FTC Sues Ascend CapVentures

This is a Lathan news story, published by Mashable, that relates primarily to Capventures news.

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FTC lawsuit

Mashable

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How one man lost $56,000 when he opened an Amazon store

Summary

Nutrition label

77% Informative

FTC says Ascend CapVentures Inc. allegedly defrauded its customers of at least $25 million .

FTC lawsuit refers to the company as Ascend Capventures , but it operated during a period when many clients say they were defrauding.

The FTC alleges the company's founders lined their pockets with their customers' money, rather than spend it on their stores.

A man says he signed a contract to open a Fulfilled by Amazon store in May 2022 .

The agreement gave Ascend CapVentures Inc. 30 percent of his store's monthly net profits.

After months of poor sales, the company liquidated products from his store, offering them for low prices.

While Lathan doesn't expect to get all of his money back, the FTC investigation has given him hope that Ascend CapVentures Inc. won't be able to escape accountability. He's committed to seeing the case through: "Personally I'm not stopping until I feel like I'm whole in one way or another.".

VR Score

Informative language

Neutral language

Article tone

informal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful