Analysis
On 23 May 2008 US Senator Bill Nelson (D-Fla) called for a Federal Trade Commission investigation of Silver State, indicating that he believes that it was a Ponzi scheme. Senator Nelson said:
| “ | "What Silver State was doing was taking the $70,000 up front and then it was using it immediately and they were trying to go out and recruit more students to get more $70,000 per student and therefore pay expenses as they went along with the money they were collecting from the students. Now if that's what this investigation ends up being, what that is a ponzi scheme." | ” |
Writing in Rotor and Wing magazine in March 2009, Ernie Stephens concluded:
| “ | It’s been a little more than a year since Silver State Helicopters (SSH) abruptly shut its doors on Feb. 3, 2008 and went out of business. That day also marked the last time that approx. 2,000 of its flight academy students saw any hope of getting the training they had paid nearly $70,000 for in advance.
The perceived – and very probably factual - scam has been the talk of the helicopter industry every since. In fact, it has become a verb in some places: "If I sign up for lessons, you’d better not do a Silver State on me!" |
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Read more about this topic: Silver State Helicopters
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