A bill to prohibit pyramid sales transaction.
Pyramid Sales Act - Makes it a crime, in connection with the sale or distribution of goods, services, or other property in interstate or foreign commerce or by the use of the mails, to sell, offer, or attempt to sell a participation or the right to participate in a pyramid sales scheme.
Sets forth penalties for violation of this Act.
Makes any contract made in violation of this Act void and provides that any person who induces another person to participate in such a sales scheme liable to that person in an amount equal to the sum of three times the amount of consideration paid, plus a reasonable attorney's fee.
Authorizes the Attorney General or the chief law enforcement officer of the State in which any person is engaged in a pyramid sales cheme to bring an action in the appropriate United States district court to enjoin such act or practice.
Introduced in Senate
Referred to Senate Committee on Commerce.
Reported to Senate from the Committee on Commerce with amendment, S. Rept. 93-1114.
Reported to Senate from the Committee on Commerce with amendment, S. Rept. 93-1114.
Passed/agreed to in Senate: Measure passed Senate, amended.
Measure passed Senate, amended.
Referred to House Committee on the Judiciary.
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