Montana accuses company of running pyramid scheme

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By The Associated Press

Story Published: Mar 15, 2010 at 7:17 PM MDT

Story Updated: Mar 15, 2010 at 9:28 PM MDT

HELENA - Montana has ordered a Lexington, Kentucky-based company to cease operations in the state, accusing it of running a pyramid scheme.

Monica J. Lindeen, the state Commissioner of Securities and Insurance, says Fortune Hi-Tech Marketing took nearly $1.9 million from at least 1,295 Montana participants between July 2006 and June 2009.

Lindeen says the company lures new members with income opportunities with companies such as Dish Network and General Electric. But, she says, members only benefit if they recruit others to join in the alleged scam.

A Fortune Hi-Tech Marketing spokeswoman referred comment to the company's legal department, which did not immediately respond Monday evening.

The company posted a message on its Web site saying it respects the state's right to oversee the conduct of businesses and hopes the matter will be resolved quickly.

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