The New York Appellate Division concluded that all of the promoter's promises need not be false to be convicted of larceny by false pretenses. The promoter made some investments in legitimate enterprises, but he also made others in shell companies that existed in name only. He argued that he was simply the victim of bad investments. The Court held that the bad investments argument was without merit, and the evidence showed that the promoter himself even considered that the program a pyramid scheme.
Full case and case summary also available online at: http://www.mlmlegal.com/legal-cases/NewYork_v_Luongo.php
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.