Holiday Magic was a multi-level marketing organization, founded in 1964, by William Penn Patrick (1930–1973) in the United States. Originally the organization distributed goods such as home-care products and cosmetics.
Company distributors were encouraged to recruit other distributors in a multilevel marketing structure, which was later characterized as a pyramid scheme.
On May 16, 1974, a compromise settlement with approximately 31,000 class members, establishing a trust fund worth $2,600,381, was approved by the court. The organization was dissolved in 1974, subsequent to the death of Patrick in 1973.
The company had been investigated by the Market Court of Sweden, United States Securities and Exchange Commission, the Federal Trade Commission, and the State of California. Holiday Magic is cited as an example in graduate level coursework on criminal justice and law journals.
Read more about Holiday Magic: Legal Problems, Ceased Operations, Later Information
Famous quotes containing the words holiday and/or magic:
“A holiday is when you celebrate something that’s all finished up, that happened a long time ago and now there’s nothing left to celebrate but the dead.”
—Abraham Polonsky (b. 1910)
“Without being forgiven, released from the consequences of what we have done, our capacity to act would ... be confined to one single deed from which we could never recover; we would remain the victims of its consequences forever, not unlike the sorcerer’s apprentice who lacked the magic formula to break the spell.”
—Hannah Arendt (1906–1975)