After already settling with the FTC for his CPA advertising network CPATank, it turns out that Mr. Glazers (who has appeared since then on TV claiming to be a millionaire investor on the TV Show “Mystery Millionaire.”) wasn’t being totally honest about his financial condition. Because of this, the FTC has got a court order to force Mr. Glazers to pay them an extra $180,000 for what they claim was scamming consumers.
A judge signed a new order requiring Glazers to pay the $180,000 owed on the judgment. The Commission presented evidence to the court that Glazers hid about $450,000 in assets and misrepresented his financial condition that was the basis for the partial suspension of the judgment.
“The moral of this story is plain and simple — don’t mislead the Commission about your financial condition or attempt to hide assets,” said Jessica Rich, Director of the FTC’s Bureau of Consumer Protection. “If you do, we will find out, and we will not hesitate to collect every penny you owe under the law.”
In 2014, Glazers agreed to a court order settling the Commission’s charges related to a spam text message scheme. The settlement imposed a $200,000 judgment against Glazers that was suspended due to his supposed inability to pay. It required Glazers to turn over $20,000 in cash plus the proceeds from the sale of certain assets. It also included an “avalanche clause,” stating that if any of the defendants misrepresented their assets or ability to pay, the full judgment against them would become due.
Glazers has agreed to the new stipulated order based on information presented by the agency in its motion to reinstate the full judgment. The Commission’s evidence demonstrates that he failed to disclose nearly $448,000 in assets he withdrew from a bank account five months before signing the financial disclosure, triggering the avalanche clause.
What does this mean for Mr. Glazers? Probably nothing — he’s already on to his second or third business and rolling in the money. Not even sure this will matter to him financially at this point.