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Harris Jewelry fraud investigation overview:
- Who: The Federal Trade Commission and attorneys general of 18 states have reached an agreement with Harris Jewelry.
- Why: Harris Jewelry allegedly defrauded thousands of service members and veterans.
- Where: The Harris Jewelry lawsuit was filed in New York federal court.
The Federal Trade Commission (FTC) and the attorneys generals of 18 states have recovered $34.2 million on behalf of 46,000 individuals who were allegedly defrauded by nationwide jewelry retailer Harris Originals of NY Inc., Law360 reports.
Harris Jewelry allegedly preyed upon thousands of service members and veterans by offering “vastly overpriced” jewelry, illegal in-house financing contracts and misleading credit repair services.
According to the court documents, Harris Jewelry allegedly misled service members by claiming that contracts financing the purchase of military-themed watches and jewelry would improve their credit history.
A multistate investigation into Harris Jewelry led to the New York State Attorney General’s Office suing the jewelry company in 2018.
Harris Jewelry allegedly violated the FTC Act, the Truth in Lending Act, the Electronic Fund Transfer Act, the Military Lending Act, the Holder Rule and various state laws.
Harris Jewelry to issue refunds, stop debt collection practices, pay states $1M
Under the terms of the FTC agreement, Harris Jewelry will reportedly issue refunds for warranties service members were duped into buying. Additionally, Harris Jewelry will reportedly cease its debt collection practices, remedy poor credit scores and discontinue all of its business operations.
Harris Jewelry will reportedly pay the 18 states a total of $1 million.
“Today’s action against Harris Jewelry shows that companies that target our country’s service members with false promises and deceptive sales practices will face serious consequences,” Samuel Levine, director of the FTC’s Bureau of Consumer Protection, says in a statement. “The FTC is committed to working with state enforcers to halt unfair and deceptive business practices across the marketplace. We are grateful for their partnership in this case, which allowed us to deliver strong relief for servicemembers.”
The FTC investigation reportedly claimed Harris Jewelry marked up its jewelry as much as 1,000% over the wholesale price. On top of the massive markup, Harris Jewelry also allegedly imposed a 14.99% interest rate on the financing contract.
Harris Jewelry is not the only jewelry company accused of making misrepresentations about their products. Paparazzi was recently hit with a class action lawsuit that alleges the jewelry company deceptively represented that its products were free of nickel and lead.
Have you or a family member been affected by Harris Jewelry and its allegedly deceptive sales tactics? Tell us about your experience in the comments below.
The Harris Jewelry fraud investigation is Federal Trade Commission, et al. v. Harris Originals of NY Inc., et al., Case No. 2:22-cv-04260, in the U.S. District Court for the Eastern District of New York.
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4 thoughts onFeds recover $34.2M for service members allegedly defrauded by Harris Jewelry
Please add me
Veteran Sgt Rachel Clark. I was scammed back in 2015 when this happened.
Please add Lance corporal blair Watson. He purchased a 1000$ watch and other jewerly. It stopped working in several months and they repaired it but it never worked again. They deduct their money straight from his check and charged high interest. They do tell you financing improves your credit.
Please add me. Specialist 4 Scott Linman US Army