Florida-based MLM, Own My Travel, Is Sued by SEC for Operating a Pyramid Scheme
August, 2009
A small MLM in Florida called Own My Travel has been sued by the Securities and Exchange Commission for operating a pyramid scheme and selling unregistered securities. The scheme claimed it is a typical MLM and that it offers a product – discounted travel services – and is not paying people for recruiting. The SEC claims that the scheme merely is charging membership fees and then transferring portions of the fees from later investors to earlier ones. Some readers will see a stark similarity between Own My Travel and the Canadian scheme, Business in Motion. Read More. . .
