July 5, 2016 - Receiver's Update
The underlying case between the FTC and Defendants has been concluded. Two Defendants (Kent Brown and Shawn Sunyich) settled early in the case. The FTC moved for summary judgment as to the other Defendants in March, 2014. Summary judgment was granted as to liability in June, 2015. Final Judgments were entered on February 23, 2016 - $43 million as to all Defendants, except Jared Mosher, jointly and severally; and $36 million as to Jared Mosher, jointly and severally liable with the other Defendants.
The business of the receivership is nearly complete, except as to a civil action the Receiver filed in November, 2015 against Voltage Pay, a payment processor which processed credit card charges for Defendants. That action seeks to recover damages from Voltage Pay in connection with the processing activities for Defendants. Any recovery from that case will go to the receivership account and ultimately to the FTC.
November 17, 2015 - Receiver's Update
The FTC case against Defendants is still proceeding. The FTC has filed a Motion for Summary Judgment as to all Defendants, except Kent Brown and Shawn Sunyich, who have previously settled with the FTC. That motion has been granted by the Court as to liability, but the issue of what damages may be awarded remain pending.
November 11, 2014 – Receiver’s Update
The FTC case against Defendants is still proceeding. The FTC has filed a Motion for Summary Judgment as to all Defendants, except Kent Brown and Shawn Sunyich, who have previously settled with the FTC. That motion is pending before the Court. If the motion is granted, the case will come to a conclusion. If not, the matter will be set for trial.
The Receiver continues to hold the limited assets of the Receivership Entities pending the conclusion of the case. It is still premature to determine whether, and to what extent, there will be assets available for a consumer redress procedure for consumers victimized by Ideal.
January 28, 2014 - Receiver's Update
The FTC case against Defendants is proceeding and is now in the discovery phase. Absent a settlement, the case could extend indefinitely.
The Receiver continues the process of accumulating the limited assets of Receivership Entities and pursuing possible claims against third parties. It is still too early in the process to determine whether, and to what extent, there will be assets available for a consumer redress procedure for consumers victimized by Ideal.
October 7, 2013 - Receiver's Update
The FTC case against Defendants is proceeding and is now in the discovery phase. Absent a settlement, the case could extend well into 2014.
The Receiver continues the process of accumulating the limited assets of Receivership Entities. It is still too early in the process to determine whether, and to what extent, there will be assets available for a consumer redress procedure for consumers victimized by Ideal.
May 30, 2013 - Receiver's Update
After entry of the Preliminary Injunction on February 15, 2013 (click here), the Receiver vacated the office space in St. George, Utah and has terminated all operations of the Receivership Entities. On April 10, 2013, the FTC filed an Amended Complaint which added Jared Mosher as an Individual Defendant and the Court thereafter, on May 10, 2013, entered a Preliminary Injunction as to Mr. Mosher.
The Receiver is now in the process of accumulating whatever assets of Receivership Entities that may be available.
February 20, 2013 - Receiver's Update - Preliminary Injunction Entered
After a hearing on February 14, 2013, the Court has entered a Preliminary Injunction which extends the terms of the Temporary Restraining Order, including the asset freeze, and appoints the Temporary Receiver to be Permanent Receiver. To read the Preliminary Injunction, click here.
NOTICE OF RECEIVERSHIP – IDEAL FINANCIAL SOLUTIONS AND RELATED COMPANIES
On January 28, 2013, the Federal Trade Commission commenced suit against Ideal Financial Solutions and certain affiliated entities. The Complaint alleges that Defendants have engaged in unfair and deceptive practices in violation of the FTC Act, 15 U.S.C. Section 45(a) by: obtaining consumer credit card and bank account information and implementing charges against those accounts without the consumers’ express informed consent; falsely representing that consumers have authorized charges; and making deceptive statements to consumers regarding the availability of refunds. The case was filed in the U.S. District Court in Las Vegas. FTC v. Ideal Financial Solutions, Inc., et al., Case No. 2:13-cv-00143-MMD. To read a copy of the Complaint, click here.
On January 30, 2013, the Court entered a Temporary Restraining Order (“TRO”) which included an asset freeze and the appointment of a Temporary Receiver to take control of the company’s operations. To read a copy of the TRO, click here. On February 1, 2013, the Temporary Receiver took possession of the business operations based in St. George, Utah and immediately suspended all operations. He is now conducting a thorough review of the business.
The Court has set February 14, 2013 at 4:30 p.m. as the date and time for a hearing on whether a Preliminary Injunction should issue.
The asset freeze and the receivership apply to “Receivership Entities” which are defined in the TRO (Paragraph II, page 6) as the entities named as Corporate Defendants (Ideal Financial Solutions, Inc.; Ascot Crossing, LLC; Chandon Group, Inc.; Bracknell Shore, Ltd.; Fiscal Fitness, LLC; Avanix, LLC) and “entities that are part of Defendants’ common enterprise,” including, but not limited to, Debt Elimination Systems, LLC; US Debt Relief, LLC; Money Mastery, LLC; US Debt Assistance Corp.; IWB Services (St. Kitts); Financial Fitness, LLC; Debt to Wealth, LLC (St. Kitts); Debt to Wealth, LLC (Nevada); Ideal Goodness, LLC; Dollars West, LLC; Fluidity, LLC; Newport Sails, LLC; Shaw Shank, LLC; Bunker Hillside, LLC; Funding Guarantee, LLC; Newline Cash, LLC; Wealth Fitness, LLC; and Zeal Funding, LLC.
The Temporary Receiver has established this website as a vehicle to communicate with consumers who may have done business with Ideal and/or any of the receivership Entities as defined above. You may send specific questions to the receiver at firstname.lastname@example.org.