Trade Nu Skin Enterprises
Nu Skin Enterprises is a multi-tiered U.S. marketing company that develops and sells personal care products and supplements under its nu Skin and Pharmanex brands. Nu Skin was founded in 1984 in Provo, Utah. The company originated in the United States and began its first foreign operation in Canada in 1990. One year later, the company began operations in Asia with the opening of Hong Kong. In 1996, the company listed on the New York Stock Exchange. The company fences its products in 54 markets through a network of approximately 1.2 million independent distributors. In the 1990s, the Federal Trade Commission (FTC) investigated Nu Skin's complaints about its multi-level marketing practices. In 1992, NoSkin reached settlements with five states that accused the company of deceptive advertising and over-income-generating distributors. In 1994, following an investigation by the FTC, the company paid $1 million and signed a consent decree prohibiting it from making deceptive or unsubstantiated allegations about its products. In 1997, the company paid an additional $1.5 million to the FTC to settle ongoing allegations of unfounded promotional claims. In January 2014, the Chinese government announced that it was investigating No Skin after a report by the People's Daily described it as a "suspected illegal pyramid scheme." In 2016, Nu Skin agreed to pay a $47 million settlement to run a pyramid scheme after China sued it in federal court in Utah. No Skin was also forced to pay another $750,000 to bribe a senior Chinese official. With funds from nu Skin's charitable division after the U.S. Securities and Exchange Commission's investigation.