FleetCor – Citron believes FTC Lawsuit is Imminent

“Let me be clear.  My bet would be that FleetCor is subject to an FTC order either through consent or litigation where FleetCor must pay a significant amount of money and be subject to a consent decree that alters the company’s billing and marketing practices.”

– Former Director of the FTC’s Bureau of Consumer Protection

FleetCor (FLT), the nation’s largest operator of fleet cards, has over the course of 10 years skillfully built a business based on deceiving small and medium-sized businesses into paying excessive and erroneous fees.  This cannot be disputed.  What can be disputed is the legality of the business.

The FleetCor business was best described in a recent Bloomberg article:

“Consumer advocates and some former FleetCor executives say the firm is an embodiment of bare-knuckles, winner-takes-all capitalism, and takes advantage of smaller fish who have little recourse but to complain to regulators or undertake costly litigation.”

https://www.bloomberg.com/news/articles/2019-01-31/ceo-made-357-million-from-small-businesses-3-50-at-a-time

All that is about to change as Citron has good reason to believe that the FTC is about to file a formal lawsuit against FleetCor for multiple violations and force the company to change its advertising/marketing and billing practices.

After extensive due diligence and many conversations with former senior FTC officials including a Director of the FTC’s Bureau of Consumer Protection, an Executive Director at the FTC who spent more than 25 years with the agency, and an Attorney in the Division of Enforcement at the FTC’s Bureau of Consumer Protection, Citron believes we could see a formal lawsuit from the FTC against FleetCor as early as the first week of January.