The vitamin supplements company will have to restructure its multi-level marketing operation and pay $200 million in compensation to the affected distributors.
The US Federal Trade Commission (FTC) announced that the multinational company Herbalife will have to pay $200 million in compensation to consumers / distributors who were tricked with promises of earning sums of money that never appeared.
While in Colombia the activities of the company have already been outlawed, in Panama regulatory gaps have prevented a clear definition about the company from being made.
An article in Prensa.com reports that "... the Superintendency of Banks (SBP) and the Securities Market of Panama (SMV), jointly issued a statement in which they asked the Public Ministry (MP) to investigate Emgoldex Panama in order to determine whether activities totaling about six months in the country "are framed as criminal behavior in criminal law."
The Superintendency of Banks has warned that the company, which is under intervention in Colombia, is not authorized to take investments from the public directly or indirectly.
Representatives of the company Emgoldex in Panama have not yet been located by the financial market authorities, who did detect some so called "premium" customers of the company, who invited other potential investors to invest $700 so that they in turn could introduce two other people into the scheme in exchange for a bond equivalent to $4000.
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