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  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2012-12-20 00:00:00",
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  "pageNumber": 62,
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  "notes": "The slide highlights specific legal citations (S.E.C. v. International Loan Network and In re Koscot Interplanetary, Inc.) to support the thesis.",
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      "kind": "callout",
      "text": "In a pyramid scheme, the money at the top is made from the losses of people at the bottom of the pyramid",
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      "text": "Pyramid schemes are said to be inherently fraudulent because they must eventually collapse. See, e.g., S.E.C. v. International Loan Network, Inc., 968 F.2d 1304, 1309 (D.C.Cir.1992). Like chain letters, pyramid schemes may make money for those at the top of the chain or pyramid, but \"must end up disappointing those at the bottom who can find no recruits.\" In re Koscot Interplanetary, Inc., 86 F.T.C. 1106, 1181 (1975), aff'd mem. sub nom., Turner v. F.T.C., 580 F.2d 701 (D.C.Cir.1978).",
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      "kind": "source-note",
      "text": "Source: Webster v. Omnitrition, 79 F.3d 776, 781 (9th Cir. 1996).",
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      "kind": "title",
      "text": "Why are Pyramid Schemes Illegal?",
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