Search results
Results from the WOW.Com Content Network
The so-called fresh money schemes required Jones to leverage the participation of his professional and financial relationships. Evidence produced in criminal and civil courts indicates Jones obtained the vast majority of fresh money by fraudulently liquidating his clients’ investment accounts and by coercing his clients to obtain mortgages on ...
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 pyramid scheme is a business model which, rather than earning money (or providing returns on investments) by sale of legitimate products to an end consumer, mainly earns money by recruiting new members with the promise of payments (or services).
Thousands of people were tricked into joining an illegal pyramid scheme in Texas that targeted African-Americans and lost more than $10 million, according to federal authorities.. LaShonda Moore ...
The scheme used a system that rewarded users for recruiting more under them. [187] The Central Bank of Sri Lanka had warned the public that MTFE operated in a manner similar to a pyramid scheme. [188] In reality, MTFE did not actually carry out trades. Instead, the bot fabricated profits and losses to make the platform seem legitimate.
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)
Gary Lee Hayes, 70, wished he'd been more regimented with his savings and investments.The California resident briefly served in the Navy, got a degree in public administration, and worked in ...
Pyramid- or Ponzi-scheme similarities [ edit ] Critics have asserted that the funding mechanism of Social Security's pay-as-you-go funding mechanism has similarities with an illegal Ponzi scheme , where early investors are paid off out of the funds collected from later investors instead of from profits from business activity.