First Data Merchant Services pays $40.2 million to the Federal Trade Commission

Federal Trade Commission: “Worldwide Payment Processor and Payments Industry Executive to Pay $40.2 Million to Settle FTC Charges of Assisting Fraudulent Schemes and Credit Card Laundering.”

“According to the FTC’s complaint, Atlanta-based First Data Merchant Services, LLC (First Data) allegedly ignored repeated warnings from employees, banks, and others that Chi “Vincent” Ko, through his company that served as an independent sales agent (ISO) for First Data, was laundering, and First Data was assisting and facilitating laundering, payments for companies that were breaking the law over a number of years. Ko was later hired as an executive at First Data.”

“First Data is paying $40 million because it repeatedly looked the other way while its payment processing services were being used to commit fraud …”

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