Australian consumers who were misled into participating in SkyBiz.com, an Internet pyramid scheme disguised as a legitimate business opportunity, are reminded that they may qualify to share in a US$20 million court ordered redress fund following the completion of the Federal Trade Commission case against Skybiz.Com Inc and others in the United States.
Consumers who invested in SkyBiz.com should have been notified by e-mail from the US court appointed administrator that they may qualify to share in the redress fund. Consumers wishing to share in the fund must submit all claims to the redress administrator, Robb Evans & Associates, at skybiz-redress.com. Consumers can also view the latest information regarding the Skybiz redress fund at that website.
The closing date for submitting a claim on the fund is 31 July 2004.
The redress fund, established as a result of the Federal Trade Commission action, is in addition to the successful proceedings instituted in the Federal Court by the Australian Competition and Consumer Commission against Skybiz.Com Inc and an individual participant in the pyramid scheme. As a result of the ACCC proceedings the Federal Court in September 2002 declared that Skybiz.Com Inc had breached the pyramid selling and other consumer protection provisions of the Trade Practices Act 1974.