Learn The Difference Between Legitimate and Bogus Multilevel Marketing Opportunities
Staten Island only community-based commercial bank points to dangers of pyramid schemes
STATEN ISLAND, N.Y. – In multilevel or network marketing, individuals sell products to the public — often by word of mouth and direct sales. Typically, distributors earn commissions, not only for their own sales, but also for sales made by the people they recruit.
Not all multilevel marketing plans are legitimate. If the money you make is based on your sales to the public, it may be a legitimate multilevel marketing plan. If the money you make is based on the number of people you recruit and your sales to them, it’s not. It's a pyramid scheme. Pyramid schemes are illegal, and the vast majority of participants lose money.
If you’re considering buying into a multilevel marketing plan, get the details.
The federal government recommends that you find — and study — the company’s track record.
Do an Internet search with the name of the company and words like review, scam or complaint. Look through several pages of search results. You also may want to look for articles about the company in newspapers, magazines, or online.
- How long the company has been in business
- Whether it has a positive reputation for customer satisfaction
- What the buzz is about the company and its product on blogs and websites
- Whether the company has been sued for deceptive business practices
Check with your state Attorney General for complaints about any company you’re considering, although a lack of complaints doesn’t guarantee that a company is legitimate.
About Victory State Bank:
VSB Bancorp, Inc. (OTC: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.
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