FTC Goes After Investment Advisor WealthPress’s Deceptive Practices, Fining $1.7M

The Federal Trade Commission (FTC) filed a complaint Friday against investment advisor WealthPress, as well as investor community InvestPub, along with two officers of WealthPress Holdings. The complaint alleges the defendants committed deceptive business practices in violation of the FTC Act and the Restore Online Shoppers’ Confidence Act (ROSCA).

According to the complaint, the defendants misrepresent the amount of earnings they are able to provide consumers; this illegitimate advertising occurs in false client testimonials, false expert advisories, and fabricated profit representations.

The complaint states that on October 26, 2021, the FTC sent the defendants a notice regarding their deceptive trade practices; however, the defendants’ illegal business behavior continued.

The FTC seeks the following for relief: permanent injunction against the defendants preventing them from further violations of ROSCA and the FTC Act, monetary relief, injunctive and ancillary relief, as well as civil penalties for every violation.