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This is encouraging, but I wonder how whistleblowers or BBB backed complaints haven't resulted in more federal / class-action suits against get-rich-quick scamm

This is encouraging, but I wonder how whistleblowers or BBB backed complaints haven't resulted in more federal / class-action suits against get-rich-quick scammers like Grant Cardone and Thai Lopez common on YouTube?

deleted 6y ago
[deleted]
darkstar999 6y ago
> BBB The Better Business Bureau is non-governmental and has no authority to do anything.
- cjlars 6y ago
  It's basically pre-internet Yelp
  - TwoBit 6y ago
    But without the extorsion racket that Yelp runs?
    - cjlars 6y ago
      BBB Accreditation program?
    - elgenie 6y ago
      Nope, with that too [1]. It seems to come with the territory. [1] https://business.time.com/2013/03/19/why-the-better-business-bureau-should-give-itself-a-bad-grade/ https://business.time.com/2013/03/19/why-the-better-business...
timavr 6y ago
Well, I don't think Grant and Thai are scammers from SEC point of view. They run marketing companies, selling books, lectures, online courses. They also have investment vehicles on the side, but they are pretty straight forward. SEC mostly will be fine if principals disclose the risks to investors in prospectus and do correct accounting. Companies mostly run intro trouble with SEC for issuing securities illegally, not complying with market reporting procedures, cooking books. We can open the company that teaches people how to live longer, based on some BS that we cooked up and charge 10k an hour. As long as in our prospectus we are clear, that there is no scientific evidence that our product does anything and we believe that our BS teachings help people to live longer, we should be good in SEC eyes.It will help to lawyer up when we are doing those prospectus, but I am pretty sure Grant and Thai lawyered up to their ears.
ikeboy 6y ago
There's been some - see e.g. FTC v Adam Bowser https://www.ftc.gov/news-events/press-releases/2018/10/marketer-get-rich-amazon-scheme-settles-ftc https://www.ftc.gov/news-events/press-releases/2018/10/marke...

deleted 6y ago

[deleted]

darkstar999 6y ago

> BBB The Better Business Bureau is non-governmental and has no authority to do anything.

cjlars 6y ago
It's basically pre-internet Yelp
- TwoBit 6y ago
  But without the extorsion racket that Yelp runs?
  - cjlars 6y ago
    BBB Accreditation program?
  - elgenie 6y ago
    Nope, with that too [1]. It seems to come with the territory. [1] https://business.time.com/2013/03/19/why-the-better-business-bureau-should-give-itself-a-bad-grade/ https://business.time.com/2013/03/19/why-the-better-business...

timavr 6y ago

Well, I don't think Grant and Thai are scammers from SEC point of view. They run marketing companies, selling books, lectures, online courses. They also have investment vehicles on the side, but they are pretty straight forward. SEC mostly will be fine if principals disclose the risks to investors in prospectus and do correct accounting. Companies mostly run intro trouble with SEC for issuing securities illegally, not complying with market reporting procedures, cooking books. We can open the company that teaches people how to live longer, based on some BS that we cooked up and charge 10k an hour. As long as in our prospectus we are clear, that there is no scientific evidence that our product does anything and we believe that our BS teachings help people to live longer, we should be good in SEC eyes.It will help to lawyer up when we are doing those prospectus, but I am pretty sure Grant and Thai lawyered up to their ears.

ikeboy 6y ago

There's been some - see e.g. FTC v Adam Bowser https://www.ftc.gov/news-events/press-releases/2018/10/marketer-get-rich-amazon-scheme-settles-ftc https://www.ftc.gov/news-events/press-releases/2018/10/marke...