Lawyer Calls Herbalife a Pyramid Scheme

[The Straight Story]

Lawyer Calls Herbalife a Pyramid Scheme

MANHATTAN (CN) - Major banks and billionaire Carl Icahn helped sustain "one of the largest frauds in history" by investing in Herbalife, which is "an illegal pyramid scheme," an attorney claims in two federal lawsuits.

Daniel Ravicher filed two similar claims Wednesday in the Southern District of New York.

In his claim against sole defendant Icahn, Ravicher says he "has had and continues to have a substantial investment in a short position in HLF. (Herbalife Ltd.)"

In the Icahn complaint, Ravicher calls himself "a citizen of the great state of Florida," but he signed both complaints over a New York City address for his law office.

http://www.courthousenews.com/2013/03/15/55744.htm

[Warren Stupidity]

1. I'm shocked.

[onehandle]

2. Herbalife, Amway, The Republican Party... All infamous pyramid schemes. nt

[bemildred]

3. You could just knock me over with a feather. nt

[jsr]

4. Duh

[Egalitarian Thug]

5. The State of California gave this criminal enterprise a $1M "competitiveness" grant (free money)

that was used to finance a "training" holiday for second tier executives. Just another example of the corporate welfare state that we pay for.

[HuckleB]

8. Ugh. (eom)

[HuckleB]

6. Herbalife, Xango, the whole lot of them.

And they sell worthless crap for a ridiculous amount of money.

Why are these scams allowed?

[HughBeaumont]

7. Used to know a slew of people who peddled this crap in the 1990s.

MLM/Pyramid schemes suck. No better than infomercial huckster gurus. I think schemes like this still exist because people see little employment opportunity in America in the modern age. It truly is easier to get arrested than get even a mediocre-paying job, and that's a tragedy. Corporate and governmental leaders should be embarrassed by this fact, not proud.