Get-Rich-Quick Salesman Files For Ch. 11 After $479M Fine

Law360, New York (September 25, 2012, 6:38 PM EDT) -- The owner of a so-called get-rich-quick system filed for bankruptcy in California federal court Monday, one month after he was fined a record $478.9 million for deceiving nearly a million consumers through phony real estate programs.

John Beck listed assets of between $1 million and $10 million and liabilities of between $100 million and $500 million in a voluntary Chapter 11 petition. The Federal Trade Commission was listed among Beck’s creditors.

The agency announced its fine Aug. 23 over the program, called "John Beck's Free &...
To view the full article, register now.



Case Information

Case Title

Federal Trade Commission v John Beck Amazing Profits, LLC et al

Case Number



California Central

Nature of Suit

Other Statutory Actions


Michael W. Fitzgerald

Date Filed

June 30, 2009

Law Firms

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.