Journalist Remy Stern joined Ian Punnett to discuss the dark truth about the infomercial industry, and the deceptive hucksters who lure unsuspecting and desperate people into their scams. While legitimate companies (e.g., Guthy-Renker) do use infomercials to market their products, Stern noted that lax government regulations have allowed many con artists and quacks to slip through.
One of the most notorious is Kevin Trudeau, the late night television pitchman known for hawking his Natural Cures and Mega Memory systems. "He has made an art out of scamming people," Stern said. Trudeau has been the subject of Federal Trade Commission lawsuits and charged numerous times for making outlandish claims with no evidence to back them up. In 2004, Trudeau agreed to give up his assets of record (some cash and his residence in California) to settle one such lawsuit. According to Stern, he likely still has millions of dollars, stashed in various offshore accounts.
Transferring the bulk of their enormous earnings to offshore tax havens is typical of many infomercial stars, Stern continued, noting convicted real estate 'guru' William McCorkle in particular. McCorkle, who peddled a get rich scheme involving foreclosed properties, was shown in his infomercials standing in front of expensive homes, luxury cars, an even a private jet--none of which belonged to him, Stern said. He was ultimately sentenced to 18 years in prison for moving his ill-gotten gains from the United States to the Cayman Islands.
Stern spoke briefly about 80s get rich icon Tom Vu, SMC Corp, Carleton 'No Down Payment' Sheets, and Miss Cleo, the supposed Jamaican psychic who duped millions of callers with her phony hotline. He also shared his experience at a 'free' Trump Institute seminar, where participants were strongly urged to pay $1500 for a 3-day real estate course, and went over his top infomercial schemes and scammers, including multi-level marketing salesman Don Lapre, Girls Gone Wild founder Joe Francis, continuity sales specialist Video Professor, and Cash4Gold.
The final hour featured Open Lines.