LITTLE ROCK, Ark. – Attorney General Tim Griffin announced that a settlement has been reached in a 2020 pyramid scheme lawsuit.
Griffin released a statement after the Federal Trade Commission announced a $450,000 settlement in the lawsuit against the Texas-based pyramid scheme Blessings In No Time (BINT) and its owners LaShonda and Marlon Moore.
“LaShonda and Marlon Moore operated an illegal pyramid scheme targeting financially distressed consumers across the country during the pandemic, costing Arkansans hundreds of thousands of dollars,” Griffin said in a statement.
According to the attorney general’s office, BINT was a “blessing loom” investment program that targeted African Americans and those struggling financially during the COVID-19 pandemic.
In a joint complaint, the state of Arkansas and the FTC said BINT, beginning in June 2020, lured consumers to join their program by falsely promising investment returns as high as 800 percent.
“The scheme encouraged consumers to recruit their friends, church members and communities to join on the promise of a quick return on their risk-free investment of $1,400 or more,” Griffin said. “Sadly, most consumers lost every dollar they contributed.”
As part of the settlement, the Moores are banned by the FTC from operating a multi-level marketing business.
“I hope this outcome serves as a warning that scams like this do not pay off—for the scammer or the victim—and justice awaits those who prey on the needy,” Griffin stated.
More details on the settlement can be found on FTC.gov.