pyramid scheme

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  • noun

Words related to pyramid scheme

a fraudulent scheme in which people are recruited to make payments to the person who recruited them while expecting to receive payments from the persons they recruit

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References in periodicals archive ?
He admitted Mr Hussain's involvement in a pyramid selling scheme almost ten years ago.
The High Court in Glasgow was told that the money was from the controversial pyramid selling scheme, Women Empowering Women.
The Federal Court has made declarations by consent that Mr Leslie Forsyth Stott, a former director of Crimeguard International Security Systems Pty Ltd, was knowingly concerned and a party to Crimeguard s participation in a pyramid selling scheme.
SIX sales managers were suspended by lottery operator Camelot yesterday after claims that they pressured junior staff into taking part in a private pyramid selling scheme.
CAMELOT has suspended six managers over claims they pressured junior staff into taking part in a pyramid selling scheme.
But in reality it was a pyramid selling scheme that helped fund the pounds 250,000 townhouse, two cars and jet-set holidays for Stuart and his girlfriend Linda Payton, 34.
I once tried a pyramid selling scheme, but frankly, selling one pyramid every 4,000 years to King Cheops scarcely covered my overheads, and the warehouse space cost me a fortune.
His scams included swindling 87 investors of PS900,000 over an ostrich farm venture and setting up pyramid selling schemes on the internet.
More specifically, the Complaint charges Nu Skin and certain of its executive officers with violations of the Securities Exchange Act of 1934, and alleges that the defendants made false and misleading statements and failed to disclose or indicate that: (i) the Company's operations in China were based on pyramid selling schemes in violation of People's Republic of China ("PRC") law; (ii) the Company's revenues would be significantly impacted when such practices came to light; (iii) the Company lacked adequate internal and financial controls; and (iv) as a result, the Company's financial statements were materially false and misleading at all relevant times.
PAYDAY loans must surely be the modern day equivalent of those 1980s timeshares and pyramid selling schemes.
Experts found chain letters, foreign lotteries and pyramid selling schemes have the highest levels of awareness among the public.