Qualpay Inc. and Synovus Bank to hand over total value currently held in the MOBE Reserve Accounts, $6,314,342.09, to the Receiver no later than Thursday, August 16, 2018, by check payable to the Receiver, or in such other form as the Receiver and Qualpay Inc. or Synovus Bank may agree.
This is after a heated court battle that was based on the principle that the payment processor Qualpay Inc. and the bank Synovus Bank reserves the right to withhold funds for a specific reason. Both companies argued that they had rights to keep the money due to their terms of agreement with MOBE. Unfortunately the judge does not see it this way, court ruled that since the owner of the money is MOBE that they will be require to turn over the money to the FTC.
This is great news for those customers of MOBE that have not been able to get a refund or any money that was owed to them. Although these funds might still be held until the court hearing is over it still means that $6.3 Million dollars is accounted for and not help up in assets such as real estate and equipment.
