Ep 22. Preaching Pyramid Schemes

In American Greed season 15 episode 22, titled "Preaching Pyramid Schemes," viewers are taken on a wild ride through the world of multi-level marketing (MLM) and pyramid schemes. The episode centers around self-proclaimed preacher and motivational speaker, Randy Dewitt, who used his charismatic personality and religious persuasion to convince hundreds of people to invest in his pyramid scheme.

Dewitt's scheme focused on selling a product called "Extreme Health Solution," which he claimed could cure everything from cancer to the common cold. However, the real money was made by recruiting more and more people to join the pyramid and invest in the product.

The episode explores the various tactics Dewitt used to lure people in, including hosting lavish parties with expensive champagne and encouraging people to invest their life savings. He also used religion to his advantage, holding events at churches and claiming that God had blessed his scheme. Dewitt even went so far as to claim that investing in his pyramid was a form of tithing and that God would bless those who were faithful.

As the episode progresses, viewers are introduced to some of Dewitt's most vulnerable victims, including a mother who invested her entire retirement savings and a couple who mortgaged their home to invest in the scheme. When the inevitable collapse of the pyramid occurs, many of the victims are left with nothing, forcing some to declare bankruptcy and others to lose their homes and life savings.

Throughout the episode, experts in the field of finance and MLM weigh in on the dangers of pyramid schemes and the tactics that are used to lure people in. They explain that pyramid schemes are often disguised as legitimate MLM businesses, but the key difference is that pyramid schemes rely on recruiting more people to the pyramid rather than selling a product.

The episode also delves into the aftermath of Dewitt's scheme, including his eventual arrest and conviction for fraud. Viewers are given a glimpse into the legal process and the efforts made to recover funds for the victims.

Overall, "Preaching Pyramid Schemes" is a gripping and informative episode that shines a light on the dangers of MLMs and pyramid schemes. It serves as a cautionary tale for those who may be considering investing in such a scheme and highlights the importance of doing thorough research before investing any money.