President Trump raised more than $ 11 million in the 2000s, supporting two multi-tiered marketing companies, for which he and his children would later be sued for fraud. new York Times, Which first revealed how much money the future president receives for Hawking to MLM, and that those two endorsements during his fame were his most lucrative side deals. the Apprentice.
After dropping the bang for Trump’s tax returns on Sunday – Trump revealed that he was paid $ 750 in taxes during his first two years in the White House Times Revealed on monday the Apprentice Trump was given a $ 427 million lifeline after the Atlantic City casino failed.
Times Elaborately, Trump’s countless parties barred everything from laundry detergents to Domino’s pizza, but MLM paid Trump the most.
Trump’s most lucrative deal – $ 8.8 million over a decade – was to promote ACN, an MLM whose members sold telecom equipment and services, on DVDs of their products and, through testimonials, certain allegations in the 2018 class action law Trump misled them by claiming to. The ACN was a “great opportunity” and low in risk.
Trump named him $ 2.6 million to give his second license to the Trump Network, another MLM that sold vitamins, before the company sold its remaining assets in 2011 with the owners declaring bankruptcy.
The Trump Network is also part of a 2018 lawsuit that is making its way through the courtroom even after a Manhattan judge ruled in June 2019 that four plaintiffs could pursue fraud, false advertising and unfair competition claims .
In the class action lawsuit, the plaintiff stated that he had suffered financial losses during his involvement with both MLMs, and the judge allowed him to go to trial in May after Trump suspended the case, but would appeal the ruling.
Trump promotes ACN video phone in a 2011 episode Celebrity apprentice. According to TimesVideo phone technology was almost obsolete when the episode aired.
“[Trump’s] Tax returns show how much [ACN] Paying To Make Him Happy: $ 8.8 Million In 10 Years, Including $ 1 Million In 2009 – The Nadir Of The Great Recession, When Desperate People Were Prepared For The Promise Of A Fast Payout. ” Times Reported. “In fact, Mr. Trump actively invested capital on economic concern.”
It is very difficult to succeed as a distributor in an MLM. Generating income is dependent on selling MLMs products, but also on recruiting new vendors into the organization. MLM is often referred to as a “pyramid scheme”, although the Federal Trade Commission does not have a hard definition of what constitutes a pyramid scheme. A 2018 AARP study found that around 75% of MLM distributors have either lost money or broken. According to Times, French regulators found that 1% of ACN participants actually made money, while the rest made about $ 35 per month, or even broke. Eric Trump, Ivanka Trump and Donald Trump Jr. are also named in the class action lawsuit.
In 2004, Trump pocketed $ 300,000 to speak at a real estate seminar in Dayton, Ohio, for a company that was later accused of running the Ponzi scheme, Times Reported.
Reality-TV fame handed Trump $ 427 million lifeline (New York Times)
Judge allowed fraud against Trump, family and company
Judge Rules may sue Trump marketing scheme fraud