Equinox (MLM)
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| Industry | Multi-level marketing |
|---|---|
| Founded | 1991 |
| Founder | Bill Gouldd |
| Defunct | 2001 |
| Headquarters | , United States |
Equinox International was a multi-level marketing company founded in 1991 and headed by Bill Gouldd.[1] In 1996, Equinox was listed #1 on Inc Magazine's list of the 500 fastest-growing private companies in the United States.
The company and its founder came under scrutiny for its business practices; starting in 1997, investors, the FTC, and several states brought suit[2] charging Equinox was an illegal pyramid scheme rather than a legitimate business.[3]
On 25 April 2000, the Federal Trade Commission issued a notice that Equinox International settled a court case with a penalty of $40 million in restitution.[4] Gouldd was required to surrender substantial holdings, but retained (among other things) over a million dollars' worth of real estate.[5][6]
Equinox International was ordered dissolved in April 2000.[7] As part of the settlement, Gouldd was also "permanently restrained and enjoined from engaging, participating or assisting in any multi-level marketing program."[7]
References
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- ^ http://www.mlm-beobachter.com/pdf/equinoxorder.pdf [bare URL PDF]
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- ^ a b https://files.hawaii.gov/dcca/sec/news-releases/breg_pressrelease_equinox.pdf [bare URL PDF]