Montana has banned a prominent Lexington network marketing company from the state after a five-month investigation found that the company is an illegal pyramid scheme.
Former Danville basketball coach Paul Orberson is the founder and owner of Fortune, which has received as much $1.9 million from Montana residents. The company is prohibited from doing business there until there is a hearing or settlement, said Jackie Boyle, spokeswoman for the Montana Auditor’s office.
Brown Sues To Topple Online Pyramid SchemeWhat does Brandon say about Zamzuu / YTB?
FOR IMMEDIATE RELEASE
Contact: Gareth Lacy (916) 324-5500
Brown Sues To Topple Online Pyramid Scheme
LOS ANGELES--California Attorney General Edmund G. Brown Jr. today announced a lawsuit against YourTravelBiz.com for operating a "gigantic pyramid scheme" that recruited tens of thousands of members with deceptive claims that members could earn huge sums of money through its online travel agencies.
|Irvin Shirindzi lead away by police|
after being arrested for running
TVI Express pyramid scheme
in Limpopo South Africa
(photo from Observer.co.za)
Following my comments on the TVI Express pyramid scheme recently I got this email:
"I have two questions: First; in business, do you buy only a product as a consumer? Second; why did the author not mention that some members of TVI are successful? Was it deliberate or was it through ignorance? Do not criticise systems that you are not a member of. You would be more convincing if you joined TVI and became a failure. Remember, many people have invested in 'genuine' businesses, and have failed. Inference, therefore, every business is a scam"
Where should I begin?
In business, no, you also buy services as well as products. But with TVI Express they don't offer either. All they offer is the chance to make money from recruiting other people. That's a pyramid scheme.
Why didn't I mention "that some members of TVI are successful"? Because the ones at the top only make money by cheating other people. I criticise burglars and thieves for the same reason.
So I'm not qualified to criticise a pyramid scheme until I've joined it and had my money stolen? That's just silly. I don't need to jump out of a plane without a parachute to know it's a bad idea. I don't need to burn cash to know it's a bad idea. I don't need to commit a crime and go to prison to know that it's a bad idea. I don't need to have joined the TVI Express pyramid scheme and lost money to know that it's a bad idea.
So because TVI victims lose money and so do some investors in real businesses, then all businesses are a scam?
I really hope you have nothing to do with the education of children.
BoN warns against TVI Express
WINDHOEK – Bank of Namibia maintains its position that the popular Travel Venture International (TVI) Express is a pyramid scheme, and would be forced to go after those engaged in the scheme, since it contravenes Namibian banking laws.
However, the Namibian chapter of TVI Express continues operations and the members say changes have been made to conform to “African laws”. These changes should satisfy the concerns expressed by the central bank.
South Africa’s central bank has also launched an investigation into the activities of TVI Express, but according to Namibia’s head of TVI Express, Magnus Nangombe, the investigation appears to be “an agenda, and issue driven by consumer watch [bodies]”, who are not in favour of the TVI Express business model.
The South Africa Reserve Bank says Nangombe had never had a problem with TVI Express before until the renewed agenda from consumer watch bodies.
Ironically, the Bank of Namibia is under the impression that TVI Express is no longer active in the country since the bank issued statements last year, for people to desist from engaging in TVI Express activities.
It now warns that the Act sets clear procedures on how to take the TVI case further, referring to legal action, if the persons involved failed to repay the monies taken from the public.
“Should the bank find that TVI Express failed to adhere to the directives given to them earlier; this will leave the bank with little option but to invoke the provisions of the law and institute legal action,” said Bank of Namibia in response to questions from New Era.
Nangombe says they have “restructured TVI activities to operate according to the continent, with director for TVI Africa sitting in Johannesburg”.
“There are many changes made and we in Namibia would also check what changes are needed,” he said adding that they are “not afraid” of the agendas that would meet them in a bid to stop TVI Express operations, neither does he foresee any problem once the changes are announced.
According to information obtained by New Era, the changes made revolve around redefinition of terms involving the taking of money from the public.
The South African Reserve Bank is conducting investigations into TVI Express activities, and media reports suggest that an estimated 100 000 South Africans have invested in TVI Express, and more than N$144 million in cash transactions and investments have been identified thus far.
TVI Express members in Namibia are estimated at about 3 000 people. TVI Express is banned in China, USA, Britain, Australia, while Swaziland has also issued a warning asking the company not to operate in their country.
TVI Express Leader Arrestedhttp://www.ujungpandangekspres.com/view.php?id=70833
Majene, Upeks - Post-examination of the Leader TVI Express Majene, Majene Police officers investigating last Friday (12 / 8) establish and hold the LTF man, a resident of Environmental Lipu, Village Labuang, District Banggae as suspect cases of alleged fraud and embezzlement.