Should I report what I suspect is a ponzi scheme being pitched?
From what you’ve described, it doesn’t sound like MLM or a Ponzi scheme so much as a simple scam. However, they may be getting people to sign contracts that are legally valid by being careful with the language–people are probably getting something for their $2300, even if the pitchmen are misrepresenting it verbally (the only way to prove that would be to record them, and anyone who was savvy/suspicious enough to do that wouldn’t be attending such a pitch in the first place). One thing these people sometimes do is, instead of taking your money directly, they open a credit line in your name with a legitimate bank and get the money from there (so you can pay it off with “low monthly payments”). So unless you contest it within a short window of time after signing, you’re on the hook with the bank and really have no recourse as far as contesting or canceling it. But the bank’s involvement makes it seem more legitimate.