Social media investment scam targets Black Americans
- Randy Hutchinson is the president of the Better Business Bureau of the Mid-South. Reach the BBB at 800-222-8754.
The FTC issued an alert in May 2020 about a chain letter scam called a “blessing loom.” Our national office sent out a similar warning. I read both alerts, couldn’t quite understand how the scam worked, and decided it sounded so silly that it wasn’t worth writing a column about.
I’ve had to rethink that decision now that the FTC and the state of Arkansas have sued the operators of a blessing loom investment program they allege has bilked thousands of consumers out of tens of millions of dollars.
The FTC says it’s nothing more than a pyramid scheme and that it targets African Americans struggling financially during the COVID-19 pandemic.
Hear more Tennessee Voices:Get the weekly opinion newsletter for insightful and thought provoking columns.
Social media investment scams go by various names besides blessing loom,…