A recent case in South Africa involved 30,000 investors, not wealthy people by any means, who had been lured into placing their life savings in a pyramid scam
that promised returns of 300% a month.
A classic sign of a pyramid scam
is that the money you are promised is going to depend on the number of people you bring in to sell the product.
The National Bureau of Investigation (NBI) on Monday (June 10) raided the compound housing the offices of a religious group which President Duterte had tagged in a pyramid scam
The SEC said it has yet to secure conviction for criminal violation of insider trading, but the SEC was successful in securing convictions for other violations of the Securities Regulation Code such as the 2015 conviction of "pyramid scam
queen" Rosario Baladjay who was sentenced to a total of 455 years for violation of the SRC.
Cosmetic firm One Lightning Corporation, which is now allegedly victimizing the public with its fake investment schemes, has staged what could be the next big pyramid scam
in the country, which prompted the Securities and Exchange Commission (SEC) to reiterate its warning to the public against the firm.
Police have dismissed the speculation as a possible pyramid scam
Gilbert McDonald is believed to be the first person in the country to sue over a pyramid scam
In a 47-page ruling, Judge Jose Pineda of the Quezon City Regional Trial Court Branch 220 said that DOJ prosecutors, led by Senior State Prosecutor Peter Ong, were able to prove that Emilia Sison and her accomplices ran a pyramid scam
, which victimized mostly policemen and soldiers.
4 convicted in P3 billion pyramid scam
!-- -- Edu Punay (The Philippine Star) - December 3, 2018 - 12:00am MANILA, Philippines After 16 years of trial, a Quezon City court has finally convicted four suspects in an investment scam that reportedly duped thousands of police and military officers of over P3 billion.
HAVE you been a victim of the latest pyramid scam
? Call the Daily Record newsdesk on 0141-309 3251.
If the money earned is based on sales to the public, it is a legitimate MLM plan, however, if the money earned is based on the number of people recruited, it is a pyramid scam
, where the reward for recruiting new distributors is greater than the reward for selling products to the public.
Hundreds lost money to multi-million pyramid scam
in Mindanao !-- -- John Unson (philstar.com) - September 29, 2018 - 6:04pm COTABATO CITY, PhilippinesHundreds who got duped into investing on what turned out as a multi-million pyramid rent-a-car and money market business want the people behind it locked in jail.