ALEXANDRIA, VA. (CN) - An "invention promotion marketer" will settle charges that he duped consumers with false promises, and will dismiss his appeal of a $59 million contempt judgment, which cannot be voided through bankruptcy, the FTC said. Michael S. Fleisher duped customers of his Patent & Trademark Institute, which he set up in 2007 after he and his former associates were found in contempt for violating an order on a predecessor business, International Product Design.
Fleisher and his cronies were ordered to pay $50 million to the FTC in 2007. They were found in contempt of a 1998 order barring his associates from misrepresenting their invention promotion services. All but Fleisher were banned from marketing such services again, the FTC said. Fleisher was not banned because he was not an original defendant in the first case.
The FTC announced the stipulated final order on Tuesday.
Read the Top 8
Sign up for the Top 8, a roundup of the day's top stories delivered directly to your inbox Monday through Friday.