FTC charges target entertainment scams

Companies defrauded investors, commission sez

WASHINGTON — The Federal Trade Commission and the Securities Exchange Commission teamed up Tuesday to file charges against several alleged scam artists who tempted investors with promises of big returns in entertainment ventures.

Among those targeted by the FTC and SEC is North American Broadcasting Corp. which promised investors that a $10,000 investment would give them a stake in an Elvis Presley memorabilia franchise. In addition to a coffee table book on Presley, the NABC also claimed that it had rights to previously unreleased music. The venture raised $12 million through deceptive marketing, according to the FTC.

The World Interactive Gaming Corp., promised investors that they could turn $10,000 into $157,000 in one year, according to the FTC. Still another company raised $16.5 million from investors who thought they had a piece of a children’s cable network devoted to non-violent programming. When that venture failed, the company diverted the remaining $650,000 into another cable channel called “My Pet TV” that it told investors was devoted to pet grooming.

More Biz

  • Lupita Nyong'o Harvey Weinstein

    Lupita Nyong'o Details Harvey Weinstein's Advances Toward Her in Op-Ed: 'I Felt Unsafe'

    WASHINGTON — The Federal Trade Commission and the Securities Exchange Commission teamed up Tuesday to file charges against several alleged scam artists who tempted investors with promises of big returns in entertainment ventures. Among those targeted by the FTC and SEC is North American Broadcasting Corp. which promised investors that a $10,000 investment would give […]

  • David Blaine Rape

    David Blaine Accused of Rape by Former Model

    WASHINGTON — The Federal Trade Commission and the Securities Exchange Commission teamed up Tuesday to file charges against several alleged scam artists who tempted investors with promises of big returns in entertainment ventures. Among those targeted by the FTC and SEC is North American Broadcasting Corp. which promised investors that a $10,000 investment would give […]

  • Harvey Weinstein Quentin Tarantino

    Quentin Tarantino on Harvey Weinstein: 'I Knew Enough to Do More Than I Did'

    WASHINGTON — The Federal Trade Commission and the Securities Exchange Commission teamed up Tuesday to file charges against several alleged scam artists who tempted investors with promises of big returns in entertainment ventures. Among those targeted by the FTC and SEC is North American Broadcasting Corp. which promised investors that a $10,000 investment would give […]

  • Harvey Weinstein

    LAPD Investigating Rape Claim Against Harvey Weinstein

    WASHINGTON — The Federal Trade Commission and the Securities Exchange Commission teamed up Tuesday to file charges against several alleged scam artists who tempted investors with promises of big returns in entertainment ventures. Among those targeted by the FTC and SEC is North American Broadcasting Corp. which promised investors that a $10,000 investment would give […]

  • Megyn Kelly

    Megyn Kelly Calls on 'Male Titans' to Fight Sexual Harassment Culture: 'Victim Blaming Must Stop'

    WASHINGTON — The Federal Trade Commission and the Securities Exchange Commission teamed up Tuesday to file charges against several alleged scam artists who tempted investors with promises of big returns in entertainment ventures. Among those targeted by the FTC and SEC is North American Broadcasting Corp. which promised investors that a $10,000 investment would give […]

  • Shia LaBeouf Toronto Film Festival

    Shia LaBeouf Found Guilty on Count of Obstruction in July Arrest

    WASHINGTON — The Federal Trade Commission and the Securities Exchange Commission teamed up Tuesday to file charges against several alleged scam artists who tempted investors with promises of big returns in entertainment ventures. Among those targeted by the FTC and SEC is North American Broadcasting Corp. which promised investors that a $10,000 investment would give […]

  • Scrips Discovery Partnership

    A Merger Between Scripps and Discovery Could Be a Smart Fit

    WASHINGTON — The Federal Trade Commission and the Securities Exchange Commission teamed up Tuesday to file charges against several alleged scam artists who tempted investors with promises of big returns in entertainment ventures. Among those targeted by the FTC and SEC is North American Broadcasting Corp. which promised investors that a $10,000 investment would give […]

More From Our Brands

Access exclusive content