its self-publishing courses and coaching would help people earn substantial income from e-books and audiobooks, when most buyers never earned what was promised, and that people seeking refunds under its 'no questions asked' guarantee hit many added conditions. The FTC's final order requires a $1.5 million payment and bars earnings claims that are misleading or lack a reasonable basis.
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FTC and State AG (Nevada)May 2026
Settlement announcedTrading education
Named in the source
IM Mastery Academy (most recently operating as IYOVIA, and also as iMarketsLive and IM Academy); the settling defendants are five individual and corporate defendants including Chris and Isis Terry
What the source says
The FTC and the Nevada Attorney General alleged the scheme used false or baseless earnings claims to sell training on investing in financial markets and a related MLM business venture, generating more than $1.2 billion since 2018. A proposed order imposes a $795.8 million judgment, mostly suspended after asset transfers, and bans the defendants from selling trading training and investment opportunities.
Money back
In a June 2026 business blog post, the FTC said it intends to use the turned-over assets, plus $13 million from an earlier settlement in the case, for consumer refunds.
Source: the official FTC and State AG page about IM Mastery Academy
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FTCApril 2026
Settlement announcedMLM
Named in the source
Forever Living Products International LLC, its CEO Gregg Maughan, its President Aidan O'Hare, and Forever Living.com LLC
What the source says
The FTC alleged the MLM used deceptive earnings claims to recruit participants, most of whom made no money or lost money. Under a proposed order settling the allegations, the company and its two executives must be able to back up any earnings claim and can't misrepresent what participants earn.
Source: the official FTC page about Forever Living Products International LLC
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FTCApril 2026
Settlement announcedMLM
Named in the source
Stormy Wellington
What the source says
The FTC alleged that Wellington, a high-level participant in two MLMs, used false or baseless earnings claims, including promises of six- and seven-figure incomes, to recruit people, while most participants made little or no money. A proposed order bars her from misrepresenting earnings and requires written substantiation for any earnings claim.
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FTCMarch 2026
Settlement announcedBusiness opportunity
Named in the source
Air AI, five related companies, and their owners Caleb Maddix, Ryan O'Donnell, and Thomas Lancer
What the source says
The FTC's August 2025 complaint alleged Air AI falsely claimed buyers of its services would likely make substantial earnings, falsely claimed buyers were protected by refund or buy-back guarantees, and didn't provide the disclosure documents and earnings claim statements the Business Opportunity Rule requires. A proposed order bans the defendants from selling or marketing any business opportunity.
Money back
The proposed order includes an $18 million judgment, largely suspended, with the operators paying $50,000 to the FTC for consumer relief.
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FTCMarch 2026
Refunds sentTrading education
Named in the source
WealthPress along with two of its owners, Roger Scott and Conor Lynch
What the source says
The FTC alleged WealthPress sold investment advice by claiming clients would make a lot of money without support for those claims, while many clients lost money. As a result of the lawsuit, the defendants paid money and are banned from making earnings claims without written support.
Money back
The FTC's first payments in April 2024 resulted in more than $978,000 paid, and in March 2026 it sent a second round of more than $177,000.
Source: the official FTC page about WealthPress along with two of its owners
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FTCMarch 2026
Refunds sentMLM
Named in the source
Financial Education Services and its owners, Parimal Naik, Michael Toloff, Christopher Toloff and Gerald Thompson, as well as a number of related companies
What the source says
The FTC's complaint alleged the company lured people with low credit scores with the false promise of an easy fix, then recruited them into a pyramid scheme selling the same credit repair services to others. The FTC obtained orders against defendants in August 2024.
Money back
In March 2026, the FTC sent more than $10.9 million to people harmed by the scheme.
Source: the official FTC page about Financial Education Services and its owners
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FTCJanuary 2026
Settlement announcedBusiness opportunity
Named in the source
Growth Cave, LLC; LLT Research LLC; Apex Mind, LLC; co-CEOs Lucas Lee-Tyson and Osmany Batte; Operations Manager Jordan Marksberry; and relief defendant Friendly Solar, Inc.
What the source says
The FTC alleged Growth Cave offered business opportunities with false promises of significant income that regularly failed to deliver. Settlement orders ban the defendants from marketing or selling business opportunities and credit repair programs and impose judgments of $48,597,538, partially suspended based on inability to pay.
Money back
The FTC said the co-CEOs must sell assets, including a house, and the proceeds will be used for consumer redress.
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SECDecember 2025
Complaint filedCrypto
Named in the source
Morocoin Tech Corp., Berge Blockchain Technology Co. Ltd., Cirkor Inc., AI Wealth Inc., Lane Wealth Inc., AI Investment Education Foundation Ltd., and Zenith Asset Tech Foundation
What the source says
The SEC alleged the defendants ran so-called investment clubs on WhatsApp, recruited people through social media ads, built trust with supposedly AI-generated investment tips, and then steered them to purported crypto trading platforms that were fake, misappropriating at least $14 million from U.S. retail investors.
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FTCSeptember 2025
Refunds sentBusiness opportunity
Named in the source
Samuel James Smith (also d/b/a Weblio), Robert William Shafer (also d/b/a Shafer MM&I), Charles Joseph Garis, Jr., and Business Revolution Group Inc.
What the source says
The FTC's complaint alleged a business opportunity scheme operating since at least 2018 under names including Blueprint to Wealth took in millions of dollars with bogus promises of huge returns. The defendants agreed to settlements that include monetary judgments, industry bans and conduct prohibitions.
Money back
The FTC announced $666,631 in payments to consumers in September 2025, and its refund page lists a second round of more than $333,000 in August 2026.
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FTCAugust 2025
Settlement announcedDone-for-you ecommerce
Named in the source
Craig Emslie, Patrick McGeoghean, Click Profit, LLC, SA Automation Enterprise LLC, M23 Holdings, LLC, M7 Investments LLC, Express Ecom LLC, William Holton, Ecom Direct LLC, Jason Masri, Automation Industries LLC, and Click Profit Distribution, LLC
What the source says
The FTC alleged Click Profit promised to create and run Amazon and other online stores that would earn guaranteed passive income, made false claims about using advanced AI and having exclusive brand partnerships, and used illegal contract clauses to suppress negative reviews. Under proposed settlements, the defendants are permanently banned from the business opportunity industry.
Money back
The FTC said the defendants must turn over cash, real estate and personal property to be used for consumer redress.
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State AG (Maryland)July 2025
Final orderCrypto
Named in the source
NovaTech Ltd. a/k/a NovaTechFx, NovaTech Advisors, LLC, NovaPay, LLC, NovaTrading OU, Cynthia Petion, and Eddy Petion
What the source says
After an investigation by the Securities Division of the Maryland Attorney General's office, and after the respondents didn't answer an order to show cause, the Maryland Securities Commissioner concluded they made untrue statements of material fact when selling investment contracts and sold unregistered securities. The final order permanently bars them from Maryland's securities business and assesses a $110 million civil penalty.
Money back
The order says the penalty is reduced dollar for dollar by any restitution paid to investors under an agreement with the Commissioner made within 60 days of the order.
Source: the official State AG page about NovaTech Ltd. a/k/a NovaTechFx
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FTCJune 2025
Settlement announcedDone-for-you ecommerce
Named in the source
Ascend Ecom and its owners William Michael Basta and Jeremy Kenneth Leung (operating under names including Ascend Ecommerce, Ascend CapVentures, ACV Partners, ACV, Accelerated eCom Ventures, Ethix Capital by Ascend, and ACV Nexus)
What the source says
The FTC charged that Ascend Ecom falsely claimed its AI-powered tools would help people quickly earn thousands of dollars a month in passive income from online storefronts, and its complaint alleged the operation defrauded consumers of at least $25 million. A proposed court order would permanently ban the defendants from selling or marketing business opportunities or business coaching.
Money back
The proposed order requires the defendants to turn over assets, which the FTC said will be used to compensate affected consumers.
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FTCJanuary 2025
Refunds sentCoaching and courses
Named in the source
Traffic and Funnels, LLC; WE Capital, LLC (also d/b/a The Sales Mentor and The Sales Mentor, LLC); Evans and Welch, Inc.; Evans and Welch Holdings, LLC; Taylor A. Welch; Christopher A. Evans; Payton Welch; and Ashton Shanks
What the source says
The FTC charged that the defendants got people to pay hundreds or thousands of dollars for telemarketing training programs that rarely, if ever, delivered what was promised, and kept making deceptive earnings claims after receiving FTC Notices of Penalty Offenses. They agreed to orders requiring a total of $1 million for consumer refunds.
Money back
The FTC sent more than $960,000 in refunds in January 2025, and its refund page lists a second round of more than $136,000 in July 2026.
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CFTCJanuary 2025
Final orderTrading education
Named in the source
Roberto Pulido aka Berto Delvanicci and his company, Lions of Forex LLC
What the source says
A federal court entered default judgments finding that Pulido, aided by Lions of Forex, fraudulently solicited clients to trade forex, including clients who subscribed to its forex signals service, by falsely promising guaranteed monthly profits. The court ordered restitution and civil penalties and permanently banned both from CFTC registration and CFTC-regulated trading.
Money back
The court ordered about $172,000 in restitution to defrauded clients, plus over $516,000 in civil penalties.
Source: the official CFTC page about Roberto Pulido aka Berto Delvanicci and his company
No cases match. That doesn’t mean a program is safe; check it yourself.