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 &...
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