Home Stocks Herbalife “Victims” Participate In Symposium To Detect And Combat Pyramid Schemes

Herbalife “Victims” Participate In Symposium To Detect And Combat Pyramid Schemes

When you purchase through our sponsored links, we may earn a commission. By using this website you agree to our T&Cs.

Chicago, IL – More than $3.5 million has been lost by the 207 victims of Herbalife, Inc., who have filed complaints with the Illinois Attorney General’s office. The Illinois Herbalife Campaign shared those sobering stats with federal regulators and law enforcement officials who gathered for a symposium on combating pyramid schemes in Latino and immigrant communities organized by the US Securities Exchange Commission (SEC).

Herbalife Victims Participate In Symposium To Detect And Combat Pyramid Schemes

To further raise awareness of predatory business practices in our communities, the Illinois Herbalife Campaign’s Faces of Fraud exhibit was invited to the symposium to share the stories of how hardworking members of the community were drawn by Herbalife’s pyramid schemes. According to representatives from the SEC, speaking with actual victims at the event will help develop initiatives to alert consumers of pyramid schemes that target various ethnic and religious communities.

“This was a great event for federal regulators to meet and speak with real victims that have been scammed by pyramid schemes. We hope to have more events like these to build partnerships and raise awareness of the high rate of immigrant groups being targeted each day by fraudulent business practices,” stated Maria Elena Jonas Executive Director for the Hispanic American Community Education and Services organization.

Hosted by the University of Illinois at Chicago (UIC) the symposium held two panels that featured federal agencies like the SEC, FTC, FBI, and the Illinois Attorney General’s Office. The federal agencies came together to discuss and exchange tactics in detecting and combating pyramid schemes that target immigrant communities.

Over the last two years the Illinois Herbalife Campaign has been bringing together community organizations and elected officials by working together to assist victims of fraud. Community leaders and victims attended the symposium to emphasize the need for regulations to protect immigrant communities from pyramid schemes and to protect consumers against affinity fraud.

For more information on the Faces of Fraud exhibit or upcoming events, please email us at [email protected].

Our Editorial Standards

At ValueWalk, we’re committed to providing accurate, research-backed information. Our editors go above and beyond to ensure our content is trustworthy and transparent.

Sheeraz Raza
Editor

Want Financial Guidance Sent Straight to You?

  • Pop your email in the box, and you'll receive bi-weekly emails from ValueWalk.
  • We never send spam — only the latest financial news and guides to help you take charge of your financial future.