John Stefanchik
Also known as: Stefanchik Program.
The FTC alleged that John Stefanchik and Beringer Corporation falsely claimed their program could teach consumers to earn substantial income by trading privately held mortgages. A settlement modified a prior judgment, and the FTC later issued refunds.
Resolved. Refunded, settled, ceased operating, or the claim did not hold up. Kept for the record.
Identity
Published so you can confirm this entry refers to the party you are checking, and not to somebody who shares a name.
- Registrations
- FTC v. John Stefanchik, individually and as an officer and director of Beringer Corporation, et al. (FTC case 022-3246, 2004)
- Jurisdictions
- United States (federal)
A settlement modified a prior money judgment
The FTC sued John Stefanchik and Beringer Corporation in 2004 over a wealth-building program about buying and selling privately held mortgages. The agency alleged that Stefanchik falsely claimed the program would teach consumers to earn substantial income in a short time. A federal court imposed a $17.8 million judgment in 2007, and the Ninth Circuit Court of Appeals upheld it in 2009.
While seeking to collect that judgment, the FTC filed a bankruptcy complaint in December 2009 against Stefanchik, his wife, and Warwick Properties LLC. The agency charged that they had tried to shelter assets from the judgment. A later settlement resolved the bankruptcy complaint and modified the earlier judgment.
Under the settlement, Stefanchik agreed to pay the FTC $900,000, plus proceeds from the sale of his house and substantially all of his personal property. The $17.8 million judgment would be suspended after those transfers, but would become due if he was found to have misrepresented his or his wife’s financial condition. The ban on false and misleading conduct by Stefanchik and Beringer remained in effect.
In August 2012, the FTC mailed 9,282 refund checks totaling more than $855,000 to buyers of the Stefanchik Program. Each payment was $92.16. The FTC said most consumers made no money and described the refunds as the result of the court settlement resolving the money judgment.
Sources
Every claim above rests on one of these. Open them and check.
- Enforcement action March 18, 2011
- Enforcement action August 10, 2012
Right of reply
If you are named here and something is wrong, dispute this entry. There is no charge, the route never expires, and your response is published unedited.
Other coaching & business opportunity entries
See all coaching & business opportunity entries, or browse the full record.
First recorded March 18, 2011 · Last updated August 10, 2012