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FTC / Gac / Land Sales Swindle #475804

NBC Evening News for Tuesday, Mar 26, 1974
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(Studio) FTC (Federal Trade Commission) gets agreement from land sales company, GAC, to stop fraudulent ad claims and refund money to dissatisfied customers.
REPORTER: John Chancellor

(DC) Without admitting guilt, GAC agrees to comply with FTC (Federal Trade Commission) demands. [GAC Vice President Richard WARNER - insists land not under water all year long; land seasonably dry and usable.] FTC (Federal Trade Commission) now investigating more fraudulent land sales.
REPORTER: Robert Goralski

(Rio Rico, Arizona) Rio Rico named as example of fraudulent land sales. GAC admits buyer's land cost based on its worth after development completed. FTC's new rules for land sales outlined.
REPORTER: Bob Jamieson

Reporter(s):
Chancellor, John;
Goralski, Robert;
Jamieson, Bob
Duration:
00:03:50

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