Seed Consulting, LLC
Also known as: Seed Capital, Foundation Funding.
The FTC alleged that Seed Consulting charged thousands to apply for multiple credit cards, inflated incomes on applications, and shared credit limits with training promoters. A settlement required $2.1 million, which funded later refunds.
Resolved. Refunded, settled, ceased operating, or the claim did not hold up. Kept for the record.
Identity
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- Registrations
- FTC v. Seed Consulting, LLC, et al. (FTC File No. 182-3183, U.S. District Court for the District of Nevada, 2021)
- Locations
- Nevada
- Jurisdictions
- United States (federal)
Settlement addressed credit card stacking services
The Federal Trade Commission alleged that Seed Consulting, LLC charged consumers thousands of dollars to apply for multiple credit cards in their names. Seed’s services were presented by training companies as funding for people who wanted to start businesses or invest in real estate. According to the complaint, Seed did not provide funds. It charged $3,000 to $4,000 to seek numerous cards with combined credit lines above $50,000.
The complaint alleged that Seed often increased consumers’ stated annual incomes by around $100,000 on card applications and told consumers they could expect to earn that amount after completing training. Consumers then used the cards to pay for expensive programs. The FTC also alleged that Seed shared information about approved cards and credit limits with training promoters, helping those promoters sell packages that often cost tens of thousands of dollars.
Seed, Credit Navigator, LLC, Erik Gantz, and Randy Lang agreed to a proposed settlement. The order barred them from obtaining credit cards for consumers for a fee and prohibited misrepresentations about a consumer’s financial status to a financial institution. It imposed a $2.1 million judgment, which the FTC said would be distributed to consumers.
In September 2021, the FTC announced 8,843 refund checks totaling more than $2 million. Seed also operated under the names Seed Capital and Foundation Funding.
What is not established
The supplied releases describe complaint allegations, a settlement, and refunds. They do not report a finding after trial.
Sources
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- Enforcement action January 29, 2021
- Enforcement action September 29, 2021
- Enforcement action September 29, 2021
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First recorded January 29, 2021 · Last updated September 29, 2021