T5PC
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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),[1] thus making it one of the biggest economic frauds in Norwegian history.[citation needed]
An investigation was undertaken by Økokrim. Bankers complained that they had alerted Økokrim about problems with T5PC as early as summer 2003.[2] In 2006 Økokrim indicted 4 people involved with T5PC for breach of trust with fraudulent intent.[3]
Some of the main individuals responsible, including Henrik Ellefsen and Jørn Ronnie Tagge, were convicted on charges of fraud in December 2007.[4]
[edit] References
- ^ Pyramid schemes still abound Aftenposten, November 23, 2004
- ^ Lawyer questions Økokrim role in pyramid scheme Aftenposten, December 17, 2004
- ^ Økokrim 2006 Annual report
- ^ T5PC-toppene dømt til fengsel ( , Lov og rett )
