FTC-PR-240214-3 (Feb. 14, 2024)
Court Enters $20.3 Million Judgment in FTC Case Against Merchant Cash Advance Operator Jonathan Braun for Deceiving Small Businesses and Unlawfully Seizing Assets Court’s judgment follows the permanent injunction imposed against Braun issued in October 2023
As a result of a Federal Trade Commission lawsuit, a federal court has entered a judgment (PDF) requiring merchant cash advance operator Jonathan Braun to pay $20.3 million in monetary relief and civil penalties. This is the first trial by jury that the FTC has ever conducted.
The judgment follows a January trial in which a jury found that Braun, in his role with small-business funding company RCG Advances, which formerly did business as Richmond Capital Group, knowingly violated the Gramm-Leach-Bliley Act by deceiving small businesses about the amount of funding that Defendants would provide to and collect from them. The court entered a judgment of $3,421,067 to redress the harm that Braun’s misconduct caused to small businesses. In addition, noting the utter disregard and contempt that Braun showed to consumers, including spewing vile threats and profanities to small business owners, the court imposed $16,956,000 in civil penalties for Braun’s violations of law.
Date: Feb.14, 2024
Accessed: Sep. 9, 2024
Categories:
- FTC-2402
- Deceptive Business Practices
- Ram Capital Funding
- RCG Advances LLC
- Richmond Capital Group LLC
- Viceroy Capital Funding
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