Nearly 15 months ago, Wall Street hedge fund manager Bill Ackman placed a billion dollar Wall Street bet that Herbalife, the nutritional supplement company, was an illegal pyramid scheme. But last week, the Federal Trade Commission announced it was opening an investigation into Herbalife. The announcement of an FTC investigation seemed to show that his claims about Herbalife had merit, and that one of the biggest players in an often-criticized industry wasn’t merely in the sights of a hedge fund manager; Details about the investigation are scarce thus far.
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