Victory State Banks Warns Of Get Rich-Quick Schemes

STATEN ISLAND, N.Y. – Victory State Bank, the only community-based commercial bank in Staten Island, N.Y., enjoys sharing the enthusiasm of its customers’ milestones.

As many entrepreneurs will tell you, business achievements don’t come easily and there is no shortcut to riches. Success takes hard work.

In other words, if a promise of making big bucks seems too good to be true, you should be looking for red flags instead of dollar signs.

Case in point: The Federal Trade Commission recently won a court judgment against the marketers of three get-rich-quick systems who deceived nearly a million consumers.

As part of its ongoing efforts to stop scams that prey upon financially distressed consumers, the FTC is seeking more than $450 million in monetary relief.

On April 20, 2012, Federal District Judge Jacqueline H. Nguyen, of the U.S. District Court for the Central District of California, granted the FTC's request for summary judgment and asked the agency and defendants to submit arguments on the appropriate remedy for the violations.

The marketers are behind the infomercials for "John Beck's Free & Clear Real Estate System," "John Alexander's Real Estate Riches in 14 Days," and "Jeff Paul's Shortcuts to Internet Millions."

The court found that the infomercials misled consumers in violation of the FTC Act, and that despite the marketers' easy-money claims for the systems, which cost $39.95 each, nearly all the consumers who bought them lost money.

About Victory State Bank:

VSB Bancorp, Inc. (NASDAQ: 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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