The FTC has returned $10.9 million recovered from Financial Education Services to its victims.

From a March 17th FTC press-release;

The FTC is sending checks to 443,048 affected customers. Recipients should cash their checks within 90 days, as indicated on the check.

For Financial Education Services victims with questions, contact details for a “refund administrator” are provided in the linked FTC press-release above. An FTC refund process FAQ is also available.

Financial Education Services (FES) was an MLM pyramid scheme launched as VR Tech back in 2004.

In 2021 FES was fined $1 million for running an MLM pyramid scheme in violation of the Georgia Fair Business Practices Act.

In 2022 the FTC filed a lawsuit against FES and co-founders Parimal Naik and Mike Toloff, alleging $467 million in fraud.

FES, Naik and Toloff settled with the FTC for $324 million in 2024.