In 2019, the Federal Trade Commission sued 8 Figure Dream Lifestyle LLC and nine co-defendants for using illegal robocalls, live telephone calls, text messages, internet ads, emails, social media and live events to sell bogus money making opportunities.  The defendants falsely claimed that people using their programs could earn $10,000 or more within 60 days.  The truth is that these representations were false.  The truth is that most people lost their entire investment.

Now, after settling their lawsuit,  the FTC is  sending refunds to victims of this scam by PayPal as well as checks.   For more information about this particular refund program check out the “FTC Scam Refunds” tab in the middle of the first page of http://www.scamicide.com. You can find information there about the mailing of the refund checks.  There is no cost or fee to file a claim or get a refund.  Anyone who tells you differently is trying to scam you.

TIPS

The sale of business opportunities is regulated by the FTC’s Business Opportunity Rule which requires the sellers of business opportunities to provide a one-page disclosure document outlining important facts about the offering including informing you about any legal actions in which the sellers have been involved. In this particular case some of the defendants had previously been sued by the FTC for operating a similar scam. The disclosure also has to provide you with details as to any refund policy and provide a list of references. Additionally, as is always the case with these types of scams, if they make claims about how much money you can earn through their scheme, they must provide you with an Earnings Claim Statement that indicates in detail the specifics of those claims and the opportunity to see written proof of the claims.

Before considering any kind of business opportunity, you should have a lawyer review these required disclosures and if the person offering you the business opportunity does not provide these documents, you should consider that a red flag that this is a scam. You also should investigate the people behind the offering as well as the particular type of business opportunity.

For those of you receiving the Scam of the day through an email, I just want to remind you that if you want to see the ever increasing list of Coronavirus scams go to the first page of the http://www.scamicide.com website and click on the tab at the top of the page that indicates “Coronavirus Scams.”  Scamicide was cited by the New York Times as one of three top sources for information about Coronavirus related scams.

If you are not a subscriber to Scamicide.com and would like to receive daily emails with the Scam of the day, all you need to do is to go to the bottom of the initial page of http://www.scamicide.com and type in your email address on the tab that states “Sign up for this blog.”