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This organization, established in 1972, once had a million members. It was a cause of the enactment of Japan's law prohibiting pyramid schemes. In 1986, the Dai-ichi Sōgo Keizai Kenkyūsho declared bankruptcy, leaving debts amounting to 189,600,000,000 yen. [31] It has been called "the biggest pyramid scheme in history." [32]
Greater Ministries International was an Evangelical Christian ministry that ran a Ponzi scheme in an affinity fraud that had taken nearly 500 million dollars from 18,000 people by the time it was shut down by federal authorities in August 1999. [1] Headed by Gerald Payne in Tampa, Florida, the ministry bribed church leaders around the United ...
Claims of shared religious beliefs as well as too-good-to-be-true statements about a Florida company powered a $5.3 million Ponzi scheme, according to twin filings in West Palm Beach federal court.
Traynor was subsequently sentenced to 12 years in Florida state penitentiary. [ 3 ] "Armenian-American community loses $19 Million": The SEC's complaint alleges that this affinity fraud targeted Armenian-Americans with little investment experience, for some of whom English was a second language.
Many pyramid schemes and MLM schemes emphasize the importance of recruiting new participants. Programs that emphasize recruiting participants, and paying a fee, to join the program are likely ...
The "Captain" (blue) is paid when 8 "passengers" have arrived at the bottom of the pyramid. (Below the Captain are two "Co-Pilots", below them four "Crew".) The airplane game , also known as the plane game , is a style of pyramid scheme first recorded in the 1980s in North America and later Western Europe.
According to the Miami-Dade State Attorney’s Office, Alzate played an integral role in a plot to steal $2 million from the Hammock’s HOA bank accounts over several years. READ MORE: Florida ...
National Heritage Life Insurance Company (NHLC) was an insurance company based in Orlando, Florida.It collapsed as a result of a fraud scheme, and was liquidated in 1995. [1] [2] [3] It is believed to have been the largest insurance company failure caused by criminal acts in U.S. history, resulting in $450 million of losses.