In the Fifth Circuit of the United States Court of Appeals, bringing a class action lawsuit against an alleged pyramid schemes just got a heck of a lot harder. According to one of the three Circuit Judges presiding over the case, the court’s decision gives illegal pyramid schemes a “Teflon coating” and protects them “not […]
This is Part Two of our series on the Vemma ruling. In Part One of our Vemma analysis, we dissected the Court’s ruling and attempted to explain the basis for the Judge’s conclusions. Part Two is a discussion on the Order’s implications for Vemma and the industry. Before we begin, it’s important to understand that […]
This article was written jointly by both Kevin Thompson and Kevin Grimes As most of you know, the FTC sued Vemma, alleging the company to be a pyramid scheme. Without a hearing, the FTC convinced a federal judge to shut down the company with a temporary injunction. On September 15, Vemma had an opportunity to […]
Below is an excerpt from my article about the Ninth Circuit opinion on BurnLounge. The article can be read in full over at Seeking Alpha. It’s an important subject. Click here to read it. Summary The Court successfully threaded the needle on the issue of “ultimate users,” essentially creating two classes of participants. The Court provided […]
If you’re reading this via email, please click the image above to view my video on the subject. The FTC is finally starting to talk, and we better pay attention. The FTC has recently announced a “Stipulated Order for Permanent Injunction” in its case against Fortune Hi Tech. There’s no surprise here…the founder of FHTM […]
Hat tip to Don Ryan over at ASD Updates for breaking the story on the lawsuit.