Pre-Paid Legal Declines in 3rd Quarter

Pre-Paid Legal Services Inc. (PPD) (NYSE:PPD) third-quarter numbers reveal 85 percent of PPD's sales force quits or fails to make even one sale annually; 2 percent of the sales force makes 10 or more sales annually, reports Fraud Discovery Institute Inc. (FDI).

According to FDI co-founder Barry Minkow, "The 2009 third-quarter data released today by Pre-Paid Legal Services further confirm the analyses our expert Robert Fitzpatrick has presented over a two-year period - that of a pyramid selling scheme in ultimate decline."

Fitzpatrick observes the two key indicators, declining retail sales and a growing proportion of revenue sourced directly and only from salespeople (investors) - not retail customers - are prominent in third-quarter 2009 figures, as they have been in previous quarters.

 

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