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FDIC calls on Newsmax to stop publishing and correct 'misleading ads'

Y2kTheNewOldies

Y2kTheNewOldies

https://www.cnn.com/2020/03/20/media/fdic-newsmax-advertisment/index.html

Newsmax has aired ads from a company called Monetary Gold

New York (CNN Business)The Federal Deposit Insurance Corporation on Thursday called on Newsmax, a conservative media outlet, to issue a correction and stop publishing advertisements with a false claim from a precious metals trader.

The request came after the FDIC demanded the company, Monetary Gold, "stop and correct its misleading advertising that falsely claims consumers' FDIC-insured deposits are at risk of forfeiture."

"The FDIC is separately calling upon Newsmax.com to stop publishing these misleading ads and to issue a correction to its readers following its publication of 'Walls Street's Worst Nightmare,'" the FDIC said in a press release.
In the March 17 email advertisement cited by the FDIC, Monetary Gold said that federal law allowed banks to seize money from checking, savings, and other accounts and "use those funds when necessary to keep itself, the bank, afloat."
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