The Federal Trade Commission has taken action against Financial Education Services and its owners, Parimal Naik, Michael Toloff, Christopher Toloff and Gerald Thompson, as well as a number of related companies, for scamming consumers out of more than $213 million.
In response to a complaint filed by the FTC, a federal court has temporarily shut down the sprawling bogus credit repair scheme. The FTC’s complaint alleges that the company preys on consumers with low credit scores by luring them in with the false promise of an easy fix and then recruiting them to join a pyramid scheme selling the same worthless credit repair services to others.
For full story visit FTC.gov
The World Federation of Direct Selling Associations (WFDSA) today announced global direct sales of USD 186.1 billion for the year-ended December 31, 2021. Excluding China, worldwide retail sales showed a year-over-year increase of 3.3% with three of the four regions around the globe showing increases in sales versus 2020. Global results, including China, increased 1.5% compared to 2020 on a constant currency basis. The industry continues to grow at a healthy pace with 3 year Compound Annual Growth of 3.8% (excluding China) and -0.1% Globally (China Included).
Global sales force is at 128.2 million independent representatives/distributors, a 0.7% increase over 2020. This figure includes over 70 million Independent Representatives who are actively working to build their direct selling businesses either as a full-time career or part-time to earn supplemental income.
For full story visit wfdsa.org
WASHINGTON, May 11 (Reuters) – The U.S. Senate voted on Wednesday to confirm privacy expert Alvaro Bedoya to be a commissioner on the Federal Trade Commission, giving President Joe Biden’s Democrats control of the agency.
Bedoya, who teaches at Georgetown Law School, was confirmed on a vote of 51-50, with Vice President Kamala Harris breaking the tie. Bedoya’s confirmation gives Democrats a 3-2 majority among FTC commissioners.
For full story visit reuters.com
Orem, UT, March 09, 2022 –(PR.com)– Direct selling platform Direct Scale adds business intelligence company DirecTech Labs to focus on client revenue growth and retention.
DirectScale today announced the acquisition of DirecTech Labs. The addition of the business intelligence and retention automation product, with the skilled leadership of Michel Bayan and Jordan Zommick proves DirectScale’s commitment to a platform that leverages sales enablement tools, data, and AI to help companies grow in new and measurable ways.
For full story visit pr.com
By Alexei Alexis, March 3, 2022
The Senate Commerce, Science and Transportation Committee on Thursday deadlocked for the second time over President Joe Biden’s nomination of privacy advocate Alvaro Bedoya to serve on the Federal Trade Commission, voting 14-14 to recommend his confirmation to the full Senate.
The nomination could reach the Senate floor despite the party-line tie vote if Majority Leader Charles E. Schumer offers a motion to discharge the committee from further consideration of the nomination and the Senate agrees.
Biden renominated Bedoya in January after the original nomination expired at the end of last year’s session. The panel vote on the original nomination also ended in a deadlock and subsequently stalled. Under Senate rules, nominations not confirmed by the end of a legislative session must be resubmitted by the White House.
For full story visit rollcall.com
LOS ANGELES–(BUSINESS WIRE)–Herbalife Nutrition Ltd. (NYSE: HLF) today reported financial results for the fourth quarter and full year ended December 31, 2021.
“Global trends continue to drive demand for our science-backed nutrition products, resulting in another record year for Herbalife Nutrition,” said John Agwunobi, Chairman and CEO of Herbalife Nutrition.
- Full year 2021 net sales of $5.8 billion increased 4.7% compared to full year 2020, representing the largest annual net sales result in Company history. The Company’s three largest regions: Asia Pacific, North America and EMEA, each set annual net sales records.
- Full year 2021 reported diluted EPS of $4.13 and adjusted1diluted EPS of $4.79, increased by approximately 49% and 29%, respectively, compared to the full year 2020 reported and adjusted1 diluted EPS of $2.77 and $3.71, respectively.
- Full year 2021 reported net income of $447.2 million and adjusted1 EBITDA of $873.5 million, both annual records for the Company.
For full story visit businesswire.com