News & Analysis as of

Pyramid Schemes

Skadden, Arps, Slate, Meagher & Flom LLP

China Shuts Down ICO Market

For the past few months, issuers of token sales or “initial coin offerings” (ICOs) have known that they were, to some extent, sailing in unchartered waters. Those waters have just gotten a bit murkier with an announcement by...more

Dorsey & Whitney LLP

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The SEC is an agency in transition. There are three open slots on the agency waiting to be filled by the President and the Senate. Many of the senior staff positions are also now open including the Director of the Division of...more

Buchalter

FTC Enters Into Landmark Settlement With Network Marketing Company; Vemma Lives To Play Another Day

by Buchalter on

The sixteen month long lawsuit between the Federal Trade Commission and Vemma Nutrition Company has come to a negotiated resolution under terms which will allow Vemma to continue operating its business under restrictions...more

Kelley Drye & Warren LLP

Vemma Settles Ongoing Litigation with FTC over Pyramid Charges

by Kelley Drye & Warren LLP on

The FTC announced today that it had settled charges with multi-level marketer and seller of health and wellness drinks Vemma over allegations that it operated a pyramid scheme. The FTC initially filed the action in August...more

Manatt, Phelps & Phillips, LLP

Advertising Law - November 2016 #4

CARU Emphasizes Accurate Performance, Use Presentations for Children - Two recent Children's Advertising Review Unit decisions emphasize the importance of providing accurate performance and use presentations for products...more

McGuireWoods LLP

SEC Describes Recent Efforts to Combat Pyramid Schemes and Affinity Frauds

by McGuireWoods LLP on

Over the past two years, the Securities and Exchange Commission (SEC) has stepped up enforcement actions against pyramid schemes and related affinity frauds. Last week, in a speech at the University of Illinois at Chicago,...more

Robins Kaplan LLP

Your daily dose of financial news The Brief – 3.4.16

by Robins Kaplan LLP on

It’s Jobs Report Friday. The Journal suggests that it may again be millennials’ time to shine (especially after scoring 421,000 jobs in January) – WSJ... And while we’re talking US jobs, a recent Federal Reserve working...more

Dorsey & Whitney LLP

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The SEC prevailed in one court case this week but lost in another. In an investment fund fraud action the agency won at trial. In the First Circuit, however, it lost in an appeal of the long running action against two former...more

Dorsey & Whitney LLP

This Week In Securities Litigation

by Dorsey & Whitney LLP on

September 30th Madness dominated this week. The drive for stats was evident as the Commission stacked up cases like cord wood at a pace seldom seen. Twenty-two municipal bond actions were filed in one swoop; an insider...more

Dorsey & Whitney LLP

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Yates Memo, refocusing DOJ criminal and civil corporate investigations, continues to be the critical topic of discussion this week. The Memo, discussed here, directs that individuals be the focus of the inquiry from the...more

Blake, Cassels & Graydon LLP

Court Clarifies Conditions to Certify a Class Action for Damages under Section 36 of the Competition Act

On August 7, 2015, Justice R. LeBlanc of the Federal Court of Canada dismissed a motion to certify a class action in Murphy v. Amway Canada Corporation, clarifying the conditions a proposed class plaintiff must meet in order...more

Dorsey & Whitney LLP

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The SEC filed three actions following-up on its settled proceeding against Oppenheimer for selling millions of shares of unregistered penny stocks. Each individual settled with the agency. In addition, the Commission brought...more

Burr & Forman

FINRA Issues Guidance on Avoiding Investment Scams

by Burr & Forman on

The Financial Industry Regulatory Authority (“FINRA”) recently issued an Investor Alert (the “Alert”) to warn investors about the most prevalent types of investment fraud and provide guidance on how to avoid being defrauded....more

Dorsey & Whitney LLP

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission recently filed an amicus brief defending its Dodd-Frank whistleblower rules. Those rules specify that the anti-retaliation provisions of those amendments to the Exchange Act protect those who chose not to...more

Brooks Pierce

Securities Enforcement Forum 2014 — Directors Panel

by Brooks Pierce on

Yesterday I blogged from the Securities Enforcement Forum 2014, Bruce Carton’s excellent one-day conference, held at the Four Seasons hotel in Washington, D.C. The posts will be fairly raw, and certainly not verbatim...more

Dorsey & Whitney LLP

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission announced its largest whistleblower action this week – an award to a person overseas of over $30 million. The agency also filed a series of actions this week....more

Babener & Associates

Tennessee Recognizes Personal Use in New Legislation

by Babener & Associates on

On July 1st, 2014, Tennessee became the latest government/regulatory entity to adopt updated MLM/Pyramid legislation recognizing “personal use” in pyramiding analysis. The Tennessee language is similar to language adopted...more

Orrick, Herrington & Sutcliffe LLP

Ninth Circuit Agrees with FTC that Online Marketing Program Was an Unlawful "Pyramid Scheme"

The legal status of many membership programs promoted via social media and spam has been called into question by a recent decision of the U.S. Court of Appeals for the Ninth Circuit, which affirmed a judgment that one such...more

Davis Wright Tremaine LLP

Nu Skin Fined in China for Improper Direct Sales Activities

by Davis Wright Tremaine LLP on

The investigation was launched as a direct result of a series of news reports by the People’s Daily, China’s official newspaper released in January 2014, alleging that Nu Skin China had organized “brainwashing” gatherings,...more

Dorsey & Whitney LLP

SEC Brings Another Pyramid Scheme Action

by Dorsey & Whitney LLP on

Following the disclosure of the massive Madoff fraud, Ponzi scheme cases became a staple of SEC enforcement. More recently the agency seems to be focusing on another type of investment fraud scheme — pyramid schemes. At the...more

Dorsey & Whitney LLP

SEC Wins Freeze Order Over “Cloud Computing” Pyramid Scheme

by Dorsey & Whitney LLP on

The “cloud” is a current focus for investors. There is cloud computing, cloud storage and new firms with cloud services. And the Commission discovered a “cloud” investment program that promised a 100% return in 100 days and...more

Babener & Associates

Press Release: Belgian Court Ruling Declares Herbalife Legitimate Operating Business

by Babener & Associates on

A Belgian appellate court declared December 3, 2013 that Herbalife is in fact operating in compliance with Belgian law, reports Yahoo! news. This ruling is in response to previous claims by the consumer organization,...more

Babener & Associates

New Video Segments from MLMLegal.com – Cross-examination of Dr. William Keep by Travelmax Trial Counsel, Jeffrey Babener

by Babener & Associates on

New Video Featuring the Cross-examination of Dr. William Keep by Lead Travelmax Trial Counsel, Jeffrey Babener Although Dr. Keep was called by the State of Kentucky as an expert witness to support the State’s case on...more

Babener & Associates

Gifting Club?… Run the Other Way…

by Babener & Associates on

A gifting club usually begins unintentionally between friends, family and neighbors. Unlike the traditional pyramid scheme, gifting clubs are not promoted as an investment by fraudulent financial advisers. Gifting clubs are...more

Babener & Associates

Eight Ways to Identify an Illegal Pyramid Scheme

by Babener & Associates on

The last thing you want to do is join an illegal pyramid scheme. Here are eight red flags to look for when considering joining a direct selling, MLM, network marketing opportunity: 1. Promotions where the business...more

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