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Fortune Hi Tech Marketing Pyramid Scheme Shut Down

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Fortune Hi Tech MarketingFortune Hi Tech Marketing (FHTM), a multi-level marketing company I’ve reported on previously (and was interviewed about) was shut down today by the Federal Trade Commission. It is being reported that federal agents raided the company’s Lexington, Kentucky office.

Law enforcement says that 100,000 people across the country were recruited into FHTM, each paying $100 to $300 per year for the right to receive recruiting and sales commissions. A complaint was filed against Fortune HiTech Marketing on Thursday, and the judge issued a temporary restraining order to shut the company down.

Steve Baker, the head of the FTC’s midwest office said “..the plan was set up so that 96% of people lose money.”  He also said:

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Update on YourTravelBiz.com Legal Proceedings

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Earlier this week I wrote about the California Attorney General filing a lawsuit against YourTravelBiz.com (YTB) and calling the company a “gigantic pyramid scheme.” Of course, the company has published a response to the lawsuit that tends to seriously downplay the charges against them. They list the charges, which do not sound all that serious: Unfair Competition and False Advertising.

What YTB neglects to mention in its statement about the lawsuit is all the good stuff in the complaint about the company being a pyramid scheme. Here is what the company had to say about the lawsuit:

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