Payment firm accused in $20M telemarketing scam

Three executives and three company owners behind CardReady LLC, a payment processing sales organization based in Pinellas County, face accusations of credit card laundering in a $20 million scam.

Florida Attorney General Pam Bondi and the Federal Trade Commission, in a new lawsuit, allege CardReady processed nearly $20 million in illegal upfront fees from consumers through a nationwide telemarketing scheme, according to a statement. CardReady created more than 24 fake businesses to launder the illegal fees in a promise “to reduce their credit card interest rates,” the statement says.

Along with the financial loss for consumers, CardReady's fraudulent activities “helped the scammers evade detection from law enforcement and payment networks such as Visa and Mastercard,” the statement says.