Two companies made false claims in telemarketing and direct mail solicitations promoting a real estate investment-training program, the Federal Trade Commission said yesterday.
Beringer Corp., Seattle, and Atlas Marketing Inc., Salt Lake City, charged consumers $5,000 to $8,000 for a program that promised to teach them how to make money quickly buying and selling privately held mortgage notes, the FTC said. The companies said consumers could make $10,000 a month in their spare time.
Virtually no consumers made money by following the program, the FTC said. The agency is seeking a court order forcing the companies to change their practices as well as monetary relief for consumers.
