Trump And His Kids Can’t Escape Lawsuit For Running Pyramid Scheme

Donald Trump and his children, Ivanka, Don, Jr., and Eric, are going to have to face the music for allegedly running a pyramid scheme that duped investors out of their money. A judge ruled this week that the case will proceed, although she did throw out racketeering charges against the Trump family because the investors cannot prove that ALL of their losses are because of the scheming Trumps. Ring of Fire’s Farron Cousins discusses this.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

Well, most of the country was distracted by Robert Mueller's testimony yesterday. We've missed a very big court case that, uh, didn't go the way Donald Trump and his children wanted it to go. The case involve the Trump family, both the, uh, Donald Trump and his children, including Ivanka, Don Jr. and Eric. They were allegedly engaged in a pyramid scheme and a judge yesterday said that this lawsuit is going to go forward. A class action lawsuit came about from all the people who fell victim to Donald Trump and his kid's pyramid scheme are now suing. However, the judge did throw out racketeering charges against Trump and his kids because the judge says that there was a lack of evidence showing that all of the investor's losses were because of Trump's, uh, scheming basically. But here's the gist of it. Donald Trump and his kids for many years had been promoting this company. It was called American Communications Network, ACN.

And what ACN did was they sold video phones for $500. And in order to sell those phones, you had to obviously buy a bunch of them, but you also had to go out and recruit other people to work for you selling the phones and those people would then have to buy a bunch of phones and also recruit other people to go out there and sell the phones. It's a pyramid scheme that is exactly what that is. Multilevel marketing is the official term, but come on, it's a pyramid scheme and Donald Trump and his kids and the Trump organization itself were paid millions of dollars by ACN to go out there and promote this business and that's why people bought into it. This was long before Donald Trump was a a politician and people respected him as a businessman.

They thought, look, this guy makes tons of money. He obviously knows what he's talking about. He mentioned it on the apprentice. This is clearly a good investment. I'm going to sink my life savings into it. I'm going to take out massive business loans to buy into it, and then everybody lost all their money. I mean, some of them did lose hundreds of thousands of dollars because Trump was pushing this thing that turned out to be a complete fraud. His kids were out there pushing it and it was all a fraud. It was a giant pyramid scheme for a product that even back then, nobody needed, okay. Smart phones existed during this time. Skype existed. We didn't need video phones out there. Hell, we had Google Plus, right? Google Hangouts, all of that. This was an absolute sham of a product run by a bunch of scam artists, the Trump family. But folks, the reason this story is important, just because these people were bamboozled out of all their money and hopefully they're going to get it back, uh, after this case goes to trial.

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