FTC, Georgia Allege Electronics Buyback Company Ran Bait-And-Switch Scheme

A Nevada-based electronics buyback company and its owner allegedly bilked consumers in a bait-and-switch scheme that promised high payouts for used smartphones, tablets and other devices, but delivered "far less," as little as 3 to 10 percent of the original quotes, the FTC said in a Tuesday news release. Commissioners voted 3-0 to issue the complaint against Laptop & Desktop Repair -- which also goes by cashforiphones.com and cashforlaptops.com, among other names -- and owner Vadim Olegovich Kruchinin. Georgia also charged the defendants. Last week, the U.S. District Court in the Northern District of Georgia issued an order to the defendants to stop the alleged practice and to freeze its assets. The complaint alleged thousands of consumers complained to the FTC and other consumer protection agencies. A phone number for Laptop & Desktop Repair found through the Better Business Bureau website played a recording of business hours, but didn't provide a way to leave a message for comment.