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BurnLounge (shut down as pyramid scheme by FTC in 2012) Equinox International (dissolved in 2001) European Grouping of Marketing Professionals/CEDIPAC SA (dissolved in 1995) European Home Retail (dissolved in 2007) Fortune Hi-Tech Marketing (dissolved in 2013) FundAmerica (bankrupt in 1990) [25] Holiday Magic (dissolved in 1974)
The unsustainable exponential progression of a classic pyramid scheme in which every member recruits six new people. To sustain the scheme, the 2.2 billion people in the 12th layer would be required to recruit 13.1 billion more people for the 13th layer, even though there are not nearly enough people in the world to achieve that.
The scheme had spread from New York to Texas to California to South Florida by early 1987, [2] with police raiding meetings in all four states, [3] [1] [2] [4] and reports of more airplane schemes operating in Dallas. [4] In Miami-Dade County, Florida, at least one recruiting session was reported with 1,000 attendees. [2]
Health. Home & Garden
According to one report he was convicted of running a pyramid scheme in Arizona in 1985 and released after five years in prison. [7] Another reported him sentenced to seven years in prison in 1987, after being convicted along with Edward Rector, on charges of conspiracy, fraud and operating a pyramid scheme. [3]
Many affinity scams involve Ponzi schemes or pyramid schemes, where newly received investor money is used by the fraudster to make payments to earlier investors to give the illusion that the investment is successful. This ploy is used to trick new investors to invest in the scheme and to lull existing investors into believing their investments ...
A New York “scumbag scam artist” swindled an elderly Florida woman out of her life savings as part of a heartless lottery scheme, police said on Wednesday. Shania Baptiste, 25, and two others ...
A South Florida man facing prison for his role in stealing millions from a federal COVID-19 loan program not only faces a prison term but also another consequence of his crime — loss of his ...