pyramid scheme

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  • noun

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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 ?
BEIRUT: Police have arrested five Syrian nationals involved in a pyramid scheme with an illegal foreign company, the Internal Security Forces said Wednesday.
Following investigations in the couple's house after their arrest, police found several receipt books with more than e1/4200,000 received from 50 individuals from the Philippines who appear to have been duped into the pyramid scheme.
Lt Col Bin Hammad also warned against pyramid schemes.
The Industry and Commerce Ministry's Consumer Protection Hotline (17007003) received dozens of complaints about pyramid schemes and network marketing in the first two months of this year alone, up from zero in 2014, which sparked a ministerial order banning both business models.
In the past, pyramiding has attracted a lot of news when the pyramid scheme fails and people lose their money which, in many instances, are lifetime savings.
Pyramid schemes involve people being asked for money without any goods or services changing hands.
Unfortunately, we have seen an increase in these pyramid schemes in the past year.
Although Lyoness has been investigated by regulators for conduct in other countries, this is the first court action taken against Lyoness alleging that the Lyoness Loyalty Program constitutes a pyramid scheme.
The Tokyo District Court on Monday sentenced a 74-year-old businessman to 30 months in prison and a 3 million yen fine for a pyramid scheme in which he fraudulently collected 7.
Mr Jukes complained about this report claiming that it implied that he was involved in promoting a fraudulent and unlawful pyramid scheme.
Authorities shut the office amid loud allegations that it was running a pyramid scheme.
IRAN: A Swedish-Iranian employee of Swedish cosmetics firm Oriflame was charged in Iran for establishing a pyramid scheme and deriving illegal earnings from it, according to Sweden's foreign ministry.
The Pyramid scheme is a special initiative for shy, quiet children, which charity Barnardo's brought to the North East five years ago and has been running in Newcastle and Gateshead schools.
Madoff is serving a 150-year prison sentence for masterminding a massive "Ponzi" pyramid scheme that swindled investors out of billions of dollars.
THREE women were arrested yesterday for suspected involvement in an pounds 18m pyramid scheme.