The public is further advised to report to the bank any suspected illegal deposit-taking schemes or pyramid schemes
Indeed the money the 'investors' in the various Ponzi and pyramid schemes
proliferating in the Davao, Caraga, and Cotabato regions are theirs.
Yet the initial actual payments in a pyramid scheme
continue to attract the gullible, especially when friends or relatives are the ones providing testimony about the generous profits.
generally use money from new recruits to pay older members, and people can also become network marketers by recruiting others, thereby receiving a share of sales made by the newly recruited.
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.
The post Prison and e1/4200,000 fine for pyramid schemes
appeared first on Cyprus Mail.
are very risky "get-rich-quick" rackets that can cost a lot of people a lot of money.
involve people being asked for money without any goods or services changing hands.
Unfortunately, we have seen an increase in these pyramid schemes
in the past year.''
In spite of these controls, every year Chinese consumers report being cheated by pyramid schemes
. A recent incident occurred in September, when a woman surnamed Li was arrested in Hangzhou, capital of Zhenjiang Province, for amassing more than RMB 1.70 million (US$248,000) from 47 victims through promoting multilevel marketing for a " French cosmetic brand" called Lady Butterfly, reported the Beijing-based news agency China News.
, which are illegal, offer to pay often high returns to people who pay an initial joining fee and recruit other members to the scheme.
are one of the commonest types of investment frauds.