The U.S. Senate televised a hearing in 1994 wherein they guessed that $200 million per year was spent by new inventors on scams.
This law firm sued the largest scam firm, American Inventors Corporation (AIC) in 1995 and sent the evidence we collected to the U.S. Justice Department Mail Fraud Division. The 1500 victim statements stack to the ceiling. In 1995, the U.S. Justice Department and the Federal Trade Commission raided and closed AIC. Several of the key players were criminally indicted. Authorities announced that 34,000 victims lost $60 million over the last twenty years.
Although AIC was stopped, the inventor scam industry continues. In twenty-five years, not one person committing this type of fraud has gone to jail. Dozens of other firms and the patent lawyers who work with them are still scamming inventors.
If you are a new inventor, please do not make the mistake of the thousands of other people who have been ripped off by this industry. Please find a reputable patent attorney for help in launching your idea.
See pages on indictment and visit www.inventorsdigest.com for more information.