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The Federal Trade Commission has banned business trio Richard and Sara Alvarez and Bryce Chamberlain from offering e-commerce or real estate coaching services after they scammed consumers out of $30 million through predatory investment pitches.
“[The trio] scammed hard-working people with false promises of financial freedom, leaving many consumers with nothing but crushing credit card debt,” FTC Bureau of Consumer Protection Director Samuel Levine said in an announcement on Wednesday.
The Alvarezes owned and operated Ganadores Online and Ganadores Inversiones Bienes Raíces, two companies that promised consumers they could create wealth through their “infallible” real estate investment system.
The couple, along with their employee Bryce Chamberlain, targeted Spanish-speaking consumers who paid nearly $30,000 for a series of workshops and one-on-one mentoring in the hopes they’d be able to achieve financial independence through real estate.
However, the couple provided little to no training or mentorship, the FTC said. Consumers said the couple promised to provide access to proprietary tech; however, sessions were held on Google Meet or Zoom.
When consumers tried to request a refund, the trio told them the window to request a refund — a mere three days — had expired. Although the company’s marketing was primarily done in Spanish, all of the contracts and disclosures were exclusively written in English, making it nearly impossible for consumers to combat the Alvarezes’ actions.
The FTC caught wind of the trio’s scam in June 2023 and received unanimous approval to file a complaint against Ganadores Real Estate in the U.S. District Court for the Middle District of Florida.
The Alvarezes and Chamberlain have been banned from e-commerce and real estate coaching alongside the other business practices involved in the scheme. If they decide to open another business outside the realm of e-commerce and real estate coaching, they must be able to verify all earnings claims.
The order against the trio has a total monetary judgment of $29,175,000; however, the courts have partially suspended the judgment to $6 million from the Alvarezes and $35,000 from Chamberlain, based on their inability to pay the total amount.
However, if the FTC finds the trio is lying about their financial status, they’ll be required to pay the full judgment amount immediately.
“We have taken decisive action to end that egregious conduct and recover ill-gotten gains, and we will continue to vigorously pursue those who engage in violations of the laws we enforce,” Levine said.
