Consumer Report Now Available: The Main Street Bubble
The new report from Pyramid Scheme Alert, “The Main Street Bubble: A Whistle Blower’s Guide to Business Opportunity Fraud; How the FTC has Ignored and Now Protects It” is now available to the public at no charge. If you have an interest in seeing this report, email PSA. Include the words “Main Street Bubble” in the subject line.
In the wake of the Bernard Madoff Ponzi scheme collapse and other Wall Street frauds, there have been shocking revelations about neglect, collusion and incompetence at the Securities & Exchange Commission (SEC). A similar pattern developed at United States Federal Trade Commission (FTC), the federal agency charged with investigating and prosecuting “business opportunity frauds” and pyramid schemes.
In 2001, nearly all consumer protection in this area stopped at the FTC. What happened to cause this radical change? How did the FTC move from protecting consumers to protecting pyramids?
The story has been researched and presented in a new report authored by Pyramid Scheme Alert president, Robert L. FitzPatrick, with help from many other consumer activists. The 21-page report details political influence-buying, conflicts of interest, and failure to protect the public. The story is eerily similar to the recent revelations of the SEC, which led to Wall Street frauds and the Bernard Madoff scam.