Quick Answer: What Does The FTC Do With Fines It Collects?

What is FTC refund?

The Federal Trade Commission is mailing 22,581 refund checks totaling more than $470,000 to consumers nationwide who bought two deceptively marketed health products—TrueAloe and AloeCran, from a company called NatureCity, LLC..

How long do FTC investigations take?

Our goal is to respond within the timeframe outlined in the Freedom of Information Act, which is twenty working days, or approximately one month, but this may vary with the complexity of the request.

What does FTC stand for on Youtube Flightreacts?

@AliceTu: FTC = Federal Trade Commission.

What happens to fines collected by FTC?

By law, the money goes to U.S. Treasury’s general fund, according to the FTC. … In some FTC cases, the agency will earmark money to pay out to consumers seeking redress or use it to fund consumer education.

Where does the Facebook fine money go?

Not to any of the deceived Facebook users, but to the United States Treasury. “By law, this money goes to the US Treasury,” Federal Trade Commission associate director James Kohm said on Wednesday during a press conference in Washington D.C. “There’s nothing else that can be done with the money, by law,” he said.

Can the FTC impose fines?

The Commission enforces both consumer protection and antitrust laws. Violations of some laws may result in civil penalties, which are adjusted annually for inflation.

Why did Facebook get fined 5 billion dollars?

“Facebook flagrantly violated the FTC’s 2012 order by deceiving its users and allowing pay-for-play data harvesting by developers. … … The Federal Trade Commission fined Facebook $5 billion for mishandling user’s personal data.

How much did Mark Zuckerberg get fined?

The FTC is holding Mark Zuckerberg personally responsible to a limited degree. Federal regulators have fined Facebook $5 billion for privacy violations and are instituting new oversight and restrictions on its business.

What is FTC settlement?

FTC Obtains Record $191 Million Settlement from University of Phoenix to Resolve FTC Charges It Used Deceptive Advertising to Attract Prospective Students.

Is Facebook being fined?

Facebook fined $5 billion by FTC, must update and adopt new privacy, security measures. Facebook must pay a record-breaking $5 billion fine as part of a settlement with the Federal Trade Commission, by far the largest penalty ever imposed on a company for violating consumers’ privacy rights.

Can FTC get my money back?

The FTC brings lawsuits to stop unfair and deceptive business practices. One way we help right those wrongs is by getting refunds to people who lost money. … We can’t get money back in every case, and we can’t always get every dollar that people lost.

What is a FTC complaint?

The FTC encourages consumers to file a complaint whenever they have been the victim of fraud, identity theft, or other unfair or deceptive business practices. They can do it online, or by calling the FTC’s Consumer Response Center at 1-877-FTC-HELP (1-877-382-4357).

How much money does Facebook make in a day?

At the start of the third quarter, that was just $1 million per day. (Add in the revenue from Sponsored Stories on desktop and the revenues rise to $4 million per day.) That means that mobile already accounts for 14% of Facebook’s ad revenues. In the third quarter, that figured out to about $150 million.

Who controls the FTC?

The Commission is headed by five Commissioners, nominated by the President and confirmed by the Senate, each serving a seven-year term. No more than three Commissioners can be of the same political party. The President chooses one Commissioner to act as Chairman.

The fine itself typically goes to the general fund of the jurisdiction that imposed it, to be used for any government purpose whatsoever.

What actions can the FTC take?

The FTC enforces federal consumer protection laws that prevent fraud, deception and unfair business practices. The Commission also enforces federal antitrust laws that prohibit anticompetitive mergers and other business practices that could lead to higher prices, fewer choices, or less innovation.

What is the FTC responsible for?

United StatesFederal Trade Commission/Jurisdiction

What does the FTC do for consumers?

The FTC’s Bureau of Consumer Protection stops unfair, deceptive and fraudulent business practices by collecting complaints and conducting investigations, suing companies and people that break the law, developing rules to maintain a fair marketplace, and educating consumers and businesses about their rights and …

Who is head of the FTC?

Joseph SimonsJoseph Simons Sworn in as Chairman of the FTC | Federal Trade Commission.

What is the largest fine ever?

From some other perspectives, that $5 billion fine is a big deal, of course: it’s the biggest fine in FTC history, far bigger than the $22 million fine levied against Google in 2012.

How does FB make money?

Key Takeaways. Facebook sells ads on social media websites and mobile applications. Ad sales are the primary source of Facebook’s revenue. Facebook is investing heavily to develop new products, including the new Libra cryptocurrency, artificial intelligence (AI), and augmented reality.