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"pyramid schemes — also referred to as franchise fraud or chain referral schemes — are marketing and investment frauds in which an individual is offered a distributorship or franchise to market a particular product. The real profit is earned, not by the sale of the product, but by the sale of new distributorships.
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).
The Central Bank of Sri Lanka had warned the public that MTFE operated in a manner similar to a pyramid scheme. [189] In reality, MTFE did not actually carry out trades. Instead, the bot fabricated profits and losses to make the platform seem legitimate. When the scheme finally collapsed, all accounts were programmed to show fake negative balances.
Sunshine Empire was a Multi Level Marketing (MLM) company, set up in 2006, based in Singapore.It is now defunct, with assets frozen by the Singapore Court. The company is listed by the Singapore Government's Monetary Authority in its Investor's Alert List, for possibly running investment schemes without authority.
The Economic Development Board (EDB) is a statutory board under the Ministry of Trade and Industry of the government of Singapore that plans and executes strategies to sustain Singapore as a leading global hub for business and investment.
Build to order (BTO) is a real estate development scheme enacted by the Housing and Development Board (HDB), a statutory board responsible for Singapore's public housing. First introduced in 2001, it was a flat allocation system that offered flexibility in timing and location for owners buying new public housing in the country.
23 July: Sali Berisha, President of Albania, after the collapse of the government's economic pyramid schemes and the 1997 Albanian civil unrest. 5 September: Fife Symington, Governor of Arizona, after convictions for bank fraud. 8 December: Jim Bolger, Prime Minister of New Zealand, after the loss of leadership spill in the National Party.
The Standards, Productivity and Innovation Board (abbreviation: SPRING Singapore) was a statutory board under the Ministry of Trade and Industry of the Singapore Government. It worked as an agency for enterprise development, and helped enterprises enhance their competitiveness in the Singapore market.