Friday, August 29, 2008

Bermuda Investigating YTB

Bermuda appears to be investigating but their laws have no teeth.  I wonder if this may have been a reason for the expansion into Bermuda in the first place?

From the Bermuda Sun, they know YTB is a pyramid, but the antiquated laws make it difficult to prosecute.

One legal source, who has links to the DPP said: "A file has been on the fraud unit's desk twice. We know they've looked at it, and continue to look at it, but it's a question of getting a prosecution. There's no doubt that this is a pyramid scheme, but the chances of getting a prosecution here are close to nil. In California, and elsewhere in the States, they tailor legislation for exactly this kind of situation. In Bermuda, our laws are more broad-ranging, so not much can be done."

And the Authorities appear to be cooperating with the Cal;ifornia Attorney General as well:
In a separate development, the Office of the Attorney General in California warned Bermudians not to get involved in YTB. A spokesman said: "This office does not undertake lawsuits lightly. Every action follows a thorough and complete investigation of the evidence. We hope that Bermudians will take note of what is happening here and will protect themselves from this kind of aggressive marketing."

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