Another Pyramid Con

nomoneyleft

giveandtake wrote: »

so dont judge me you idiot......

You call me the idiot.... I do not stand to loose 3k along with thousands of others, sure some are getting payouts this fuels the greed, alot more will loose then those who win.

How on earth everyone will get a payout I will never know as you need an endless chain of participants.

There still the issue of income tax isn't there ?, Best not put the money in the bank it leaves an audit trail...

giveandtake_2

If you won 23k on the lottery or even won a couple of grand playing a card game in your own home, would you pay tax on it??

trisontana

giveandtake wrote: »

If you won 23k on the lottery or even won a couple of grand playing a card game in your own home, would you pay tax on it??

I see you still haven't answered my question of where you think the money you "won" came from without other people having to lose their money.

giveandtake_2

I am running the risk of repeating myself here.........

ITS A RISK.................. maybe at some point down the line, maybe in 6 months or maybe in 3 years we will all run the risk of losing our money on our particular chart (as this is the only one that I can comment on!!) If this does happen then it will be 7 people who lose out and the chances are that they will be people who have gone back in anyway and already made a profit, 50% of our chart are "re-investors" at the moment........ it could even be me.. so be it...... Im a grown up!! No-one that I have come into contact with are under any illusions.

trisontana

giveandtake wrote: »

I am running the risk of repeating myself here.........

ITS A RISK.................. maybe at some point down the line, maybe in 6 months or maybe in 3 years we will all run the risk of losing our money on our particular chart (as this is the only one that I can comment on!!) If this does happen then it will be 7 people who lose out and the chances are that they will be people who have gone back in anyway and already made a profit, 50% of our chart are "re-investors" at the moment........ it could even be me.. so be it...... Im a grown up!! No-one that I have come into contact with are under any illusions.

I wonder if all those poor suckers who are conned into this scheme know or are told of these risks when they sign up? I doubt it!

You do realise that those 7 people who gave you their money have got to recruit a total of 49 other people to get their money back, and those 49 have got to recruit 343 people between them to get money their back? How many people actually live in your area and how long before thing just goes pear-shaped?

So for just a few winners there will be many losers (85% to be exact)

And just to repeat myself, you are breaking the law !

giveandtake_2

I live in a very large city..

Yes.........I was told of the risks even though believe it or not I had actually worked it out for myself

And it has been legal since September 2007, before that it was an illegal pyramid scheme, if you are really that interested, check it out, Im sure you are clever enough if you are driven enough!

And also........... there have been a couple of people who have been investigated when they have had 23k deposited into their bank accounts (3 to my knowledge), by law this can happen, I think it is anything over 10K. The authorities have been put in touch with the main person on the Committee and were obviously happy with how it is conducted and those 3 people had no further action taken.

trisontana

I think you made a spelling mistake there. I think you meant to say that this scheme has been illegal since 2007. Because if you read the article from the South Wales Argus you will see that this is the opinion of Trading Standards.


If you really believe this thing is legal where is your proof?

maninthestreet

giveandtake wrote: »

I live in a very large city..

Yes.........I was told of the risks even though believe it or not I had actually worked it out for myself

And it has been legal since September 2007, before that it was an illegal pyramid scheme, if you are really that interested, check it out, Im sure you are clever enough if you are driven enough!

And also........... there have been a couple of people who have been investigated when they have had 23k deposited into their bank accounts (3 to my knowledge), by law this can happen, I think it is anything over 10K. The authorities have been put in touch with the main person on the Committee and were obviously happy with how it is conducted and those 3 people had no further action taken.

Nope, it's illegal under the 2005 Gambling Act:

"43 Chain-gift schemes
(1) A person commits an offence if he—
(a) invites another to join a chain-gift scheme, or
(b) knowingly participates in the promotion, administration or management of a chain-gift scheme.
(2) An arrangement is a “chain-gift” scheme if—
(a) in order to participate in the arrangement a person must make a payment to one or more other participants (a “joining fee”), and
(b) each person who participates in the arrangement—
(i) is required or invited to invite others to participate, and
(ii) is encouraged to believe that he will receive the joining fees, or part of the joining fees, of other participants, to an amount in excess of the joining fee paid by him.
(3) For the purposes of subsection (2)—
(a) “payment” means a payment of money or money’s worth, but does not include the provision of goods or services, and
(b) it is immaterial whether a payment is made directly or through a person responsible for managing or administering the scheme.
(4) A person guilty of an offence under this section shall be liable on summary conviction to—
(a) imprisonment for a period not exceeding 51 weeks,
(b) a fine not exceeding level 5 on the standard scale, or
(c) both.
(5) In the application of subsection (4) to Scotland or Northern Ireland the reference to 51 weeks shall have effect as a reference to six months."

Note there is no reference to 'pyramid' scheme in any of the above - the law calls it a 'chain-gift' scheme.

giveandtake_2

So how come those 3 people were not investigated any further once the bank had reported the unusual deposit??

You will find how to spell OPINION in the Oxford English Dictonary.... I spell Legal just fine thanks....

trisontana

giveandtake wrote: »

So how come those 3 people were not investigated any further once the bank had reported the unusual deposit??

You will find how to spell OPINION in the Oxford English Dictonary.... I spell Legal just fine thanks....

Those people were probably investigated under the money-laundering regulations and not the illegal lottery law.