Important Improvements and Updates to Pyramid Scheme Alert's Website
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December 11, 2008Att: Consumers, Journalists, Educators, Regulators, Attorneys, Financial Consultants
Important additions and improvements have been made to the website of Pyramid Scheme Alert (http://www.pyramidschemealert.org). These changes have been requested by many people and make this unique site more accessible and valuable. Last month the PSA site provided help to visitors from 108 countries.
1. The PSA site now offers a Google search function. With key words, viewers can now quickly access relevant articles, news and essays on particular companies and issues. The search results do NOT have advertising. Sadly, many consumer searches for factual information on frauds and scams produce advertising for frauds and scams! The PSA site is advertising-free.
2. All PSA Email Updates are now available on-line. This archive provides the full Updates in original format for consumer reference and review. PSA Updates focus on current and highly relevant issues or on major news developments. They include links to PSA web pages that offer more resources or greater depth. (Note: some external links on archived Updates may have expired.) To ensure that you receive future Updates, please use the request form.
3. One important Update is highlighted and linked on PSA's Index Page. Published in October, 2007, the article addresses the most frequent question and greatest concern of PSA site visitors. The question is about the fundamental legitimacy of multi-level marketing (MLM). Every day, consumers and journalists send questions to PSA about one MLM company or another. They ask, "Is this one a scam?" "How could this one possibly be legal?" "Are ALL MLMs scams?" A common pattern is for consumers to move from one MLM scheme to another, losing money in each, but still believing that most are legitimate, despite their negative experiences, suspicions and financial losses.
The linked Update addresses these questions directly. The article is entitled, THE WAY IT IS: PLAIN FACTS ABOUT MULTI-LEVEL MARKETINGMany consumers who have invested their greatest hopes in MLM or have been spellbound by slick MLM promoters with promises of financial salvation may have difficulty handling the truths and facts presented in this essay.
Many of us in PSA see major - and very positive - changes coming in 2009. The grip of political influence-buying by pyramid schemes that has shut down federal law enforcement for the last 8 years may soon be loosened. Also, other countries such as India and England are now cracking down on US-based MLM schemes. We are seeing much greater interest in reporting pyramid fraud in the news media. And, several important lawsuits against pyramid scams are moving forward in the courts.
However, at the same time, the worsening economic Recession is already spawning many new scams and pushing more consumers into desperate financial conditions, making them more vulnerable. MLM pyramid schemes produce financial loss to 99% of all who invest in them. During a Recession, the consequences of such losses for families will be much worse.
The work of PSA is made possible by volunteers in many countries and by financial donations. We welcome your support.
Sincerely,
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