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 ?
An investigation proved that they weren't actually practicing voodoo, but were working to promote Q-NET, a pyramid scheme that sells flight tickets, energy necklaces and other accessories online at inflated prices, the statement said.
The problem with companies running pyramid schemes is that they are usually registered and operating from outside the country, so what Dubai Police could do is limited.
Pyramid schemes are very risky "get-rich-quick" rackets that can cost a lot of people a lot of money.
Amway country manager Leni Olmedo: After 4 years of legal proceedings, the US Federal Trade Commission ruled in 1979 that Amway was not an illegal pyramid scheme on account of the fact that the Amway sales and marketing plan is based on retail sales to consumers, and that the following salient features of the Amway plan and rules of conduct provided adequate protection to consumers:
The press release said that "iFreex appears to have many of the same characteristics as other pyramid schemes the Securities Division has recently brought actions against, including Wings, TelexFREE and WCM777.
Under the Australian Consumer Law, it is illegal not only to establish or promote a pyramid scheme, but also to participate in one in any capacity," Mr Sims said.
In a typical pyramid scheme banned by Japanese law, people are recruited to make payments to others above them in a hierarchy while expecting to receive payments from people recruited below them.
The Swedish Foreign Ministry said in November the Swedish-Iranian employee--who had been charged with establishing a pyramid scheme and deriving illegal earnings--had been released and left Iran.
Tracey Bell, co-ordinator of the Pyramid scheme, said: "Our usual outing is bowling, so this is really something very different for the children and very exciting.
The arrests were part of an investigation being carried out by the Office of Fair Trading into a suspected pyramid scheme operating in the south-west of England and South Wales.
WHEN we confronted Alan Bradley about his dodgy job offers for homeworkers he denied running a pyramid scheme.
95 million) the day before his arrest on charges he rana EUR50 billion pyramid scheme (pounds 34.