Premier Financial Alliance, sometimes referred to as Premier Bank or PBA, is an underground multi-level marketing business claiming to provide an opportunity to earn a lot of money in a short amount of time. Many people have been sucked into this fraud by its convincing sales letters and home pages. Unfortunately, a lawsuit has recently been filed in California claiming Premier Financial Alliance is indeed a classic pyramid scheme. Premier claims to have over 500 stores in 15 states.
Premier Financial Alliance LLC Lawsuit
The suit is currently being fought in the courts by the plaintiffs who have filed the original complaint. Premier Financial Alliance sells its members’ individual bank accounts in packages that cost $100 or more. The class action lawsuit alleges that the premier financial alliance is nothing more than a Ponzi scheme. Class action lawsuits are usually the best choice when it comes to protecting you from deceptive acts and lawsuits. The plaintiffs’ complaint states that the defendant, Premier Financial Alliance LLC, did not disclose that its main purpose was to promote a particular financial product, namely, debt consolidation loans.
The class action lawsuit further claims that defendant did not make any disclosure that the proceeds from the sale of the product would be used to pay the commissions of the promoters and agents of Premier Financial Alliance Inc.
Another class action lawsuit against Premier Financial Alliance was dismissed by a federal district court judge because the complaint lacked evidence to show that the company had engaged in deceptive conduct. The complaint relied heavily on testimony from a supposed witness who was paid a high sum of money by Premier Financial Alliance Inc. to promote the company’s products. The witness told the court that Premier Financial Alliance Inc. never had any intention of paying him a commission for his testimony.
The witness’s testimony was also called into question because he was never employed by Premier Financial Alliance Inc. or any of its branches. No financial information about the company was disclosed in the lawsuit and the judge repeatedly stated that he could not find any financial data that would show that Premier Financial Alliance Inc was insolvent.
One of the biggest problems with many of the so-called financial experts that promote web-based companies is that they fail to provide real information.
They make big promises and then cannot deliver. Many of these so-called experts make it very clear that you can make money within 24 hours, but when you try to do so, you find that it takes at least several weeks before you actually start to see any profits. This is why it is important to find a proven path to financial independence through legitimate work from home jobs, such as what we are going to discuss here.
Premier Financial Alliance Inc. was sued by the National Association of Insurance Commissioners and its president, John C. Petrucci, for failing to properly disclose that the primary purpose of its website was to advertise the sale of a “bogus” annuity.
The State of Minnesota claims that Premier Financial Alliance Inc. was negligent in advertising its non-refundable lawsuit funding and failing to adequately inform the public of its intention to sell its annuities. The State of Minnesota also claims that the defendants failed to disclose that the Premier Financial Alliance Inc. was a member of the National Association of Insurance Commissioners (NALC). Class action lawsuit specialists assert that the National Association of Insurance Commissioners is an unincorporated business association that is bound by the state statutes that limit its liability to consumers for injuries or death resulting from negligence on the part of the corporation.
If the complaint is not allowed to proceed with a Class Action lawsuit as stated above, then the plaintiff will be unable to force arbitration in this case.
The Court has the discretion to allow the complaint to force arbitration either by denying the motion for mandamus or by permitting it to proceed so long as the terms of the mandamus order are strictly followed. In a later article we will address the Class Action lawsuit process in regards to Premier Financial Alliance Inc. and the National Association of Insurance Commissioners. We will also discuss the amended complaint and how it relates to the 2021 pyramid lawsuit.
