'Blessing loom' operators charged

The Federal Trade Commission has announced that the Commission and the state of Arkansas have filed a joint complaint against the operators of a “blessing loom” investment program, alleging that it has operated as an illegal pyramid scheme that bilked tens of millions of dollars from thousands of consumers, and targeted African Americans and harmed people struggling financially during the COVID-19 pandemic.

The complaint charges that the operators of Blessings in No Time (“BINT”) have lured people into joining their program by falsely promising investment returns as high as 800 percent. The complaint also alleges that some BINT members paid as much as $62,700 to participate. In reality, though, as in other pyramid schemes, the vast majority of participants have lost money.