The Federal Trade Commission said it halted the operations of Blue Global Media after the company earned millions of dollars by falsely promising to match them with low-rate loans.
In a settlement with the FTC announced today, Blue Global faced a judgment of $104 million, which was suspended because neither the company nor its CEO, Christopher Kay, could pay it.
Instead, both Blue Global and Kay filed for Chapter 7 bankruptcy, listing the FTC as a creditor.The FTC’s complaint alleged that, starting in 2009, Blue Global set up sites such as cashmojo.com, clickloans.net, and 100dayloans.com, which promised to connect consumers with more than 100 “trusted lending partners” and find the one offering them the best loan terms. Of the more than 15 million loan applications received, only 2 percent were sold to lenders, with the rest sold to non-lenders.
The applications often…
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