T5PC

T5PC

T5PC (or The 5 Percent Community ) was a controversial Norwegian Multi-level marketing company that went bankrupt in November 2004.

As per November 2004, it had among 50,000 members (Although most papers write 70.000, this was the counting of the exact account, it is more likely that the number is 50.000), and it is claimed that its members lost as much as 1 billion NOK ($160 million), [ [http://www.aftenposten.no/english/local/article917852.ece Pyramid schemes still abound] Aftenposten, November 23, 2004] thus making it one of the biggest economic frauds in Norwegian history.cn|date=December 2007

An investigation was undertaken by Økokrim. Bankers complained that they had alerted Økokrim about problems with T5PC as early as summer 2003. [ [http://www.aftenposten.no/english/local/article933323.ece Lawyer questions Økokrim role in pyramid scheme] Aftenposten, December 17, 2004] In 2006 Økokrim indicted 4 people involved with T5PC for breach of trust with fraudulent intent. [ [http://www.okokrim.no/generelt/arsrapporter/aarsrapport_pdf_engelsk_2006.pdf Økokrim 2006 Annual report] ]

Some of the main individuals responsible, including Henrik Ellefsen and Jørn Ronnie Tagge, were convicted on charges of fraud in December 2007. [ [http://e24.no/lov-og-rett/article2163337.ece T5PC-toppene dømt til fengsel ( , Lov og rett ) ] ]

References


Wikimedia Foundation. 2010.

Игры ⚽ Поможем написать курсовую

Look at other dictionaries:

  • Henrik Ellefsen — Henrik Andreas Leo Ellefsen, known as Henrik Ellefsen (born June 20, 1971) is a Norwegian businessman. In 2007, he was formally charged by Økokrim for his role as one of the people responsible for the T5PC fraud, in which some 80,000 people lost… …   Wikipedia

  • Jørn Ronnie Tagge — Infobox Criminal subject name = Jørn Ronnie Tagge image size = image caption = date of birth = 2 June 1969 place of birth = date of death = place of death = charge = Fraud penalty = sentenced to 2 years in prison, fined 770,000 NOK status =… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”