Number	17294
Subject	Financial Investigations
Source	Money Magazine
State	NY
Year	2000
Publication Date	May
Summary	"The World Marketing Alliance's nearly 11,000 licensed securities brokers comprise the fourth-largest broker sales force in the country, yet the company passes under the radar of most journalists ... Unlike its better-known financial peers, the company applies an Amway-like sale structure that often runs counter to investors' best interests. To support the layered compensation structure, brokers must sell high commission products. And to earn more money, brokers must recruit other brokers, a system that fosters a decentralized sales culture in which rogue brokers can operate undetected."
Category	Contest Entry
Pages	12
Keywords	part-time brokers;pyramid scheme;Ponzi scheme;"compound recruiting";investments;motgages;Internet services;scam;WMA;Morman Church;varible universal life;VUL;fraud;"selling away";Zillionaire.com;Amway;bankruptcy;Securities and Exchange Commission;SEC;insurance;mutual funds
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