US announces civil enforcement action against fintech app Dave and its CEO

WASHINGTON (Reuters) - The U.S. Justice Department and the Federal Trade Commission announced a civil enforcement action on Monday against financial technology company Dave Inc and its CEO Jason Wilk for alleged violations of federal law.



The agencies alleged the company lured users to its personal finance app by advertising cash advances of up to $500 that many never receive.

The complaint, filed by the Justice Department, seeks unspecified amounts of consumer redress and monetary civil penalties from the defendants and a permanent injunction to prohibit them from engaging in future violations, the Justice Department said.

Source: Investing.com