Fintech startup Beam Financial and its chief executive officer deceived customers about its high-interest bank account and didn’t return their deposits, the Federal Trade Commission said in a lawsuit Wednesday.
Beam allegedly kept customers’ funds for several weeks or months despite promising app users “24/7" access to their money, the FTC said in a complaint in the U.S. District Court for the Northern District of California. The suit also names as a defendant Beam’s founder and CEO Yinan Du, also known as Aaron Du.
In some cases Beam customers never received their withdrawn money despite repeated requests and complaints, the ...
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