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FTC Puts a $450 Million Foot Down

by KingOfContentMarketing
8 replies
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The FTC fines Jeff Paul's Internet Millions and two other marketers:

FTC Destroys The John Beck Free And Clear Real-Estate System With A $450 Million Judgement | IMGrind.com
  • Profile picture of the author Don Schenk
    As I recall, Gary Hewitt and Douglas Gravink were the ones behine the coaching scam that brought in the complaints.

    Probably 15 or so years ago I bought Jeff Paul's make money in your underwear program. My employees all ran away screaming when I showed up at work almost naked.

    But the system did work. I made some nice money with it.

    :-Don
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  • Profile picture of the author MoneyMagnetMagnate
    Funny...John Beck preaches basically the same thing banks are doing, yet he gets fined 450 mil for fraud, and the banks just get to go on doing it...???
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    • Profile picture of the author thunderbird
      Originally Posted by MoneyMagnetMagnate View Post

      Funny...John Beck preaches basically the same thing banks are doing, yet he gets fined 450 mil for fraud, and the banks just get to go on doing it...???
      Beat me to it. What's with these bogus recurring bank "service charges" for accounts that have no activity? What about the looting practice of charging for ATM use? How about that new charge to see llsts of transactions on an ATM? Banks also offer an array of crappy investment plans that, from what I've personally experienced more than once, lose money.

      Bank looting fraud is astronomically more vast and far-reaching, affecting almost every citizen as they get looted on a monthly and even daily basis -- and consumers basically have little or no choice about the matter, while comparatively few people get sucked into any Internet marketing scams. The FTC is too hypocritical and cowardly to go after the big fish.

      How about cracking on on credit card companies that parasitically profit at 2% to 5% or more for every transaction involving a credit card, looting it from business owners?
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      • Profile picture of the author MoneyMagnetMagnate
        Originally Posted by thunderbird View Post

        Beat me to it. What's with these bogus recurring bank "service charges" for accounts that have no activity? What about the looting practice of charging for ATM use? How about that new charge to see llsts of transactions on an ATM? Banks also offer an array of crappy investment plans that, from what I've personally experienced more than once, lose money.

        Bank looting fraud is astronomically more vast and far-reaching, affecting the unjustified looting of almost every citizen on a monthly and even daily basis -- and consumers basically have little or no choice about the matter, while comparatively few people get sucked into an Internet marketing scams. The FTC is too hypocritical and cowardly to go after the big fish.
        Oh, no no TB - those aren't "service charges"...those are "convenience fees" - which means basically, they charge you for making their life easier by automating out a human process. Like Ticketmaster...only it's for their entertainment - not yours....:rolleyes:
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  • Profile picture of the author mosthost
    Good for them. Get rich quick schemes hurt the most vulnerable people in society (suckers who don't know it takes real work to make money.)

    I expect this is just the tip of the iceberg.
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  • Profile picture of the author HeySal
    What I wonder is - if there is so much being made in punitive damages -- will any of the customers that lost money see any of this money back or does the gov just get to keep it all? Are they really out to "protect" us (seems to be their usual BS) or did they just find a new scheme to make more money for themselves?
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    • Profile picture of the author seasoned
      Originally Posted by HeySal View Post

      What I wonder is - if there is so much being made in punitive damages -- will any of the customers that lost money see any of this money back or does the gov just get to keep it all? Are they really out to "protect" us (seems to be their usual BS) or did they just find a new scheme to make more money for themselves?
      ACTUALLY, the way it works is THIS.....

      1. They borrow money. The government often gets most of the interest.
      2. The government taxes and has regulations that make MORE money.
      3. Some government loans/fees are paid regardless.
      4. The government has various court/lawyer costs paid on both sides.
      5. The FTC fees, punitive damages, and interest are NOT paid to the class!!!!!
      6. Lawyers get MOST money in a bankruptcy, or settlement of a class..
      7. They often settle for a smaller amount so THEY get a lot, and do little work.
      8. The government gets MORE money.
      9. The customers get a portion back, which may be pennies on the dollar.

      I have been a creditor in three government actions, that I can recall...

      1. $250, from the FDIC. The payment was like $15.
      2. $5000, from FBI. The payment was like $250, IIRC. I was told not to bother looking for more.
      3. about $15,000, bankruptcy. I was told to pay about $6,000 MORE, and forget it!

      Sounds NICE, HUH!

      And don't forget GM! Investors lost their shirts! How would YOU like to invest THOUSANDS in GM and years later see it take off, and hear the stock skyrocketed and, when you try to cash in your stick, find that it is no longer for GM, and is now WORTHLESS!!!!!!?

      Steve
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  • Profile picture of the author KimW
    Sal, of course the government is keeping it.
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