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FTC Distributes $12 Million in Refunds to Victims of Real Estate Investment Fraud

The Federal Trade Commission (FTC) has taken action against Zurixx, LLC, a company that misled consumers with false promises of significant profits through real estate investment training. The FTC, along with the Utah Department of Commerce Division of Consumer Protection, filed a lawsuit against Zurixx and its owners, Cristopher Cannon, James Carlson, and Jeffrey Spangler, in September 2019. The complaint alleged that the defendants engaged in a fraudulent real estate investment coaching scheme, luring consumers into spending thousands of dollars on the promise of quick profits from real estate flipping or wholesaling.

Zurixx utilized well-known personalities from home-improvement and flipping television shows to market their scheme, giving consumers a false sense of credibility. They made exaggerated earnings claims, convincing individuals that they could achieve substantial financial gains in a short period by using Zurixx’s system. However, many consumers found themselves out of pocket with no realistic path to achieving the promised profits.

In February 2022, the defendants agreed to a settlement that included a monetary judgment and permanent bans from marketing or selling any real estate or business coaching programs. They were also prohibited from making misleading earnings claims and using contract terms that restricted consumers‘ ability to review their products or speak to law enforcement agencies. As part of the settlement, the FTC is now distributing over $12 million in refunds to 25,563 affected consumers.

Recipients of the refunds are advised to cash their checks within 90 days, as indicated on the checks. Consumers with questions about their payments can contact the refund administrator, JND Legal Administration, at 888-906-0593. Information and frequently asked questions about the refund process are available on the FTC website. It is important to note that the FTC never requires individuals to pay money or provide account information to receive a refund.

This case serves as a reminder for consumers to be cautious when considering investment opportunities or coaching programs that promise quick and significant profits. It is essential to conduct thorough research, seek advice from trusted sources, and be wary of exaggerated claims. By staying informed and vigilant, consumers can protect themselves from falling victim to fraudulent schemes like the one perpetrated by Zurixx. For the latest news on consumer protection and other important updates, individuals can follow reputable sources like MyChesCo on Google News and MSN.

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