For just a few hours a week in your spare time, you too can make money by searching local real estate records, locate holders of privately held mortgages, or "paper," and then either purchase the paper or broker deals with companies interested in purchasing the paper. You can read John Stefanchick's book Wealth Without Boundaries and buy his video and audio tapes, course materials, attend his workshops and even pay his coaches to help you when you want to figure out how to make even more money.
Or you could buy some swamp land down in Florida, invest in subprime mortgages or send money to Nigeria.
The Federal Trade Commission didn't believe Mr. Stefanchik's claims and investigated. The FTC found he defrauded consumers - to the tune of some $17 million - and sued him. The Court granted the FTC's motion for summary judgment and an award for the $17M, which Mr. Stefanchik promptly appealed - as his own attorney - claiming the FTC didn't prepare its survey data correctly. Mr. Stefanchik failed to present evidence that any consumer actually made $10K a month by working just five to ten hours a week.
The FTC, on the other hand, did present evidence from consumers that they had been unable to make the amounts of money claimed by Mr. Stefanchik and from coaches who likewise said consumers couldn't make the money as promised.
The FTC also submitted evidence that Mr. Stefanchik sold $17 million in books, DVDs, coaching services and audio tapes in just a little over two years. Not surprisingly, the Ninth Circuit upheld the court's decision and monetary award.
Maybe the FTC missed something here. You can still buy another one of Stefanchik's books about a similar-sounding method: The Stefanchik Method: Earn $10,000 A Month For The Rest Of Your Life In Your Spare Time.
Who needs Bernie Madoff when there's these get-rich-quick schemes available?