CONTENTS:

Introduction

How The Scam Works

• Starting Out: "If I Work Hard, I'll Make It!"
• "Independent Contractor?"
• The Training Program
• Prospecting
• Failure: It's All Legal!

Fighting Back

• Avoiding The Scam
• Prosecution & Legislation
• Networking
• Links and Resources

Contact Author

Networking

This section involves getting information about a firm, warning others if you've been a victim, and pooling resources for prosecution. See also the "Researching Your Firm" section on the Links & Resources page.

1. SHARE THIS SITE.

SHARING THIS SITE If you know someone considering a career in the financial services industry and believe the information imparted in this site could help them, email them this site. Click here to send this site to a friend. Be sure to fill in your friend's email address in the "To:" line.

2. PUBLIC FORA. Before you decide to spill your story on a website, no matter how true it is, you need to review the "anti-SLAPP" section on the "Prosecution" page. Take great care with how you solicit information about a firm, attempt to warn others, or solicit others to pool funds towards prosecution.

Here are a few. Mind your language and avoid getting sued and having your posts removed.

FINANCIAL SERVICES INDUSTRY MESSAGE BOARDS.

• Financial Planning Interactive (FPI) Forum Do a search on a company.
• RegisteredRep.com Forum Do a search on "scam" (message body) and see what comes up, for starters.
• Monster.com Finance Careers Forum September 2005 - forums are gone. Sorry.
• Hotjobs.com Finance Forum. But appears to focus more on accounting.
• Vault.com Financial Services Forum NOT a free board when you're searching for messages over 60 days old. You can still find newer info for free though.
• InsuranceForums.com. For those with a focus in the insurance industry.

"COMPLAINT" SITES. If your firm refuses to aid in resolving your complaint, sharing it publicly may help exert some pressure as well as alert others.

• RipOffReport.com / BadBusinessBureau.com.
• ComplaintStation.com. September 2005 - site is down.

"COMPLAINT" SITES AGAINST INDIVIDUAL FIRMS. Your firm may have generated enough ill-will to earn its own critical website(s). See the list here; many allow you to post a complaint.

3. MEDIA

HELP STOP THE SCAM. REPORT DECEPTIVE ADS TO NEWSPAPERS AND OTHER MEDIA WHERE THEY WERE ADVERTISED!!! If you were recruited through a newspaper or online job search site, report the exact nature of the deception occurring within its media. Most media have a public responsibility to remove fraudulent job postings and will do so if enough complaints are received. (See Monster.com's policy here.) Many media guidelines state that a job advertiser must offer bona fide employment, not an independent contractor or commission gig (these must be posted under "business opportunities" or "sales positions"). Of course, some media may consider an advertiser's money more important than any obligation to the public. They also need good reason to turn away that money -- you'd better provide them with solid proof.

Remember, scammer firms cannot remain solvent if they cannot recruit, so your participation in this can aid in shutting them down when other regulatory actions fail or take too long in catching up.

4. Join this site's mailing list.

The Financial-scam Mailing List has been designed to enable those seeking information about a firm to safely get in touch. YOU MAY NOT POST ANY ACCUSATIONS AGAINST A FIRM; you may only solicit information. Details may be discussed privately in emails. Has your firm been mentioned? Find out by joining.

Your email address will NEVER be sold or shared, and you may unsubscribe at any time. Spam to the list will result in your account being banned and your activity reported to your ISP and regulatory authorities.

The next section of Links and Resources is highly recommended reading. It includes lots of material relevant to both the financial industry and MLMs in general.