"Classic pyramid scheme" halted An Illinois judge has frozen the assets of alleged operators of a pyramid scheme that pulled in more than 100,000 people in the United States and Canada, the Federal Trade Commission said Monday. Fortune Hi-Tech Marketing, a Kentucky business, claimed participants could "achieve financial independence" by selling security systems, satellite-TV and cell-phone service and other products and services. But very little product was sold and "the vast majority of people ... lost their money," the FTC said. Participants paid a $100-$300 annual fee, a $130-$400 monthly fee and automatic monthly charges for products. Seven businesses and individuals associate with FHTM have been civilly charged in the scheme. FHTM said it will defend itself and expects to be vindicated, the Associated Press reported. Click here to read the complaint and other court filings.
"Classic pyramid scheme" halted
Scheme pulled in more than 100,000 people, most of whom lost their money, FTC says.
January 28, 2013 at 10:58PM
Advertisement
about the writer
Jane Friedmann
A man impersonating a police officer shot and killed Minnesota state legislator Melissa Hortman and her husband at their home in what Gov. Tim Walz called ''targeted political violence.''
Advertisement
Advertisement
To leave a comment, .
Advertisement