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I’m honestly kind of shocked to see the FTC is shutting down anyone. They are a notoriously weak regulator thanks to decades of special interest lobbyists convi
by elliekelly 6y ago
I’m honestly kind of shocked to see the FTC is shutting down anyone. They are a notoriously weak regulator thanks to decades of special interest lobbyists convincing congress consumer protection is bad for business. It makes me wonder what on earth the FTC (and perhaps other federal agencies?) had on Beam that they would agree to this settlement.
- refulgentis 6y agoRTFA! :) They were guaranteeing insanely high interest rates, it was designed to fail
- justinclift 6y agoMaybe a pyramid scheme that was caught early?
- blunte 6y agoPonzi which predictably collapsed when the rate of new funding couldn’t keep pace with the compounding interest payouts.