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  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2015-08-01 00:00:00",
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  "notes": "The slide provides a direct legal citation to establish the regulatory framework for pyramid schemes in China.",
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      "text": "The following acts belong to the pyramid selling:",
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      "text": "Pyramid Sales Regulations: Article 7: \"The following acts belong to the pyramid selling: (1)... (2)... (3)...\"",
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      "text": "“The following acts belong to the pyramid selling: (1)An organizer or operator seeks for unlawful interests by recruiting persons to participate in pyramid selling... (2)An organizer or operator seeks for unlawful interests by recruiting persons to participate in pyramid selling and asking the recruiters to pay fees... (3)An organizer or operator seeks for unlawful interests by recruiting persons to participate in pyramid selling, asking the recruiters to persuade others to participate in pyramid selling so as to form a multi-level relationship...” — Pyramid Sales Regulations, issued by the State Council of the PRC",
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      "text": "Source: Pyramid Sales Regulations, issued by the State Council of the PRC on August 23, 2005 and effective November 1, 2005.",
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