A Utah man is facing a lawsuit after allegedly running an Amazon storefront scheme that scammed hundreds of individuals out of at least $9.2 million, according to the Division of Consumer Protection.
A complaint filed in 4th District Court claims that Parker Wilde operated a fraudulent business promising people the chance to generate passive income through Amazon stores that he would manage on their behalf.
How the Alleged Scheme Worked
Wilde advertised his service as a way for consumers to create an additional revenue stream. Interested clients were required to pay an upfront consulting fee ranging from $5,000 to $20,000, along with an inventory investment between $7,000 and $10,000 per product type.
In return, Wilde allegedly guaranteed that each participant would earn between $2,500 and $7,200 per month after a 60-day period. He also claimed to have over 100 active clients making an average of $3,000 monthly and assured a money-back guarantee for stores that did not become profitable within a year.
However, according to investigators, there is no evidence that any client actually profited from the program. Instead, many victims reported unauthorized charges on their credit cards, while others claimed their storefronts were either delayed for months or never set up at all.
Where Did the Money Go?
Court records indicate that Wilde used most of the money he collected to purchase cryptocurrency for personal use and pay off his credit card debt instead of fulfilling his promises to clients.
From December 2020 to July 2023, hundreds of consumers entered contracts with Wilde, only to lose tens of thousands—some even hundreds of thousands—of dollars.
One victim, cited in the complaint, stated:
“We have lost the bulk of our life savings due to this scammer.”
Legal Action and Violations
In November 2023, an investigator from the Division of Consumer Protection informed Wilde that he was under investigation. By January 2024, the investigator explicitly explained how he had violated Utah’s Business Opportunity Disclosure Act (BODA).
Although Wilde acknowledged the violations and claimed to understand the legal requirements, he failed to take corrective action.
Now, the state is demanding that Wilde repay the full $9.2 million, along with additional restitution for any affected consumers who come forward.
This case highlights the dangers of investment scams and serves as a reminder for individuals to thoroughly research business opportunities before committing large sums of money.
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