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Whereas Hart & David currently haven’t tangled with regulators over MLM compliance yet, it seems they’re now keen on a shot at redefining US securities law.
Not surprisingly, this was not addressed in USI-Tech corporate’s stage presentation of Hart & David’s legal opinion.
Probably the most prominent example is Gerry Nehra who, in a similar fashion to Hart & David’s legal opinion of USI-Tech, publicly claimed the Zeek Rewards and Telex Free Ponzi schemes were legal.
In response to our continued coverage of Telex Free, Nehra even went so far as to contact Behind MLM directly and assert, in his legal opinion, that Telex Free wasn’t a Ponzi scheme.
Affiliates deposit 50 EUR and receive a passive 1% daily ROI, capped at 140%.
In the past the SEC has clarified that, irrespective of what is or isn’t bundled with a ROI offering, the fact remains that any MLM investment offer is a security.