52,099 BurnLounge victims refunded almost $1.9 million
Following the denial of an appeal roughly a year ago, which argued BurnLounge wasn’t a pyramid scheme, relief is finally in sight for victims of the scam.
As per a June 15th FTC press-release, victims of BurnLounge are to be refunded almost $1.9 million dollars.
The Federal Trade Commission is mailing 52,099 checks totaling almost $1.9 million to consumers who lost money to a pyramid scheme that pretended to be a legitimate multi-level marketing program selling opportunities to operate online digital music stores.
The amount (refunded) will vary based upon the amount of each consumer’s loss.
The checks will be mailed out by Gilardi & Co. LLC, who were appointed “refund administrators” by the FTC.
The agency advises BurnLounge victims
should deposit or cash them within 60 days of the mailing date.
The FTC never requires consumers to pay money or to provide information before refund checks can be cashed.
BurnLounge was a pyramid scheme shut down in 2007 by the FTC. It was later revealed that 92.6% of BurnLounge’s revenue in 2006 was generated via the purchase of affiliate membership packages.