CFPB Sues BrightSpeed for Alleged Internet-Based Scams

On March 3, 2021, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against 

BrightSpeed Solutions Inc., a Chicago area payment processing company, for allegedly knowingly permitting tech scammers to defraud its elderly customers.

The CFPB alleges BrightSpeed violated the Telemarketing Sales Rule and the Consumer Financial Protection Act.  According to the complaint, from 2016 to 2018, the company knowingly processed payments for firms that tricked customers into buying expensive and unnecessary antivirus software, totaling to more than $71 million.  

BrightSpeed CEO, Kevin Howard is facing charges for allegedly distorting the truth about performing due diligence for the tech companies in question and allowing the payments to continue, despite being aware of customer complaints. 

The CFPB is seeking permanent payment processing bans for BrightSpeed and its CEO Kevin Howard, as well as legally mandated repayment of ill-gotten gains.

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