Pyramid scheme

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Pyramid scheme

An illegal, fraudulent scheme in which a con artist convinces victims to invest by promising an extraordinary return but instead simply uses newly invested funds to pay off any investors who insist on terminating their investment.
References in periodicals archive ?
But not to worry, Wattenburg and his ilk are probably looking to extraterrestrial immigrants to keep the pyramid scam going.
In 1997 he was jailed for five years for a pyramid scam in the United States.
His Sheffield pub chain Matchoption Limited went bust in 1993 owing pounds 300,000 and his next company, 3T Publications Ltd, was shut down by the DTI for running a pyramid scam called Midas.
The pyramid scam has surfaced again at the Faslane naval base where hundreds of workers have poured cash into something called "Gift Exchange Community".
Fryer, 65, from Radcliffe, Manchester, is no stranger to courts, having been jailed in the US for a pyramid scam and had three UK companies put into liquidation.
TV STAR Anna Richardson was blasted last night for joining the pyramid scam which has brought misery to thousands.
All he revealed was an elaborate version of the ageold pyramid scam, so loved by shysters everywhere.
Yesterday, the Record revealed how thousands of families have been left broke after the collapse of the Hearts pyramid scam.
After the hard sell we collared Ketan and suggested he was running yet another pyramid scam.
THE hearts pyramid scam which has swept across Scotland has finally collapsed, conning hundreds of women out of their savings.
The former jailbird - he did time in the States for a pyramid scam - used to make offers on homes in the UK, say he had a buyer lined up then demand pounds 392 to complete the deal.
But it is still hard not to sympathise with the victims of the Hearts pyramid scam.