Judge hits scammer with $7.9 million fine after settlement with consumer protection
Parker Wilde was fined up to $7.9 million for scamming 56 consumers with false promises of passive income through Amazon stores.Summary
A Utah judge ordered Parker Wilde to pay up to $7.9 million in fines after a settlement with the Utah Division of Consumer Protection, stemming from a multi-year investigation into a consumer business scam. Wilde falsely advertised a service to create and manage automated Amazon stores, guaranteeing passive income to 56 consumers who paid for inventory and consulting fees. However, the investigation revealed that none of the victims ever saw any income, while Wilde profited from their investments. The settlement requires Wilde to admit to false representations and failures to file disclosures. If Wilde adheres to the terms, including a ban on operating similar businesses, the fine will be reduced to just over $3.9 million, to be paid in installments as he claims to have spent the illicit funds. The Division of Consumer Protection intends to recover the funds and distribute them to the victims, and director Katie Hass warned that Wilde will be pursued for the full amount for decades to come. Wilde responded to inquiries with dismissive messages and claimed the initial report misrepresented the agreement.
(Source：Salt Lake City)