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The SEC in July of 2016 stepped in and asked for a temporary restraining order against Traffic Monsoon. They claimed it was a Ponzi scheme that took in $207 million from more than 160,000 investors around the world.
The founders of 5linx Craig Jerabeck, 56, of Rochester, Jeb Tyler, 44, of Penfield, and Jason Guck, 42, of Victor, were charged by federal prosecutors on 3/23/2017 with wire fraud and conspiracy. Each faces 20 years in federal prison and a half-million dollar fine if convicted.
UFUN representatives did not mention their products in their sales pitches. Instead, they urged people to expand their teams by offering high-value items such as cars or gold bars. That way, the money made mainly came from new members rather than selling products. In other words, UFUN was a pyramid scheme. Now they are paying the price.
The New Jersey State Senate voted 37-0 on 3/13/2017 to pass Assembly Bill A-2004, which would allow penalties of up to 10 years for the leader and 18 months for any recruiters in a pyramid scheme.
I have reported on the the Wings Network scam in the past. The Wings Network was promoted to people all around the world including the United States. The Wings Network was a multi-level marketing program that was advertised online, and was being sold door-to-door or through friends and relatives.
LuLaRoe has been sued after a recent flood of customer complaints made to the Better Business Bureau, claiming in some cases that they were charged incorrect sales tax and double-charged for merchandise. They also complain that the company’s products were of poor quality and that they had difficulty reaching customer service to discuss their problems.
The Federal Trade Commission is mailing 2,031 checks totaling more than $436,000 to people who lost money to Money Now Funding, a work-at-home scheme that conned people, including many seniors with limited income and savings, into thinking they could make money by referring merchants in their area to a non-existent money-lending service.
I love a great scam busting idea and this is one of them: The Little Black Book Of Scams. This book has been put together to help people avoid the many scams that are out there trying to take advantage of them. By reading this book you can learn to spot, avoid, and protect yourself against scams.
The Federal Trade Commission is mailing checks to nearly 350,000 people who lost money running Herbalife businesses. The checks are the result of a July 2016 settlement with the FTC that required Herbalife to pay $200 million and fundamentally restructure its business. This represents one of the largest distributions the agency has made in any consumer protection action to date.