FTC Reaches Settlement with E-Commerce Site

Kara Reeder

The Federal Trade Commission (FTC) has reached a settlement with an e-commerce site accused of stealing millions of dollars from customers through unauthorized charges and debits.


According to Computerworld, the FTC claims that Classiccloseouts.com made unauthorized charges and debits to customers' accounts ranging from $59.99 to $79.99, despite a promise that customers "pay nothing if unauthorized charges are made to your card as a result of shopping at our online store."


The settlement with Classic Closeouts, Classiccloseouts.com and owner Daniel Greenberg bans Greenberg from having any involvement with Web-based businesses that handle customer credit or debit card accounts. Greenberg also was fined $2.08 million, but the amount was suspended since he filed for bankruptcy.

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