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Notice: 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. |
Al Petty IndictedOctober 24, 2002 According to an article in the Longview News-Journal, on October 4, 2002, Al Petty (see below) was indicted for the third time in as many months on charges of stealing millions of dollars from investors in Telecom 2000. The indictment detailed 98 counts, including wire and mail fraud, and money laundering, and supersedes two prior indictments. Petty has pleaded not guilty. On October 23, a prosecution witness testified that Petty had stated he "didn't trust the government" to know how much money he had, and described some of the tactics Petty used to move money around. Petty was accused in June of operating a Ponzi scheme. |
BBB Warns About Telecom 2000 Network |
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