WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) is demanding three companies and certain of their officers cease and desist from making false and misleading statements about FDIC deposit insurance.
The FDIC is demanding that Bodega Importadora de Pallets (“Bodega”), Money Avenue, LLC, and OKCoin USA, Inc. take immediate corrective action to address these false or misleading statements.
As CUToday.info has reported, the FDIC has had to take action against a number of operators, including crypto firms, falsely claiming their products carry FDIC insurance.
The FDIC said based upon evidence it has collected the companies and certain officers made false representations by stating or suggesting that the companies are FDIC-insured, uninsured financial products are insured by the FDIC, misused the FDIC name or logo, misrepresented the nature or extent of deposit insurance, and/or failing to identify insured depository institutions with which it has a relationship for the placement of customer deposits and into which funds can be deposited.
‘False & Misleading’
“These material misrepresentations and omissions are false and misleading, and have the potential to harm consumers,” the FDIC said. “Additionally, in the case of Bodega, the false and misleading representations were contained on a Spanish website. For this reason, the demand letter to Bodega and this press release are also being issued in Spanish to ensure that potentially-impacted consumers are put on notice of the FDIC’s concerns.”
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