If you have been in the high yield arena for a long time, you will likely remember a program that offered to make people rich quickly by selling a business concept that included a web site to promote.

The scheme was called Skybiz and many who are presently involved in the high yield arena were likely involved in Skybiz or knew someone who was involved in Skybiz.

During the height of the scheme, many were contacted by pone from contacts who were trying to sell their friends and contacts into the scheme known as Skybiz. The program originated in Oklahoma and ran between 1998 and 2001 and offered a work-at-home concept of reselling the concept to others.

In the UK alone more than 25,000 victims were recorded, but the scheme was stronger in the United States, Ireland, Australia, South Africa, New Zealand and Canada. It was in June of 2001 that the Federal Trade Commission ordered a cease and desist order to stop all promoting of the scheme.

Skybiz was described by the FTC as being a common Ponzi operation. Members were misled of the returns possible and that there were not enough people to maintain the continuing of the program. In the end only those near the top of the pyramid made a profit.

The case was settled in 2003 and part of the settlement was to set up to compensate victims. The funds collected totaled $20 million. The problem at hand is the overall scheme likely netted more than $140 million, therefore the refund or compensation will likely equal pennies to the dollar rather that full value.

The following article was written by out-law.com for the Register, which can be read in full by clicking on the link provided below.

Over 25,000 UK victims of an illegal international pyramid scheme could receive compensation from a $20m US redress scheme, set up to compensate victims of a fraudulent firm called Skybiz……… For more on this topic, click the following link.
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