Doors reopen at International Heritage
Triangle Business Journal
A federal judge has reached an agreement with International Heritage Inc. that will allow the company to reopen for business until a March 24 hearing.
The company will be allowed to continue selling products, but will not be permitted to recruit new representatives. International Heritage remains under the control of Lloyd Whitaker, the court-appointed receiver.
On Monday, the Securities and Exchange Commission filed a complaint alleging that the Raleigh company was one of the largest pyramid schemes the agency has ever encountered, and was successful in convincing a federal judge to temporarily stop operations. In a Wednesday press conference, IHI President Stan Van Etten denied the charges, saying that the company intends to vigorously fight the SEC action.
International Heritage is a network marketing organization. It employs 200 in Raleigh, and claims to have 175,000 sales representatives in the United States and Canada.
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