I watched this movie over the weekend. It is about two guys that grew up in poverty. The older brother initiated the original startup of A&R Cellular. A company that sold wireless services. One thing I noticed, which I’m sure was accurate, is they were calling on businesses asking if they needed the service. The catch was I kept hearing them say no obligation. A few years later, they went into thebusiness. They changed the company to A&R Bankcard and starting calling on businesses about their credit card processing rates. I then hear the same line, no obligation. Everything was going great, they were growing the business. At one point, they sold a piece of their portfolio for one million dollars. Around 2002, they had a buyout offer from any unknown company to me, BGL for 30 million. They became greedy and asked for 50 million.
During the renegotiation of that deal, the FTC finally started investigating the company. The older brother did receive about two dozen notices or calls from the guy from the FTC, but simply ignored them. It finally came crashing down on them. The FTC took the company down. I’m not sure if this part is true, but the brother thought the FTC was hurting an innocent company. If their business practices was how the movie portrayed, then they deserved what they received. Lying and telling merchant’s false information to get merchants signed up is unethical and will eventually come back to bite you, as the A&R brothers soon learned.