WASHINGTON, D.C. — The Federal Trade Commission (FTC) has announced a settlement with Robert Shemin, operator of the Ganadores scam, which falsely marketed real estate and ecommerce business opportunities as pathways to financial independence. Under the settlement, Shemin is permanently banned from the industry and must surrender assets to provide refunds to consumers.
The FTC alleged that Shemin and Ganadores promoted an “infallible system” that misled consumers into paying exorbitant amounts, often tens of thousands of dollars, for training programs and coaching that failed to deliver promised results. The operation’s deceptive earnings claims cost consumers millions of dollars.
“This operation’s deceptive claims about making money in real estate investing and online businesses cost consumers nationwide millions,” said Christopher Mufarrige, Director of the FTC’s Bureau of Consumer Protection. “Today’s settlement brings this case to a close, but the FTC will remain vigilant for scammers looking to take advantage of consumers seeking financial independence.”
The settlement permanently prohibits Shemin from marketing or selling any business coaching related to ecommerce or real estate. He must also substantiate any earning claims associated with products or services he markets. Additionally, Shemin is required to turn over assets toward refunding affected consumers.
The settlement includes a total monetary judgment of $20,268,895, although the judgment is largely suspended based on Shemin’s inability to pay the full amount. Should he be found to have misrepresented his financial condition, the entirety of the judgment will be due immediately.
The other defendants in the case had previously settled with the FTC, agreeing to similar bans and turning over more than $6 million in assets for consumer redress.
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