Online Education Academy (OEA) has reached a settlement pertaining to alleged 8 Figure Dream Lifestyle fraud.
OEA settlement with the FTC will see the company pay $600,000 in monetary judgement.
To satisfy judgement, OEA will clear out three bank accounts. The remainder of the $600,000 judgement is then suspended.
One of OEA’s bank accounts holds $10,000. The balance of the two other accounts is not disclosed.
The injunction prohibits OEA from
- having anything to do with business coaching programs or investment opportunities;
- making misrepresentations or unsubstantiated claims;
- using acquired 8 Figure Dream Lifestyle customer information in any manner.
OEA is also bound to a compliance order, requiring it keep the FTC updated with current business information for twenty years.
OEA was run by Mark Schwartz and was part of 8 Figure Dream Lifestyle’s fraudulent opportunity.
Shortly after the FTC’s complaint was filed, OEA advised the court it had suspended business and intended to dissolve.
Pending settlements with the remaining defendants, a trial has been scheduled for July 2020.