CHICAGO - Anyone in the market for a secret club once owned by an infamous TV pitchman?
The Global Information Network (GIN) is for sale. The club, which was the focus of a 41 Action News undercover investigation in 2012, was the brainchild of Kevin Trudeau (and a fictional group of billionaires known as the “GIN Council”).
A court-appointed receiver is currently accepting “letters of intent” from interested buyers who would like to scoop up the membership list and intellectual property associated with the club.
The receiver took control of GIN last year after a judge found Trudeau in contempt for failure to pay a $37 million fine for misleading infomercials about his weight-loss book.
On Monday, a judge dealt Trudeau a 10-year prison sentence for ignoring a previous court order and broadcasting the fraudulent infomercials thousands of times.
Court documents revealed the club generated a stunning $100 million in revenue since its inception in 2009, largely thanks to exorbitant fees paid by members to learn “secrets to success.”
However, since taking control, the receiver has laid off employees and discontinued programs. Membership has plummeted. The receiver reports it is now operating GIN “profitably and lawfully.”
“The biggest lie that Kevin Trudeau made to all GIN members is about the secret GIN Council made up of 30 billionaires and influential people from around the world," former member Dave Capitani told 41 Action News. "Obviously this was just made up to get us to join GIN. I feel I was misled by this information."
Letters of intent will be accepted through March 28. After that, the receiver will negotiate a purchase agreement with the prospective buyer and submit it to the federal court for approval.