FundAmerica

{{Short description|Defunct American multi-level marketing company}}

There are two FundAmerica companies. The current and active FundAmerica is an SEC-compliant company offering tools for tech-driven securities offerings. It was acquired by Prime Trust and continues to be a product offering of Prime Trust.

On August 14, 2023, Prime Trust and FundAmerica's parent company, Prime Core Technologies, filed for Chapter 11 bankruptcy protection. It is currently in talks to sell all of its assets, including FundAmerica. Prime Trust will also request to continue to pay wages and provide benefits to ongoing employees as usual. For now, FundAmerica will continue to operate normally during the bankruptcy process.{{Cite web|url=https://www.crowdfundinsider.com/2023/08/211472-prime-trust-files-for-chapter-11-bankruptcy/amp/|title=Prime Trust files for Chapter 11 bankruptcy|date=August 14, 2023|access-date=August 14, 2023|website=Crowdfund Insider|language=en}}

The second is FundAmerica, Inc.. It was a discount buying club that marketed consumer buying club memberships through multi-level marketing. The business began in 1987 in Los Angeles, California before moving its offices to Irvine, California.

FundAmerica's founder, Robert T. Edwards, was arrested in July 1990 for allegedly running a pyramid scheme.{{cite news |last1=Michaud |first1=Anne |title=His Pyramids Were Schemes, Authorities Say : Marketing: FundAmerica of Irvine was only Robert T. Edwards' latest dubious venture. Surpassing the Pharaohs, he's left his mark on three continents. |url=https://www.latimes.com/archives/la-xpm-1990-08-12-fi-1087-story.html |accessdate=11 April 2019 |work=Los Angeles Times |date=12 August 1990}}

FundAmerica filed for bankruptcy in August 1990{{cite news|last1=Crouch|first1=Gregory|title=FundAmerica Files for Bankruptcy, Cites 2 Overseas Creditors|url=https://www.latimes.com/archives/la-xpm-1990-08-18-fi-754-story.html|work=Los Angeles Times|date=18 August 1990}} In late August 1990, Robert T. Edwards was fined $20.4 million dollars by Florida for running a pyramid scheme.{{cite news |last1=Crouch |first1=Gregory |title=FundAmerica Founder Hit With $20-Million Fine : Investigation: Florida's attorney general levied the largest fine ever against an individual. The state says the Irvine firm's Robert T. Edwards operated a pyramid scheme. |url=https://www.latimes.com/archives/la-xpm-1990-08-28-fi-328-story.html |accessdate=11 April 2019 |work=Los Angeles Times |date=28 August 1990}} In 1994 in Florida, the company pleaded no contest to a reduced charge of misrepresenting investors' odds of success and paid a $200,000 fine.{{cite news |last1=Flagg |first1=Michael |title=FundAmerica Pleads No Contest to Reduced Charge in Florida |url=https://www.latimes.com/archives/la-xpm-1994-01-26-fi-15596-story.html |accessdate=11 April 2019 |work=Los Angeles Times |date=26 January 1994}} A new company, FundAmerica 2000, was started with Robert Edwards as a consultant.