PROMOTERS OF BUSINESS OPPORTUNITIES OFTEN ATTRACT INVESTORS BY REPRESENTING THAT AN AMPLE RETURN ON INVESTMENTS MAY BE RECEIVED WITH MINIMAL EFFORT. THE TERM 'BUSINESS OPPORTUNITY' INCLUDES PYRAMID MARKETING PLANS AND FRANCHISE AGREEMENTS, WITH THEIR MANY VARIATIONS. PROMOTERS SOLICIT INVESTMENTS IN A NUMBER OF WAYS, THEN, ONCE SOMEONE HAS SHOWN AN INTEREST IN THE PLAN, HE IS ASSURED OF ITS SIMPLICITY, SURE SUCCESS, AND THE SECURITY OF HIS INVESTMENT. AFTER AN AGREEMENT IS EXECUTED, THE INVESTOR MAY ENCOUNTER DIFFICULTIES IN OPERATING HIS NEW BUSINESS AND THEN REALIZE THAT THE GUARANTEES HE HAS BEEN ASSURED ARE NOT EMBODIED IN THE WRITTEN CONTRACT. STATE FALSE PRETENSE STATUTES ARE RELATIVELY CONSISTENT: CONVICTION REQUIRES PROOF OF AN INTENT TO DEFRAUD, A MISREPRESENTATION OF PAST OR EXISTING FACT, RELIANCE ON THE MISREPRESENTATIONS BY THE VICTIM, AND TRANSFER OF PROPERTY AND TITLE. NUMEROUS DIFFICULTIES ARE ENCOUNTERED IN ENFORCEMENT. PROMOTERS CAN SAY THAT THEIR FAILURE TO COMPLY WITH THE TERMS OF AN AGREEMENT WAS THE RESULT OF FACTORS BEYOND THEIR CONTROL, SUCH AS STRIKES. THEY CAN RAISE THE DEFENSE OF BUSINESS FAILURE I.E., THAT THEY WERE GUILTY OF BAD BUSINESS JUDGMENT, BUT NO INTENT TO DEFRAUD EXISTED. ANOTHER IMPEDIMENT TO ENFORCEMENT IS THE TIME PERIOD BEFORE ANY PERFORMANCE BY THE PROMOTER IS EXPECTED. BY THE TIME THE FRAUD IS REALIZED, HE HAS TIME TO DISPOSE OF THE FUNDS OR DEPART. AN ALTERNATIVE ENFORCEMENT METHOD IS NEEDED TO PROSECUTE THESE CASES SUCCESSFULLY. ONE WAY IS TO USE EXISTING SECURITIES STATUTES AS AN ALTERNATIVE. WITH A BROAD INTERPRETATION OF THE DEFINITION OF A SECURITY, PROMOTERS OF FRAUDULENT BUSINESS OPPORTUNITIES CAN BE PROSECUTED FOR THE SALE OF UNREGISTERED SECURITIES. VARIOUS CASES AND JUDICIAL INTERPRETATIONS OF THE CONCEPT OF WHAT CONSTITUTES A SECURITY ARE DETAILED. THIS PROSECUTION ALTERNATIVE REMOVES MANY OF THE OBSTACLES ENCOUNTERED IN A FALSE PRETENSES ACTION AND ALSO ALLOWS THE PROSECUTOR TO ACT EXPEDITIOUSLY, THEREBY PREVENTING SUBSTANTIAL INVESTOR LOSSES.