American Express will pay approximately $230 million to resolve a Department of Justice criminal wire fraud investigation and settle allegations of deceptive marketing. The settlement stems from allegations that Amex provided inaccurate tax advice to customers regarding two wire products and deceptively marketed credit cards to small businesses.
American Express will pay approximately $230 million to resolve a Department of Justice criminal wire fraud investigation and settle allegations of deceptive marketing.Amex also resolved allegations by the Department of Justice's Civil Division that it deceptively marketed credit cards to small businesses, among other claims.will pay a total of about $230 million to resolve federal wire fraud investigations, and to settle civil allegations of deceptive marketing, the company said Thursday.
Chavis said,"This deceitful marketing campaign ... involved hundreds of employees defrauding their customers and the government." Customers also were told that"Membership Reward" points, received in exchange for the transactions, were earned tax-free, and therefore outweighed the true cost of the fees.
An internal investigation into those marketing practices in early 2021 led to about 200 employees being fired, prosecutors said. By November of that year, the two products were discontinued entirely. The practices also allegedly included"submitting falsified financial information for prospective customers, such as overstating a business's income."
AMERICAN EXPRESS WIRE FRAUD DECEPTIVE MARKETING CREDIT CARDS SMALL BUSINESSES
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Billie Eilish Partners With Support+Feed and American Express to Provide Meals for Small BusinessesSinger Billie Eilish is giving back to communities during her Hit Me Hard and Soft tour by partnering with Support+Feed and American Express. The collaboration allows small businesses in cities like Atlanta, Nashville, Chicago, New York, and Los Angeles to provide over 30,000 meals to those in need. Eilish expressed her excitement about supporting these local businesses and delivering healthy meals this winter.
Read more »
Scottie Scheffler Withdraws from American Express to Recover from Hand InjuryTwo-time Masters champion Scottie Scheffler has withdrawn from next week's American Express tournament due to an injury to his right hand sustained while cooking. He hopes to return for the AT&T Pebble Beach Pro-Am in January.
Read more »
Scheffler Withdraws From American Express to Heal Hand InjuryScottie Scheffler will miss the American Express tournament due to a hand injury sustained from broken glass. He is hopeful to return for the AT&T Pebble Beach Pro-Am in January but needs more time for his hand to heal.
Read more »
Scottie Scheffler Withdraws from American Express Due to Hand InjuryTop-ranked golfer Scottie Scheffler will miss the American Express tournament next week due to a persistent hand injury sustained over the Christmas holidays.
Read more »
Scottie Scheffler Withdraws From The American Express Due to InjuryWorld number one golfer Scottie Scheffler has withdrawn from The American Express tournament due to a hand injury sustained on Christmas. He is hoping to return for the AT&T Pebble Beach Pro-Am.
Read more »
American Express Replaces Wellness Perks with Coffee Bars at Centurion LoungesAmerican Express is continuing to revamp its Centurion Lounge experience by replacing wellness perks with full-service coffee bars. The latest change occured at the JFK Airport lounge where the Equinox Body Lab was closed and replaced with a Blue Roast by American Express coffee bar.
Read more »