Table of Contents
Introduction
Blessings In No Time (BINT) was a pyramid scam that offered members the ability to obtain thousands of dollars in cash gifts by making modest initial deposits. This possibility was advertised as being available via the BINT program. In 2019, the Federal Trade Commission (FTC), which had previously launched a case against the operators of BINT, brought the scam to an end by shutting it down. In this article, we will talk about the blessings In No Time scam, the complaint brought by the FTC, and the verdict of the case.
What exactly is this “Blessings in No Time” thing?
A pyramid scam known as Blessings In No Time operated predominantly on social media websites like Facebook and Instagram as its primary distribution channels. Participants in the plan were expected to make an initial investment ranging from $150 to $1,000, and in exchange, they were given the chance to receive monetary presents from other participants.
People were led to believe that by participating in the program, they could simply and rapidly make money without having to put in any effort. According to the FTC, the operators of BINT recruited participants using various social media platforms, promising them that they would earn thousands of dollars in cash gifts within a few weeks after joining the scam.
The case that the FTC has filed against BINT
In August 2019, the Federal Trade Commission (FTC) announced that it has begun legal action against the owners and operators of Blessings In No Time. The commission alleged that BINT was a pyramid scheme and that it had misled participants into believing that they could earn significant amounts of money by making small investments. Additionally, the commission claimed that BINT had deceived participants into believing that they could earn significant amounts of money by making small investments.
According to the Federal Trade Commission, the operators of BINT allegedly promised members that they would get cash gifts totaling up to $8,000 within a few weeks after joining the scam. The commission said that these statements were not only untrue but also deceptive and that the scheme was devised to enrich its operators at the cost of its members.
The complaint filed by the FTC aimed to put an end to BINT’s business as well as to get compensation for those who had been taken advantage of by the scam. The commission said in its official statement that “Pyramid schemes, such as Blessings in No Time, are nothing more than frauds that take advantage of people’s desperate attempts to improve their financial situations. We will not stand for the operation of these scams going unchallenged and we will pursue legal action against anyone responsible for running them.”
The verdict reached in the case
The Federal Trade Commission (FTC) said in November 2019, only a few months after it had first launched its action, that it had successfully acquired a court order to close down Blessings In No Time. A receiver was appointed to oversee the scheme’s affairs and to collect money for the scheme’s victims after the court order froze the assets of the scheme’s operators and appointed the receiver.
In addition, the court judgment directed the operators of BINT to make restitution payments of $1.9 million to those who had been defrauded by the scam. It was intended for these monies to be utilized to compensate participants who had suffered financial losses as a direct consequence of their participation in BINT.
The Federal Trade Commission said in a statement that “The judgment issued by the court to put an end to Blessings In No Time and require its operators to make restitution payments totaling $1.9 million sends a loud and obvious message that pyramid schemes like this will not be allowed. We will not relent in our pursuit of those responsible for operating these cons, and we will do all in our power to ensure that victims get the justice to which they are entitled.”
What the BINT case entails for the general public as a whole?
The case involving Blessings In No Time serves as a vital cautionary tale to the general public about the dangers of falling for pyramid schemes and other frauds that promise fast and simple financial gain. It is against the law to participate in a pyramid scheme and those who do so run the risk of losing a considerable amount of money.
Consumers should exercise extreme caution before participating in any plan that needs them to make an initial commitment to earn income in the future. Consumers need to likewise be aware of any strategy that guarantees large profits with little to no work on their part.
If you suspect that you have been the target of a pyramid scheme or any other kind of fraud, you should denounce the scheme by contacting the Federal Trade Commission (FTC) or another law enforcement agency. In addition, you might consider consulting with a legal professional who specializes in issues about consumer protection legislation.
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