Is there someone with experience with this?
Someone who invested a sustantial amount of money asked me to join in
Comments please
Is there someone with experience with this?
Someone who invested a sustantial amount of money asked me to join in
Comments please
Faan, do you possibly have any further info you could provide on this? Website, letter, contacts, etc?
A Google search isn't encouraging. At best it's a marginal MLM deal, those ones that are a short step from an illegal pyramid scheme. And it seems to be attracting the kind of legal scrutiny from regulators that generally isn't a good sign.
It looks like one to avoid.
Participation is voluntary.
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Okay, here is the website, and here is Australia's department of consumer and employer protection's view.
The basic test for a pyramid scheme (from the Aus website) is,
which clearly makes this a pyramid scheme. Pyramid scheme's are illegal in South Africa. I have no idea what the penalties are for participating in one.With pyramid trading schemes, people are attracted to the prospect of earning quick money merely by recruiting other people into the scheme.
This has also got some further info detailing how this is a clone of a previous scam, http://www.factnet.org/discus/messages/1/18176.html
Here is info from our very own DTI on various quick money making schemes.
I have just had another chat to this friend of mine. He invested more than R40k into this scheme and wants me to join in as well. According to him it is now legal again in Aus and some people cycle through this system every 5 hours and are making mega bucks. I however still feel uncomfortable. Have a look at this site: www.cdtforever.com/idt/zellie01
Have you ever taken a close look at casinos? Have you ever noticed how the bells ring and the lights flash when someone wins?
Your friend has just put R40k on the table. I'd be worried if he wasn't excited.
I guess he'd better let that official Australian government website know, then. Obviously they missed the memo.According to him it is now legal again in Aus
Participation is voluntary.
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No, that is one of the reasons why he wants me to join as well. I think he joined just over a month ago.
The say they try and manipulate the system by not putting the money in at one time, but organising it such that they can push themselves up.
You buy a "position" for $120, but they want R1200 for a postion and in the process earning some extra money as well.
I have already made a decision that I will not join and rather earn a few % interest with a much lower risk.
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