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Pyramid Scheme Alert (PSA) provides current and historical news items that are of interest to our members and visitors. None of the reports or commentaries is intended to imply that any of the referenced companies have been charged or convicted as illegal pyramid schemes.

BBB Warns About Telecom 2000 Network

Owner of Telecom 2000 has Assetts Frozen

Al Petty Indicted

Read News Article About Indictment

Owner of Independence 2000 America and TeleCom 2000 Network has Assets Frozen, Disappears

June 10, 2002

Al Petty, self-proclaimed reverend, musician and financial guru, has disappeared from his home in Overton, TX.

A federal judge ordered his assets, amounting to about $400,000 in accounts in a Tyler, TX, bank, frozen as part of a pre-indictment preliminary injunction. The FBI claims that Petty was running a Ponzi scheme. He has been under investigation for violating 18 laws including mail fraud, wire fraud, money laundering and financial transactions with the proceeds of fraud.

Telecom 2000 was also the subject of a recent warning by the Better Business Bureau.

This page last updated on 10/11/2004