July 30, 2020
How do you stay compliant in the age of the FTC? The FTC is a fraud regulator, but so are consumers. If you chronically commit fraud consumers will eventually shut you down and if they don’t the FTC will. And it's a good thing. They may despise our business model but they more often than not tell the truth about fraud. Network Marketing, MLM, and Direct Sales are historically horrible self-regulators. We have proven over and over that we'll push the envelope until the market or the regulators push back. HOWEVER ... fraud and lying cuts both ways. Here are some truths the FTC is obligated to accept. They are public servants. There are 40 million American citizens that have chosen this profession. That's 40 million of us that have chosen a chance to fail … or maybe succeed. It's not illegal or fraudulent to offer, promote, educate, or sell an income opportunity. Opportunity is just that, the opportunity to succeed or fail. You can't find any implication of a guarantee in that word. Tune in to hear Richard talk about the FTC and new DSA guidance on earnings claims.