FundAmerica

There are two FundAmerica companies. The current and active FundAmerica is an SEC-compliant company offering tools for tech-driven securities offerings. It was acquired by Prime Trust and continues to be a product offering of Prime Trust.

The second is FundAmerica, Inc.. It was a discount buying club that marketed consumer buying club memberships through multi-level marketing. The business began in 1987 in Los Angeles, California before moving its offices to Irvine, California.

FundAmerica's founder, Robert T. Edwards, was arrested in July 1990 for allegedly running a pyramid scheme.[1][2] FundAmerica filed for bankruptcy in August 1990[1] In late August 1990, Robert T. Edwards was fined $20.4 million dollars by Florida for running a pyramid scheme.[3] In 1994 in Florida, the company pleaded no contest to a reduced charge of misrepresenting investors' odds of success and paid a $200,000 fine.[4] A new company, FundAmerica 2000, was started with Robert Edwards as a consultant.[4]

References

  • VanDruff, Dean. "What's Wrong With Multi-Level Marketing? - III". Quixtar.
  • Wichner, David (1990-07-23). Metro. The Phoenix Gazette (Final ed.). Missing or empty |title= (help) Record Number 9007260151
  • Pender, Kathleen (1990-08-01). Business. San Francisco Chronicle (Final Chaser ed.). Missing or empty |title= (help) Record Number 9008060184
  • Rechtin, Mark (1990-07-30). Orange County Business Journal. Missing or empty |title= (help)
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