| Comment Number: | 522418-01815 |
| Received: | 6/12/2006 8:53:56 AM |
| Organization: | From the Defunct Vartec/ Excel Telecommunications |
| Commenter: | Valerie Anderson |
| State: | MN |
| Subject: | Business Opportunity Rule |
| Title: | Notice of Proposed Rulemaking |
| CFR Citation: | 16 CFR Part 437 |
| No Attachments |
Comments:
I am completely in support of this new FTC proposal in regulating "ALL MLM's" This is a good step in the right direction. Words cannot express the humiliation, financial loss and lost respect and trust from friends and family members...whom were persuaded by me because they trusted me...to join the MLM Vartec/Excel. If this FTC proposal was in place back then...Many lives and their financial well being would have been better protected from the atrocities from the likes of Vartec/ Excel. I can easily, compare Vartec/Excel to Enron. The top leaders/owners in the upline of Vartec/Excel who continued to mislead and steal millions knowing full well...at least a good year ahead of time that they would be terminating the MLM...due to severe financial difficulties...that were NEVER NEVER revealed until barely 7 days before their bankruptcy procedures and intentions would be come publicly known! At which time they closed the bank account they used to send the reps their checks. Tens of thousands of checks BOUNCED!...not even honoring what they owed the reps. VARTEC/EXCEL stole millions through deception. Claiming to be a 2 Billion Dollar ROCK SOLID company. Taking as much as $799.00 from each new rep signed up as well as binding each rep and their downline and customer base with 1-2yr cell phone contracts through promises of residual income everytime someone paid their phone bill! Knowing full well this would never be fulfilled...as they were planning to terminate everyone worldwide. Even...after the termination of their representatives...they held everyone affiliated with the company to their cell phone contracts!!! And turned them into Collections/Credit Bureau when they did not pay!!! The class action law suit that was filed and won against Vartec...only amounted to a few pennies on the dollar compared to what they stole/owed the reps!! The big wigs got to keep their ill-begotten stolen spoils that they lined their pockets with. Not to mention...NO prison time!! The real barn-burner is this....VARTEC is still doing business...YES still doing business...under our current laws...they are still allowed to do business as a "Legit" telecommunications company. What a travesty of justice. The most compelling point I have to make is Vartec/Excel is just one..of tens of thousands MLM's with bad business practices and extortion of funding...DUE to the fact...they are not being regulated and watched by the FTC. I believe this FTC proposal is an absolute "Must". The FTC should regulate all MLMs holding the originators/crooks accountable for their actions! Making it difficult for these scandals to cook the books in their home-basement and on-line schemes. The FTC must not cave in to the pressures of these MLM's not to be regulated!! If they are legit...they have nothing to worry about...It should work in their favor if the MLM prospect knows they are registered/regulated with FTC. Prospects will breathe easier..I know I will. Sincerely, Valerie Anderson