Stoops Invested In Business That's Alleged To Be Pyramid Scheme

NORMAN, Okla. (AP) _ Oklahoma football coach Bob Stoops confirms he invested in an online business that federal regulators now say is an illegal pyramid scheme. <br/><br/>Stoops says he invested less than

Tuesday, June 19th 2007, 11:14 am

By: News On 6

NORMAN, Okla. (AP) _ Oklahoma football coach Bob Stoops confirms he invested in an online business that federal regulators now say is an illegal pyramid scheme.

Stoops says he invested less than $500 in BurnLounge after it was reviewed by a group of legal and financial advisers.

BurnLounge promotes itself as having software that lets participants open their own digital download stores and sell music to online friends.

The Federal Trade Commission says in a lawsuit the operation is an illegal pyramid scheme with participants at the top of the pyramid making money by recruiting new participants who pay fees to open the digital stores.

Stoops is not named in the lawsuit.